Cairn India’s parent company - UK-based Cairn Energy is planning to offload 15.30 crore shares or 8 percent of stake in Cairn India for up to $940 million. Cairn Energy will sell little less than half of its remaining 18.3% shareholding in Cairn India through Citigroup Inc. in the range of Rs 317.90 to Rs 328.30 per share
Following the sale, Cairn Energy would retain about 10.3% shareholding in Cairn India. Last year, Cairn Energy sold majority stake in its Indian unit to mining group Vedanta.
Currently, Cairn Energy Plc is engaged in developing energy assets in Greenland and is also scouting for similar assets in Africa and the money raised from this block would be used in the development of its assets in other parts of the world.
