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Cairn India tumbles as Cairn Energy plans to sell 8% stake

25 Sep 2012 Evaluate

Cairn India is currently trading at Rs. 334.30, down by 11.65 points or 3.37% from its previous closing of Rs. 345.95 on the BSE.

The scrip opened at Rs. 327.00 and has touched a high and low of Rs. 341.20 and Rs. 326.00 respectively. So far 3137786 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 400.95 on 22-Feb-2012 and a 52 week low of Rs. 258.45 on 04-Oct-2011.

Last one week high and low of the scrip stood at Rs. 363.00 and Rs. 326.00 respectively. The current market cap of the company is Rs. 63646.58 crore.

The promoters holding in the company stood at 58.85% while Institutions and Non-Institutions held 14.90% and 26.25% respectively.  

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.

Peers
Company Name CMP
ONGC 283.95
Oil India 452.90
Jindal Drilling&Inds 533.00
Deep Industries 465.00
Asian Energy Service 295.35
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