Cairn Energy Plc to sell more stakes in Cairn India

Cairn Energy Plc, UK-based oil and gas giant, is likely to sell more stakes in its Indian subsidiary - Cairn India. It has decided to divest further 67 million shares in the Indian arm at a price between Rs 307 and Rs 317, a discount to the stock’s closing price of Rs 327.50 per share on June 28, 2012.

This transaction will bring down the Cairn Energy Plc’s stake to 18.28%. It had offloaded the bulk of its holding in Cairn India to UK-based peer Vedanta Resources Plc two years ago, bringing down its stake to 21.79%.

The government has dragged the Vedanta-Cairn deal and because of which several global investors disappointed to a large extent, and Cairn Plc now wants to exit the country completely.