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Mergers & Acquisitions | 25 September 2012

Cairn Energy To Sell Cairn India Shares

by Vivek Singh
 
@vivek

Cairn UK Holdings Limited, a unit of Cairn Energy is looking to sell 152.63 Mn @Cairn_India_L shares in a price range of R317.90 to R328.30 per share raising around $922Mn, according to WSJ.

This June, Cairn Energy raised $360 Mn by selling around 3.5% stake in Cairn India reducing its stake to 18.28%.

Last December, it completed its sale of a 58.5% stake in Cairn India to Vedanta Resources PLC and the mining company's units for $8.67 Bn.

Last month, Cairn Energy bought stake in Foum Draa block in Morocco for $60 Mn, and farm-in as an operator.

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