Cairn India
Business/Corporate UK’s Cairn Energy sells 8% stake in India venture for $910 mn Sep 25, 2012 UK’s Cairn Energy plc on Tuesday said it has sold 8 per cent stake in Cairn India for a net realisation of about USD 910 million.Following the sale, Cairn Energy retains about 10 per cent shareholding in Cairn India, the company said in a press statement in New Delhi. “At the General Meeting of the company held on May 17, 2012, shareholders authorised the Board to dispose of all or part of Cairn Energy’s residual interest in Cairn India,” it said. Subsequent to that, it has now sold a total of 152,629,500 shares in Cairn India. “Cash proceeds from the sale are expected to be USD 910 million (after transaction costs),” the statement said. “The proceeds will be used to fund Cairn’s ongoing capital requirements, which include the development of discovered resources in the North Sea as well as Cairn’s wider exploration led growth strategy,” it added. � c a �� ��# mal>...