Cairn to sell legacy holding in Videocon

MUMBAI: Cairn India, the subsidiary of the Edinburgh-based Cairn Energy, is likely to sell its investments in Videocon Industries.

Confirming this, a company source said: ���We have around 2.7 lakh shares of Videocon Industries. This is our legacy holding. We bought these shares in 1996 when Cairn was a finance company. Now, we are looking at liquidating such investments.��� At the current rate of Rs 272 apiece, this investment is valued at Rs 72 crore.

In a parallel development, Cairn Energy on Tuesday said Cairn India���s Rajasthan fields might pump over 30% more than the estimated production to 478 million barrels.

The revised field development plan from the Rajasthan field envisages a 25% increase in peak production at 1,75,000 barrels per day (bpd), according to a the statement issued to Cairn India. The stock price of Cairn India dipped marginally by Rs 0.40 or 0.16% to close at Rs 244.30 on BSE over the previous day close. The stock has gained 2% in the last one week and 10% in the last month.