Cairn Energy likely to sell up to 8% in Indian arm to raise up to $940 million

MUMBAI: Edinburgh-based Cairn Energy is selling up to 8% in India-focused oil explorer Cairn India in a deal that could raise up to $940 million, according to a foreign news wire.

The deal would be completed on a stock exchange window or secondary market route at a discount to the market price. The Cairn India stock closed at 346 on Monday, down around 1%.

Last year, Cairn Energy sold majority stake in Cairn India to Vedanta Group.