Cairn Energy selling Cairn India shares for up to $940 mn

NEW DELHI: UK's Cairn Energy, which last year sold majority stake in its Indian unit to mining group Vedanta, is selling a little less than half of its remaining 18.3 per cent shareholding in Cairn India for up to USD 940 million.

Cairn Energy, through Citigroup Inc, is selling 15.3 crore shares or 8 per cent of Cairn India in the range of Rs 317.90 to Rs 328.30 per share, market sources said.

Cairn India shares today closed at Rs 345.55 apiece on the stock exchanges.

Edinburgh-based Cairn Energy had in June sold 6.67 crore or 3.5 per cent stake in Cairn India for about USD 360 million.

It had in the run up to seeking government approvals for selling 40 per cent of its stake in Cairn India to Vedanta claimed that it will retain about 22 per cent interest in the company to give it "the strength and flexibility to explore new opportunities for delivering transformational growth".

But in less than a year from receiving all approvals, the company has decided to sell off all its shareholding in Cairn India and exit the country.

Following the sale, Cairn Energy would retain about 10.3 per cent shareholding in Cairn India.