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Cairn India stake sale raises $922 mn

Cairn Energy has raised about $922 million by selling an 8 percent stake in Cairn India.

Written by Agencies | Published: September 25, 2012 10:33:04 am

Cairn Energy has raised about $922 million by selling an 8 percent stake in Cairn India ,a source with direct knowledge of the situation said on Tuesday.

Cairn Energy sold nearly 153 million shares of its former Indian unit at 323.10 rupees a share,said the source,declining to be named as the information is not public yet.

The British oil firm had launched the offering on Monday for between 317.90 rupees and 328.30 rupees per share,a discount of 5-8.7 percent from Cairn India’s closing price on Monday.

Cairn Energy last year sold a controlling stake in Cairn India to London-listed miner Vedanta Resources in an $8.7 billion deal. The British oil firm owned nearly 22 percent of the Indian company as of March 31.

In June,Cairn Energy sold 3.5 percent of Cairn India to raise about $360 million.

Citigroup was the sole bookrunner for the transaction.

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