Cairn Energy sells $366 million stake in Indian unit

The London-listed oil and gas exploration and production company says the proceeds from the Cairn India sale will give it “greater operational flexibility”.

Cairn Energy sells $366 million stake in Indian unit
Cairn's processing terminal in Rajasthan, India

Cairn Energy, an Edinburgh-based and London-listed company, has raised about Rs20.5 billion $366 million from the sale of a further 3.5% in Cairn India after fixing the price at the bottom of the indicative range.

The sale was done through a block trade that launched close to midnight Hong Kong time on Thursday and closed just before the Indian market opened on Friday 11.30am Hong Kong time.

The deal comprised approximately...

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