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 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...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition