Petronas exits Cairn India through $2.1 billion block trade

Sesa Goa, which is in the process of acquiring a majority stake in Cairn India together with Vedanta, steps in to buy 74% of the deal, which is led on a sole basis by Bank of America Merrill Lynch.
A Petronas gas platform off the coast of Northern Borneo
A Petronas gas platform off the coast of Northern Borneo

Petronas International Corp, a wholly owned subsidiary of Malaysian state-owned oil and gas producer Petronas, yesterday sold its entire 14.9% stake in Cairn India through an accelerated placement that ranks as the largest ever overnight block trade out of India. At the final price, Petronas raised Rs93.82 billion $2.1 billion.

The sale came after Vedanta Group and its subsidiary Sesa Goa kicked off an open offer to Cairn India’s minority shareholders on April 11 as part of a plan by the group to acquire a majority stake in the oil producer. The acquisition represents a significant diversification for the group. London-listed Vedanta is a producer of aluminium,...

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