Cairn Energy, the
UK-based energy giant which had last year sold majority stake in its Indian unit to
mining group Vedanta Resources, has sold a further 3.5 per cent in the company for over Rs 2,000 crore in an open market deal.
Cairn Energy
sold 6.67 crore shares of Cairn India for about $360 million (over Rs 2,000 crore), the company said in a press statement.
The Edinburgh-based firm 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.
It had 21.8 per cent stake in Cairn India before Friday's deal.
"At the General Meeting of the company held on May 17 2012, shareholders authorised the Board to dispose of all or part of Cairn's residual interest in Cairn India," the statement said.
Cairn Energy said it "has reached an agreement with Citi to complete an on-market sale of a total of 66,758,864 shares in Cairn India, representing approximately a 3.5 per cent shareholding in Cairn India".
Following the sale, Cairn Energy retains about 18.3 per cent shareholding in Cairn India.
With PTI inputs 
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