Cairn Energy raises $928 million from Cairn India block

Cairn Energy yesterday raised Rs49.31 billion $928 million from the sale of an 8% stake in Cairn India the second sell-down in its Indian oil and gas exploration and production unit in three months.

The sale was expected as Cairn Energy, which is Edinburgh-based but listed in London, obtained an approval from its shareholders to dispose of its entire remaining stake at the annual general meeting in May. And after a couple of strong days in mid-September the share price was also about 5.5% above where it was trading at the time of the previous transaction in late June, suggesting that a another sale could be imminent.

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