MUMBAI: Edinburgh-based Cairn Energy is selling up to 8% in India-focused oil explorer Cairn India in a deal that could raise up to $940 million, according to a foreign news wire.
The deal would be completed on a stock exchange window or secondary market route at a discount to the market price. The Cairn India stock closed at 346 on Monday, down around 1%.
Last year, Cairn Energy sold majority stake in Cairn India to Vedanta Group.
Cairn Energy likely to sell up to 8% in Indian arm to raise up to $940 million
Synopsis
Cairn Energy is selling up to 8% in India-focused oil explorer Cairn India in a deal that could raise up to $940 million.
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