Cairn Energy sells 8% stake in Cairn India for $940 mn

Cairn Energy is selling nearly 153 million shares of Cairn India for between Rs 317.90 and Rs 328.30 per share

UK's Cairn Energy, which last year sold majority stake in its Indian unit to mining group Vedanta, is selling a little less than half of its remaining 18.3% shareholding in Cairn India for up to $940 million.

Cairn Energy, through Citigroup Inc, is selling 15.3 crore shares or 8% of Cairn India in the range of Rs 317.90 to Rs 328.30 per share, market sources said.

Cairn India shares today closed at Rs 345.55 apiece on the stock exchanges.

Edinburgh-based Cairn Energy had in June sold 6.67 crore or 3.5% stake in Cairn India for about $360 million.

It had in the run up to seeking government approvals for selling 40% of its stake in Cairn India to Vedanta claimed that it will retain about 22% 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.

Following the sale, Cairn Energy would retain about 10.3% shareholding in Cairn India.