India-First-Global-Insights-Analysis -Sharing-PlatformIndia-First-Global-Insights-Analysis -Sharing-Platform

Parent to raise $940 mln by selling 15.26 Cr Cairn India Shares

, September 24, 2012, 0 Comments

Cairn UK Holdings Ltd will raise $940 mln by selling 15.26 crore shares of Cairn India Ltd via block deals. Transaction will take place on tuesday.

Parent is looking to sell block of shares at 317.90-328.30 rupees a share, which is at a 5-7% discount to the today’s closing price of 345.55. Citi Bank is the sole adviser to the transaction.

Last year, Cairn Energy UK had sold 40% in Cairn India to Anil Agarwal controlled Vedanta Resources Plc for around $6 bln at 355 rupees a share. After that transaction parent had offloaded another 3.5% stake (6.67 cr shares) on June 29, 2012 and raised $360 mln.

Post stake sale on tuesday Parent companies holding in Cairn India will get reduced to 10.3%.

Vedanta Resources controls 59% of Cairn India through clutch of companies which includes Sesa Goa Ltd, Sesa Resources Ltd and Twin Star Mauritius Holdings.

About author
Market Bureau comprises of team of highly skilled Professionals who have expertise in Financial & Business Reporting. It also includes freelancers ,consultants and authors from our content partners who brings in valued and critical insights to this section with their rich experience. ...more