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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.






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