UK-listed Cairn Energy today said it has completed the sale of a 10% stake in its Indian entity, Cairn India, to Vedanta Resources for $1.36 billion.
"Cairn has completed the sale of 191,920,207 Cairn India shares to Vedanta, representing 10% of the fully diluted share capital of Cairn India, for net proceeds of around $1,362 million in cash," the Edinburgh-based firm said in a regulatory filing.
Following completion of the sale, Vedanta Group now holds an aggregate 28.5% stake in Cairn India, while Cairn still remains the majority shareholder of Cairn India with a 52.2% shareholding.
"The sale and purchase of a further 30% of the fully diluted share capital of Cairn India remains subject to the necessary consents and approvals from the government of India," Cairn Energy added.
