Cairn Announces Sale Of 3.5% Stake In Cairn India Limited

Cairn said Friday it has reached an agreement with Citi to complete an on-market sale of a total of 66,758,864 shares in Cairn India, representing approximately a 3.5% shareholding in Cairn India.

At Cairn’s General Meeting held on 17 May 2012, shareholders authorised the Board to dispose of all or part of Cairn’s residual interest in Cairn India.

Cairn said it expects to receive from this disposal a cash consideration (before transaction costs) of approximately US$360 million which will be used to help fund Cairn’s stated strategy and provide greater operational flexibility.

Following the sale, Cairn retains an approximate 18.3% shareholding in Cairn India.