Cairn Energy reduces stake in Cairn India by 8%

摘要

London—The UK’s Cairn Energy said September 25 it has sold off another 8% stake in its former subsidiary Cairn India raising up to $910 million to fund its exploration plans. Cairn said it reached an agreement September 24 with Citi for an on-market sale of a total of 152,629,500 shares in Cairn India, representing an 8% shareholding in the company. Cairn in June sold a 3.5% stake in Cairn India for $360 million to “help fund Cairn’s stated strategy and provide greater operational flexibility.” After the sale, its stake in Cairn India fell to 18.3%. “In line with our stated strategy these proceeds will be used to deliver exploration-led growth and fund the development of discovered resources in the UK and Norwegian North Sea,” CEO Simon Thomson said in a statement. “We are now extremely well positioned both financially and operationally to deliver on our existing high quality portfolio of development and exploration projects,” he said.