Cairn India shares drop after Cairn Energy sells shares
Shares of Cairn India dropped more than 6% after two sources familiar with the matter told Reuters its UK parent sold part of its stake to a clutch of institutional investors at a discount.
June 29, 2012 / 11:24 IST
Shares of Cairn India dropped more than 6% after two sources familiar with the matter told Reuters its UK parent sold part of its stake to a clutch of institutional investors at a discount.
Cairn sold about 66.8 million shares in the Indian unit, offering the shares at Rs 307.40 to Rs 317.50 according to a term sheet seen by Reuters on Thursday, below its Rs 327.35 closing price that day.Cairn India shares were last down 6.4% at Rs 306.40.Citigroup was the book runner to the transaction, the sources said.On Thursday, sources have told Reuters that the British oil explorer plans to sell about 3.5% of its holding in the company. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
