here we go again29 Jun 2012 09:19
News
Sale of Shares in Cairn India Limited
29 June, 2012
At the General Meeting of the Company held on 17 May 2012, Shareholders authorised the Board to dispose of all or part of Cairn’s residual interest in Cairn India.
Cairn announces that, on 29 June 2012, 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.
Cairn 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.