Cairn Energy sells further stake in Cairn India

Oil exploration outfit Cairn Energy has agreed to sell an eight per cent stake in Cairn India, equal to just over 152.6m shares, the firm has announced.

Oil exploration outfit Cairn Energy has agreed to sell an eight per cent stake in Cairn India, equal to just over 152.6m shares, the firm has announced.

The sale will generate proceeds of around $910m, after costs, which will be used to fund Cairn's ongoing capital requirements, which include the development of discovered resources in the North Sea as well as Cairn's wider exploration led growth strategy.

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