UK's Cairn Energy has sold a further 3.5 percent stake in its once subsidiary, Cairn India n a deal valued at around $360 million, according to a statement from the company.
Cairn Energy had sold a majority stake in Cairn India to Vedanta Resources for $8.7 billion. With the further sale in stake, the company now sells holds 18.3 percent in Cairn India. The company said that it has entered into an agreement to sell 67 million shares in Cairn India, which make up about 3.5 percent stake in the country.
"Cairn expects to receive from this disposal a cash consideration before transaction costs of approximately $360 million," the company said.
Cairn Energy had described its remaining investment in Cairn India as an important investment and said that its further value can be realised at the appropriate time. The British firm will use the funds raised to fund its development strategy
Cairn Energy is now increasing focusing offshore Greenland for projects. It recently said that it is acquiring Nautical Petroleum, which is its second acquisition in the North Sea in four months.