Cairn India down after Cairn Energy sells shares

MUMBAI: Shares of Cairn India dropped more than 6 per cent 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 307.40 to 317.50 rupees according to a term sheet seen by Reuters on Thursday, below its 327.35 rupee closing price that day.

Cairn India shares were last down 6.4 per cent at 306.40 rupees.

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 per cent of its holding in the company.

traffic report traffic report