Cairn India shares drop after Cairn Energy sells shares

Published on Fri, Jun 29, 2012 at 10:22 |? Source : Reuters

Updated at Fri, Jun 29, 2012 at 11:24 ?

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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.

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.

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Source: http://www.moneycontrol.com/news/wire-news/cairn-india-shares-drop-after-cairn-energy-sells-shares_724104.html

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