Cairn Energy nets $910m from Cairn India stake sale

City A.M. Reporter
Cairn Energy has sold eight per cent of its shareholding in subsidiary Cairn India, it said today, netting $910m (£560m).

The oil and gas exploration company will retain a 10 per cent stake in Cairn India, after selling over 150m shares yesterday.

The proceeds from the sale will be used to fund Cairn’s capital programme, including the development of discovered resources in the North Sea.

Simon Thomson, chief executive of Cairn Energy, said today: “We are now extremely well positioned both financially and operationally to deliver on our existing high quality portfolio of development and exploration projects."