Cairn Brings In $910M Selling 8% Of Indian Unit

Law360, New York (September 25, 2012, 2:30 PM EDT) -- British oil explorer Cairn Energy PLC has sold an 8 percent stake in former subsidiary Cairn India in a $910 million stock offering as the firm attempts to raise capital for its North Sea operations, Cairn Energy said Tuesday.

The firm reached an agreement with Citigroup on Monday to sell roughly 152.6 million shares of Cairn India. Citi is the sole bookrunner for the offering, which will be used to grow Cairn Energy's capital base, the British company said.

Cairn Energy said it will retain a...
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