Oil and Gas company Cairn has sold a further 30% stake in Cairn India. The company sold the stake for $4.1 billion, of which $3.5 billion is set to go into the pockets of its shareholders. Since July 40% of Cairn India has been sold to Indian company Vedanta.
Simon Thomson, Chief Executive, Cairn Energy PLC said: “I am delighted to announce completion of this transaction which represents a major milestone in Cairn’s history. It crystallises the very significant value creation that we have delivered from our Indian business and allows us to return around three and a half billion dollars to shareholders.
Cairn retain a 22% shareholding in Cairn India.