Cairn completes 10 per cent stake sale in Indian unit to Vedanta

UK-listed Cairn Energy on Tuesday said it has completed the sale of a 10 per cent stake in its Indian entity, Cairn India, to Vedanta Resources for $1.36 billion.

"Cairn has completed the sale of 191,920,207 Cairn India shares to Vedanta, representing 10 per cent of the fully diluted share capital of Cairn India, for net proceeds of around $1,362 million in cash," the Edinburgh-based firm said in a regulatory filing.

Govt clears Cairn deal but with riders

Following completion of the sale, Vedanta Group now holds an aggregate 28.5 per cent stake in Cairn India, while Cairn still remains the majority shareholder of Cairn India with a 52.2 per cent shareholding.

"The sale and purchase of a further 30 per cent of the fully diluted share capital of Cairn India remains subject to the necessary consents and approvals from the government of India," Cairn Energy added.