UK’s Cairn Energy plc on 7 May 2013 sold 8 per cent stake in Cairn India for 910 million US dollars. Cairn Energy retains about 10 per cent shareholding in Cairn India following the sale.
The fund will be used to fulfill Cairn’s current capital needs, which include the development of discovered resources in the North Sea. Cairn Energy in June 2012 had sold 3.5 per cent stake in Cairn India for about 360 million US dollars. Cairn Energy is based in Edinburgh.