Cairn India shares drop after Cairn Energy sells shares

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Cairn India shares drop after Cairn Energy sells shares

CAIRN-INDIA-STAKESALE:Cairn India shares drop after Cairn Energy sells shares

MUMBAI (Reuters) - Shares of Cairn India dropped more than 6 percent after two sources familiar with the matter told Reuters its U.K. parent sold part of its stake to a clutch of institutional investors at a discount.

Cairn sold about 66.8 million shares in the Indian unit, offering the shares at 307.40 to 317.50 rupees according to a term sheet seen by Reuters on Thursday, below its 327.35 rupee closing price that day.

Cairn India shares were last down 6.4 percent at 306.40 rupees.

Citigroup was the book runner to the transaction, the sources said.

On Thursday, sources have told Reuters that the British oil explorer plans to sell about 3.5 percent of its holding in the company.

(Reporting by Indulal PM, Manoj Dharra and Abhishek Vishnoi; editing by Rafael Nam)

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Source: http://www.moneycontrol.com/news/wire-news/cairn-india-shares-drop-after-cairn-energy-sells-shares_724104.html

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