Comments
The stock of Cairn India lost 3.82 per cent to Rs 332.35 on Tuesday after Cairn Energy offloaded about 8 per cent stake in Cairn India in a bulk deal on the NSE.
At 10.30 a.m, 16.16 crore shares changed hands in the Cairn India stock on the NSE at a volume weighted average price of Rs 323.72 a share.
On the BSE, 29.5 lakh shares were traded against the two-week average of 2.01 lakh shares. The weighted average price on the BSE was 332.93, significantly higher than the NSE price. It indicates that the transaction took place at much lower price.
However, buyers' name were not known immediately. Exchanges will disclose the details after the market closing hours.
In a similar exercise, Edinburgh-based Cairn Energy on June 29 had sold 3.5 per cent of its stake in Cairn India in 13 tranches and raised close to $371 million through market deal.
Cash proceeds from the sale are expected to be approximately $910 million (after transaction costs).
The proceeds will be used to fund Cairn’s ongoing capital requirements, which include the development of discovered resources in the North Sea as well as Cairn’s wider exploration-led growth strategy, the company said.
"The board is focused on creating shareholders' value and continually reviews Cairn’s capital structure to ensure the optimal balance of efficiency and flexibility," Cairn Energy said in a statement.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.