Cairn Energy to sell 51% in Indian arm to Vedanta

The UK-based Cairn Energy today said it will sell 51 per cent stake in its Indian unit to mining firm Vedanta Resources Plc for USD 8.48 billion.

Vedanta is buying a majority controlling stake in Cairn India, the company that discovered the nation's largest onland oil field in Rajasthan, at Rs405 per share, a premium of about 32% to the India-listed firms's average closing price for 90 days prior to August 14, Cairn Energy said.

Cairn Energy holds 62.36% stake in Cairn India.