Cairn Energy PLC (CRNCY) plans to sell 66.8 million shares, or 3.5% of its former unit Cairn India, the Reuters news agency reported Thursday on its website, citing two unnamed sources with direct knowledge of the matter.
One of the sources said the company was selling around 66 million shares in the range of INR307.40-INR317.50 ($5.41-$5.59) each, valuing the deal at around $365 million, the report said.
The order book deal will open Friday, with Citigroup Inc. (C) as the book runner, the sources said in the report.
Full Story: http://www.reuters.com/article/2012/06/28/cairnenergy-cairnindia-stake-idUSL6E8HSKO820120628
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