Malaysia based Petronas International Corporation Ltd (PICL) has increased
its stake in Cairn India to 14.94 per cent. It acquired 43.6 million shares in
Cairn India from Cairn Plc representing a 2.3 per cent stake in the Indian
company.
Besides, Cairn has agreed to sell to PICL a 10 per cent interest in its
existing six operated blocks offshore of Greenland, subject to the required
government and partner approvals.
The total consideration to be paid by PICL in respect of the above
transactions is $310 million (approx Rs 1,426 crore). These funds are to be used
for additional investment in Greenland exploration.
Also See:
Cairn
India mops up funds for Rajasthan oilfield (15-Oct-09)