MALAYSIAN oil firm Petronas has bought 2.3% stake in Cairn India for $240 million (around Rs 1,100 crore) to raise its holding in the company to near 15%.
Petronas International Corp, which held 239.83 million shares, or 12.64%, in Cairn, will buy 43.6 million additional shares from Cairn UK Holdings Ltdâ€”the parent firm of Cairn India, the company said in a statement here. Cairn UK Holdings, which had 64.68% stake in the Indian arm, will see its shareholding fall to 62.38%. After the buyout, Petronasâ€™ holding in Cairn India will rise to 14.94%. The company has also agreed to sell 10% interest in six of its operated blocks off the cost of Greenland to Petronas. Petronas will pay Cairn $70 million under the farmout agreement that gives the Malaysian state-owned oil firm an option to raise its interest to 20%.
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