Malaysian oil firm Petronas has bought 2.3 per cent stake in Cairn India for US$240 million to raise its holding in the company, which gave the nation its largest oil find in recent times, to near 15 per cent.
Petronas International Corp, which held 239.83 million shares, or 12.64 per cent, in Cairn, will buy 43.6 million additional shares from Cairn UK Holdings Ltd – the parent firm of Cairn India, the company said in a statement here. After the buyout,
Petronas’ holding in Cairn India will rise to 14.94 per cent.
The company has also agreed to sell a 10 per cent interest in six of its operated blocks off the cost of Greenland to Petronas.