Scottish oil and gas explorer Cairn Energy said today it was to sell a further 3.5% stake in its former majority-owned subsidiary Cairn India for about £231million.
Edinburgh-based Cairn recently sold a controlling interest in Cairn India to Vedanta Resources for £3.4 billion but retained a 22% shareholding in the business.
The latest deal leaves it with 18.3% in Cairn India.
Cairn said the cash raised would be used to “fund its stated strategy and provide greater operational flexibility”.
Last month, Cairn announced a £414million bid to buy Nautical Petroleum.
This followed a £280million acquisition of Agora Oil and Gas, which left Cairn with an estimated cash pile of about £630million.
Although it is snapping up significant North Sea acreage, the firm has said it is still focused on higher risk exploration off Greenland and in the Mediterranean, including Cyprus and Lebanon.