Cairn Energy Sells Shares, Cairn India Drops 6%

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[<p>Shares of Cairn India dropped more than 6 per cent after two sources familiar with the matter told Reuters its U.K. parent sold part of its stake to a clutch of institutional investors at a discount.<br><br>Cairn sold about 66.8 million shares in the Indian unit, offering the shares at 307.40 to 317.50 rupees according to a term sheet seen by Reuters on Thursday, below its 327.35 rupee closing price that day.<br><br>Cairn India shares were last down 6.4 per cent at 306.40 rupees.<br><br>Citigroup was the book runner to the transaction, the sources said.<br><br>On Thursday, sources have told Reuters that the British oil explorer plans to sell about 3.5 per cent of its holding in the company.<br><br><br>(Reuters)</p>