June 29, 2012. UK's Cairn Energy, which had sold majority stake in its Indian unit to mining group Vedanta, sold 3.5 per cent for over ' 2,000 crore in an open market deal. It had 21.8 per cent stake in Cairn India before deal. Cairn Energy sold 6.67 crore shares, or 3.5 per cent of the Indian company's equity, for about USD 360 million (over ' 2,000 crore), the company said. The Edinburgh-based firm had in the run up to seeking government approvals for selling 40 per cent of its stake in Cairn India to Vedanta claimed that it will retain about 22 per cent interest in the company to give it "the strength and flexibility to explore new opportunities for delivering transformational growth". But in less than a year from receiving all approvals, the company has decided to sell off all its shareholding in Cairn India and exit the country. Following the sale, Cairn Energy retains an about 18.3 per cent shareholding in Cairn India.