(From AFX Europe (Focus))
(Recasts, adds details, background)
LONDON (AFX) - Cairn Energy PLC said it has raised 822.5 mln usd via a share placement of Cairn India Ltd ahead of the unit's flotation next month.
Up to 12 pct of Cairn India shares, equivalent to 210 mln shares, were placed at 176.48 rupees each, giving the company a potential market capitalisation of 6.92 bln usd.
Earlier this month, Cairn Energy gave the Indian business a preliminary valuation of 2.7 bln stg.
"If the flotation price per share is lower than 176.48 rupees, the placing price will be reduced accordingly," Cairn Energy said in a statement released today …