UK explorer Cairn Energy is reportedly selling another 8% of its former subsidiary Cairn India for up to $940 million.

The offering of nearly 153 million shares of Cairn India is being made for between 317.90 rupees and 328.30 rupees per share by Citigroup, according to a source with direct knowledge of matter who declined to be identified by Reuters.

The range represents a discount of 5-8.7 percent discount from Cairn India’s closing price of 345.55 rupees, but is above the reported 307.40-317.50 rupee range for the Edinburgh-based company’s last such stake sale.

Cairn Energy first flagged its plans to potentially sell off the “residual 22% shareholding” in the company.

Chief executive Simon Thomson then suggested that proceeds from a disposal could be “cycled back” into the company’s acquisition drive and give it “financial flexibility and an excellent platform” to pursue future growth opportunities.

In June Cairn Energy sold 3.5% of the 22% stake, raising about $360 million.

The latest offer would leave Cairn Energy with 10% of the former subsidiary.

Last year, it netted $5.4 billion after selling a controlling 40% stake in Cairn India to London-listed miner Vedanta Resources.