Castrol Ltd, a unit of oil major BP Plc, is selling an up to $261 million stake in Castrol India Ltd in a block trade on Wednesday, according to a term sheet seen by Reuters.
The BP unit is selling shares at between Rs 385 to Rs 415.5 apiece, the term sheet showed. Shares of Castrol India ended flat at Rs 416.80 on Tuesday.
The deal size amounts to 8.53% stake in the company, including an upsize option.
BP owned 59.5% of Castrol India as of the end of June through its units. It had sold another stake in Castrol India in May.
Recent Articles on M&A
Source: Business-Standard