MUMBAI: Castrol India LtdBSE 0.23 % said on Friday it was not aware of any stake sale in the company by Castrol LtdBSE 0.23 %, a unit of oil major BP Plc, and said recent news reports that such a transaction would take place were based on market speculation.
Media organisations, including Reuters, reported on Tuesday that Castrol Ltd would sell an up to $261 million stake in Castrol IndiaBSE 0.23 %, citing a term sheet that was circulated by brokers.
“Castrol India Limited is not privy to any potential transactions and we had no information from the shareholders regarding the occurrence of reported transaction,” Castrol India said in a filing to India’s two main stock exchanges late on Friday.
Castrol India added that since no sale had taken place, the news reports on Wednesday were “evidently based on market speculation and rumours”.
Banking sources in India also said they were not aware of a share sale having been launched. Both BP and Castrol India have declined requests from Reuters to comment this week. BP also declined to comment on the Castrol India statement.
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Source: Economic Times
