BP may sell 8.5% in Castrol India via block deal, net over Rs 1,750 crore
In May , UK's BP sold 11.5% stake in the lubricant maker to reduce its holding in the company from 70.9% to 59.4% for about Rs 2,072 crore.
By ET Bureau | Updated:
MUMBAI: BP is looking to sell 8.5% stake in Indian subsidiary Castrol India through a block deal worth `1,750 crore on Tuesday . The share sale is happening at an indicative range of `408-422.50 per share, a discount of up to 3.5% to Castrol's Monday closing price. Shares of Castrol India declined 4.5% to Rs 422.45 on Monday.
In May , UK's BP sold 11.5% stake in the lubricant maker to reduce its holding in the company from 70.9% to 59.4% for about Rs 2,072 crore.
Shares of Castrol have declined 5% so far this year as against 9.5% rise in Sensex.
Early this year, BP reported its record annual loss of $6.5 billion and revealed it is cutting thousands of jobs in an attempt to cope with the oil price slump. BP's business has also been dealing with the fall-out from the 2010 Gulf of Mexico disaster.
For the quarter ended June 2016, Castrol reported a 12% jump in net profit to `207 crore over the same period last year.
In May , Castrol said that BP has undertaken a strategic portfolio review to optimise the deployment of capital across different businesses. “BP believes this option is a good opportunity to release capital while maintaining its commitment to our lubricant business in India and continuing to have strategic control of Castrol India,“ it said.
In May , UK's BP sold 11.5% stake in the lubricant maker to reduce its holding in the company from 70.9% to 59.4% for about Rs 2,072 crore.
Shares of Castrol have declined 5% so far this year as against 9.5% rise in Sensex.
Early this year, BP reported its record annual loss of $6.5 billion and revealed it is cutting thousands of jobs in an attempt to cope with the oil price slump. BP's business has also been dealing with the fall-out from the 2010 Gulf of Mexico disaster.
For the quarter ended June 2016, Castrol reported a 12% jump in net profit to `207 crore over the same period last year.
In May , Castrol said that BP has undertaken a strategic portfolio review to optimise the deployment of capital across different businesses. “BP believes this option is a good opportunity to release capital while maintaining its commitment to our lubricant business in India and continuing to have strategic control of Castrol India,“ it said.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
