BP to sell $287-million stake in Castrol India
The base block deal size will be to sell 7 per cent of the company’s equity worth $191 million.
By Ashutosh Shyam, ET Bureau | Updated:
MUMBAI: BP, the promoter of Castrol India, is looking to sell a stake worth up to $287 million (nearly Rs 2,000 crore) in its Indian subsidiary though a block trade on Thursday, according to the term sheet seen by ET.
The share sale is happening at an indicative range of Rs 355-385.25 per share. This implies that the block trade will take place at 0 to 7.9 per cent discount to Castrol India’s closing price on Wednesday. Castrol India shares closed at Rs 385.25 on Wednesday.
The base block deal size will be to sell 7 per cent of the company’s equity worth $191 million. Along with this, there is upsize option of selling 3.5 per cent equity worth $96 million. Citigroup and ICICI Securities are learnt to have got the mandate to arrange the buyers. BP owns 71.03 per cent of Castrol India.
The share sale is happening at an indicative range of Rs 355-385.25 per share. This implies that the block trade will take place at 0 to 7.9 per cent discount to Castrol India’s closing price on Wednesday. Castrol India shares closed at Rs 385.25 on Wednesday.
The base block deal size will be to sell 7 per cent of the company’s equity worth $191 million. Along with this, there is upsize option of selling 3.5 per cent equity worth $96 million. Citigroup and ICICI Securities are learnt to have got the mandate to arrange the buyers. BP owns 71.03 per cent of Castrol India.
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