Castrol to sell shares worth Rs 1,750 cr in secondary market

MUMBAI: Castrol, controlled by British energy giant BP, will sell Castrol India shares worth up to $261 million (about Rs 1,750 crore) through secondary market block trades on Wednesday, in one of the biggest secondary share sale this year.

Castrol plans to sell shares at about Rs 385-415.5 apiece, according to the terms of the transaction seen by ET. Lower end of the price band is at 7.3% discount to the Tuesday's price of Rs 416.8 on the NSE.

It will sell 3.5 crore shares (7% of the company) with an option to sell an additional 1.53%. Citigroup and ICICI Securities are book runners.