BP sells 8.5% stake in Castrol India in block trade

Castrol India Ltd witnessed a series of block deals on Tuesday, in which around 42.20 million shares or 8.5% stake in the company changed hands, Bloomberg reported.

Details of buyers and sellers were not available.

Shares of Castrol India opened sharply higher after the Bloomberg report said that BP Plc. is selling 8.5% stake in Castrol India Ltd in a block trade.

Castrol India shares closed 8.79% higher at Rs459.60 , while the benchmark BSE Sensex closed down 0.39% at 28,523.20 points. The stock hit an intra-day high of Rs469.75 and rose as much as 11.2%, its maximum gain since 2 January 2012.

“Castrol Ltd offers 42.2 million shares of Castrol India Ltd at Rs408 to Rs422.5 apiece,” according to terms for the deal obtained by Bloomberg.

Citigroup, ICICI Securities are the bankers to the deal, the report added. BP owned 59.5% of Castrol India as of the end of June through its units.

Also Read:

BP sells 11.5% stake in Castrol India

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.