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.
This article was first published on Livemint.com