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BP unit selling up to $261 million stake in Castrol India

BP owned 59.5 per cent of Castrol India as of the end of June through its units. It had sold another stake in Castrol India in May. Photograph: (Getty)

Reuters Mumbai, India Aug 23, 2016, 06.53 PM (IST)
Castrol Ltd, a unit of oil major BP Plc, is selling an up to $261 million stake in Castrol India Ltd in a block trade today, according to a termsheet seen by Reuters.

The BP unit is selling shares at between ?385 ($5.7) to ?415.5 ($6.1) apiece, the termsheet showed. Shares of Castrol India ended flat at 416.80 rupees yesterday.

The deal size amounts to an up to 8.53 per cent stake in the company, including an upsize option.

BP owned 59.5 per cent of Castrol India as of the end of June through its units. It had sold another stake in Castrol India in May.

(Reuters)
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