BP is reportedly planning to offload 8.5% stake in Castrol India through a block deal worth Rs 1,750 crore on September 20. The share sale is happening at an indicative range of Rs 408 - Rs 422.50 per share, a discount of up to 3.5% to Castrol’s Monday closing price.
Earlier in May, UK’s BP sold 11.5% stake in the lubricant maker to reduce its holding in the company from 70.92% to 59.42% for about Rs 2072 crore.
Castrol India is the second largest player in the Indian lubricant industry and is the market leader in the retail automotive lubricant segment. It manufactures and markets a range of automotive and industrial lubricants.
