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

MUMBAI : 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 on Wednesday, according to a termsheet seen by Reuters.

The BP unit is selling shares at between 385 rupees to 415.5 rupees apiece, the termsheet showed. Shares of Castrol India ended flat at 416.80 rupees on Tuesday.

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

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