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BP is looking to sell 8.5 per cent stake in Indian subsidiary Castrol India through a block deal worth Rs1,750 crore. The share sale is happening at an indicative range of Rs 408 - Rs 422.50 per share. Shares of Castrol India declined 4.5 per cent to Rs 422.45 after the announcement.
In May, UK’s BP sold 11.5 per cent stake in the lubricant maker to reduce its holding in the company from 70.92 per cent to 59.42 per cent for about Rs 2,072 crore.
Shares of Castrol have declined 5 per cent so far this year as against a 9.5 per cent rise in the Sensex.
Early this year, BP reported its record annual loss of $6.5 billion and revealed that it was cutting thousands of jobs in an attempt to cope with the oil price slump. BP’s business has also been dealing with the fallout from the 2010 Gulf of Mexico disaster.
For the quarter ended June 2016, Castrol reported a 12 per cent jump in net profit to Rs 207 crore over the same period last year.