Castrol sells down India unit stake for Rp18bn

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By Jonathan Breen
22 Sep 2016

UK motor and lubricant oil producer Castrol has raised Rp18.1bn ($270.1m) from a sale of its stake in Castrol India. The deal suffered from slippage after the leads missed the block window that protects such trades in the open market.

The parent, a subsidiary of oil and gas giant BP, sold 42m shares, equal to an 8.5% holding in Castrol India. Leads Citi and ICICI Securities had marketed the trade at Rp408-Rp422.5 apiece, with the bottom end offering a 3.42% discount to the stock’s Monday close of Rp422.45, ...

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