5 months ago
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Canada Pension Plan Investment Board and US backstage equity steadfast Stonepeak volition motorboat an unfastened connection to bargain up to 26% involvement successful Castrol's Indian portion astatine a premium to the existent trading price, according to a regulatory filing.
The unfastened connection for ₹25.71 crore shares is being made pursuing their woody to get the steadfast from genitor BP.
Stonepeak and CPPIB volition connection Castrol India shareholders ₹194.04 per share, representing a 2.5% premium to Wednesday's (December 25, 2025) closing price. Castrol India shares were trading astatine Rs 191.40 connected the BSE connected Friday (December 26).
"The Acquirer and the persons acting successful concerts (PACs) hereby marque this Open Offer to the nationalist shareholders to get up to 25,71,71,820 (25.71 crore) equity shares, constituting 26% of the equity stock capital, astatine a terms of ₹194.04 per stock aggregating to a full information of up to ₹4,990 crore," according to regulatory filing by Castrol India.
Britain's BP earlier this week struck a woody to merchantability a 65% involvement successful its Castrol lubricants concern to U.S. concern steadfast Stonepeak for astir $6 billion, successful a transaction that values the iconic portion astatine astir $10.1 cardinal including debt. CPPIB is besides investing up to $1.05 cardinal for an indirect stake. Castrol Ltd holds 51% of the equity stock superior of Castrol India.
Under SEBI's takeover regulations, acquisition of 25% oregon much successful a listed institution triggers a mandatory unfastened connection to acquisition astatine slightest an further 26% from nationalist shareholders.
If the unfastened connection goes through, the caller owners volition ain 77% of Castrol India.
The divestment by BP is portion of a targeted $20 cardinal plus merchantability programme done 2027, aimed astatine bolstering fiscal resilience amid underperformance successful immoderate segments and activistic capitalist pressure.
"Transaction accelerates transportation of BP's reset strategy, volition importantly fortify its equilibrium sheet, and advances strategy to absorption connected the downstream," the institution had said connected December 24.
BP retained a 35% involvement successful Castrol, providing vulnerability to the lubricant maker's maturation program portion retaining optionality to realise further worth successful the future.
