Overview
- Motion JVCo with Stonepeak and CPP Investment Board filed to buy up to 25.71 crore Castrol India shares at Rs 194.04 each, a small premium to the prior close.
- Castrol India stock rose as much as 4.4% to an intra-day high of Rs 197.95 following the announcement.
- The tender size implies a potential payout of about Rs 4,990 crore to public shareholders at the offer price.
- Under SEBI rules, the offer follows a change of control at the parent level; if fully successful, the new owners could hold up to 77% of Castrol India.
- BP agreed to sell 65% of Castrol to Stonepeak at an enterprise value near $10.1 billion, expects roughly $6 billion in net proceeds, and will retain a 35% stake.