Castrol India denies stake sale by BP unit

Mumbai, Aug 26 (IANS) Castrol India on Friday denied knowledge of any stake sale in the company by parent firm Castrol Ltd, a unit of British oil major BP, saying that recent media reports of such a transaction were based on market speculation.

Referring to a Bombay Stock Exchange communication in the matter, Castrol India in a BSE filing said: “We refer to your letter dated August 24, 2016, in respect of the news report that has appeared in the Economic Times dated August 24, 2016, and captioned ‘Castrol to sell $261 million shares via block trade’.”

“Castrol India Limited is not privy to any potential transactions and we had no information from the shareholders regarding the occurrence of the reported transaction,” it said.

“Given that there has been no sale of shares as reported in the media, the above news report of 24th August 2016 is evidently based on market speculation and rumours,” it added.

–IANS

bc/rn/vt

Related Posts

Leave a Reply