MUMBAI Castrol Ltd, a unit of BP Plc (BP.L), is selling an up to $261 million stake in Castrol India Ltd (CAST.NS) in a block trade on Tuesday, according to a termsheet seen by Reuters.
The BP unit is selling an 8.5 percent stake in Castrol India at between 408 rupees and 422.5 rupees apiece, the termsheet showed.
Ahead of the news, shares in Castrol India closed 4.4 percent lower on Monday at 422.55 rupees.
BP owned 59.5 percent of Castrol India as of the end of June through its units.
Reuters had reported last month that an up to $261 million share sale in Castrol India was due, but a deal was not launched.
(Reporting by Manoj Rawal and S. Anuradha, editing by Louise Heavens)