Who wrote this article?

Aakash Agarwal, Capitalmind's research team.

What topics does this article cover?

Citigroup Global Markets, Citigroup Global Markets (Mauritius)

Citigroup reduces stake in Castrol India, nets a handsome amount

26 May 2016Aakash Agarwal1 min read

Quick Facts

What is "Citigroup reduces stake in Castrol India, nets a handsome amount" about?
What category is this article in?: Stocks
Who wrote this article?: Aakash Agarwal, Capitalmind's research team.
When was this article published?: Published 26 May 2016.
How long does this article take to read?: 1 min read
What topics does this article cover?: Citigroup Global Markets, Citigroup Global Markets (Mauritius)
What does the "Disclaimer" section say?: Nothing in this newsletter is financial advice and should not be construed as such. Please do not take trading decisions based solely on the matter above; if you do, it is entirely at your own risk without any liability to Capital Mind. This is educational or informational matter only, and is provided as an opinion.

Castrol India Logo

Castrol India (click here to view this on our SNAP Analytics Tool) part of the Castrol Limited UK (part of BP Group) has one of the largest manufacturing and marketing networks amongst lubricant companies in India. The company has three manufacturing plants located at Silvassa, Patalganga and Paharpur. The company markets automotive lubricants under two brands - Castrol and BP.

Castrol is the world leading manufacturer, distributor and marketer of premium lubricating oils, greases and related services to automotive, industrial, marine, aviation, oil exploration and production customers across the world.

The company is headquartered in the UK and operates directly in over 40 countries, and employing approximately 7,000 staff worldwide.

gic-logo

While Castrol UK’s sale of 56,874,538 shares representing 11.5% of the share capital last week fetched 2 buyers i.e. Government of Singapore at 3,522,648 shares representing 0.71% and Citigroup Global Markets at 6,300,000 shares representing 1.27%, it still remains a mystery as to who the buyer or buyers of the remaining 4,7051,890 shares were.

Citi Logo

In a surprising move, Citigroup sold 2,688,898 shares representing 0.54% (almost half its earlier purchase) at a price of Rs. 374.86/- (its purchase price was at Rs. 365/-) and has handsomely netted a 2 Cr. profit on selling this part stake alone. It continues to hold (no disclosures have been submitted by the company yet) the remaining 3,611,102 shares or 0.73%.

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Disclaimer

Nothing in this newsletter is financial advice and should not be construed as such. Please do not take trading decisions based solely on the matter above; if you do, it is entirely at your own risk without any liability to Capital Mind. This is educational or informational matter only, and is provided as an opinion.