Motion JVCo, Stonepeak, CPPIB Launch 26% Open Offer for Castrol India

• Motion JVCo, Stonepeak, and CPPIB have made an open offer to acquire up to a 26% equity stake in Castrol India Ltd.
• The offer is for 257.1 million shares at ₹194.04 each, complying with SEBI takeover regulations.
• This follows British Petroleum's (BP) agreement to sell a 65% stake in Castrol to Stonepeak for an enterprise value of about $10 billion.
• BP expects $6 billion in net proceeds, which will be used to reduce its net debt towards a target range of $14-18 billion by end-2027.
• Castrol India shares surged over 8% earlier on news of BP's stake sale, ending 1.81% higher before the open offer announcement.

Why It Matters: Motion JVCo, Stonepeak, and CPPIB launch a 26% open offer for Castrol India following BP's global stake sale.