Agreement to sell a 65% shareholding in Castrol - Castrol India Ltd

Code BSE: 500870 NSE: CASTROLIND BP p.l.c. (ultimate holding company) , which states that bp has reached an agreement to sell a 65% shareholding in Castrol to Stonepeak. a) bp has reached an agreement to sell a 65% shareholding in Castrol at an enterprise value of $10 billion. b) Total net proceeds to bp of c.$6 billion, including accelerated dividend payments, will be fully utilised to reduce net debt. c) Transaction accelerates delivery of bp’s reset strategy, will significantly strengthen its balance sheet, and advances strategy to focus the downstream. d) bp's retained stake in a new joint venture provides exposure to Castrol’s growth plan while retaining optionality to realise further value in the future.