Castrol India Open Offer: ₹194.04/Share Premium Signals Major Stake Shift Amid Stonepeak's Takeover Push

BP p.l.c. sold 100% of Castrol Group Holdings Limited promoter of Castrol India holding 51% stake to Stonepeak's Motion JVCo for $2.3 billion on December 23, 2025. This triggers change of control, mandating open offer for additional 26% public shares under SEBI rules.
​
Key Highlights

• Offer Price: ₹194.04 per share, premium over recent trading (~₹186-190).
• Stake Targeted: Up to 26% (~129 million shares), from minority/public holders.
• Acquirers: Motion JVCo Limited + 4 others (Stonepeak Infrastructure Fund V entities).
• Timeline: Public announcement issued; offer subject to regulatory nods, customary conditions.
• Market Impact: Shares surged 8-9% post-news, hitting 2-month highs around ₹201.

Strategic Implications

Stonepeak gains indirect control of Castrol India (mcap ~₹19,000Cr), retaining BP's minority via JV. Investors eye premium exit; lubricants sector watches for growth synergies in India ops.
​
Sources: Moneycontrol, NSE India, Stockwatch.live, Economic Times