Castrol India Open Offer Valued at Over Rs 5,100 Crore

Motion JVCo Limited, alongside persons acting in concert including Stonepeak entities, CPP Investment Board Private Holdings, and Castrol Limited, has issued a detailed public statement for an open offer to acquire up to 25,71,71,820 fully paid up equity shares of Castrol India Limited.

The offer represents 26 percent of the target company's total equity share capital at a price of INR 199.45 per share. The open offer follows Stonepeak Infrastructure Fund V, through its entity Motion JVCo Limited, taking control of Castrol India through a 51% stake.

The offer price of INR 199.45 per equity share comprises an initial price of INR 194.04, an enhancement amount of INR 16.91 per equity share pursuant to regulatory requirements for the period between the contract date and the publication of the statement, and a downward adjustment of INR 11.50 per equity share for dividend payouts.

Assuming full acceptance of the open offer, the total maximum consideration payable by the acquirer and its partners stands at INR 5,129,29,19,499.