Business - Monitor

Foreign promoters hike stake in Castrol

NEW DELHI: Foreign promoters of Castrol REDIndia, Castrol U.K. and BP Amoco, have increased their stake by 20 per cent to 71 per cent last fiscal even as institutional holding and that of the Indian public in the company fell during 2001-02. As per the information available with stock exchanges, the foreign promoters bought back over two crore shares in an open offer in the third quarter of last fiscal, thus hiking the stake by the desired 20 per cent. However, public stake fell by eight per cent to 20.31 per cent during the last 12 months, with institutional holding dropping to less than half at 7.39 per cent.

— PTI

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