MUMBAI, Aug 26 (Reuters) - Castrol India Ltd saidon Friday it was not aware of any stake sale in the company byCastrol Ltd, a unit of oil major BP Plc, and said recentnews reports that such a transaction would take place were basedon market speculation.
Media organisations, including Reuters, reported on Tuesdaythat Castrol Ltd would sell an up to $261 million stake inCastrol India, citing a termsheet that was circulated bybrokers.
"Castrol India Limited is not privy to any potentialtransactions and we had no information from the shareholdersregarding the occurrence of reported transaction," Castrol Indiasaid in a filing to India's two main stock exchanges late onFriday.
Castrol India added that since no sale had taken place, thenews reports on Wednesday were "evidently based on marketspeculation and rumours".
Banking sources in India also said they were not aware of ashare sale having been launched. Both BP and Castrol India havedeclined requests from Reuters to comment this week. BP alsodeclined to comment on the Castrol India statement.
The energy firm owned 59.5 percent of Castrol India as ofthe end of June through its units. (Reporting by Rafael Nam; editing by Susan Thomas)