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A subsidiary of London-based oil giant BP PLC sold a 5.0% stake in UK-focused oil and gas company Serica Energy PLC, it was announced on Thursday.
The subsidiary, BP Exploration Operating Co Ltd, sold 13.5 million shares in Serica at a price of 365 pence each, raising £49.3 million.
Serica will not receive any proceeds from BP Exploration's sale. The closing of the placing is expected on May 3.
Shares in BP were up 1.7% at 384.85 pence on Thursday morning in London. Serica shares were down 6.7% at 366.50 pence.
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