British oil company BPC Ltd said a number of well-known institutional investors bought over 272 million shares of the company after RAB Special Situations and Edgewater Estates cut their stake, sending its shares up 30 percent.
RAB sold about 257.2 million shares of the company and now has a 19.8 percent stake, representing 156.5 million BPC shares.
Edgewater Estates sold 15 million shares and owns about 39.7 million shares, or 5 percent in the company, BPC said.
The company did not disclose the price of the sale or the names of the new institutional investors.
Shares of the company were up 30.4 pct at 3.75 pence at 0854 GMT on the London Stock Exchange. (Reporting by Shivani Singh in Bangalore; Editing by Kavita Chandran)