"The board of directors of the company is meeting today to consider the reduction in the share capital of the company i.e. return a part of the nominal value of the shares to the shareholders of the company," Castrol India said in its filing to BSE.
Buoyed by development, shares of company gained as much as 5.66 per cent to trade at Rs 329.40 a piece on the BSE.
In a similar fashion, shares of the company were quoting at Rs 328.00 a piece, up 5.48 per cent on the National Stock Exchange (NSE).
Meanwhile, the broader benchmark Sensex was quoting at 19,353.51, down 53.34 points or 0.27 per cent at 10:05 hours.