BPCL Trust plunged almost 4% shares sell over block deal
Bharat Petroleum Corporation (BPCL) Limited is an Indian public sector oil and gas company headquartered in Mumbai, Maharashtra. Moreover, the company is India’s 2nd largest downstream oil company.
Official Bharat Petroleum Corporation (BPCL) is likely to sell up to 8.68 crore shares. Moreover, 4 percent of the company equity, through a block deal on Tuesday. While the company, according to bankers, has set a floor price of Rs. 435 per share, 6.8 percent discount to Monday’s closing price of Rs. 467. These shares are held by the BPCL NSE-4.17% trust for Investment in Shares.
Meanwhile, the board of directors of BPCL approved the sale of BPCL equity shares which are held by the trust through accelerated book built offering of equity shares on the screen-based trading platform of stock exchanges. Moreover, the company is finance to sell up to 7.33 percent stake or 15.90 crore shares.
BPCL Trust for Investment in Shares held a 9.33 percent stake in the company as of 30th September 2020. In October, 4.33 crore shares, or about 2 percent transfer to its employee benefit trust called BPCL ESPS Trust.
On the other hand, already the government sells its entire stake in BPCL, the company is exiting NRL and buying out a 36.62 percent stake held by Oman Oil Company S.A.O.C in the Bina refinery for Rs. 2,399.26 crores.
The government has already told that it expects to complete BPCL privatization by the first half of the fiscal year beginning April 1st(2021-22).
BPCL will give the buyer 35.3 million tonnes per annum of refining capacity and 22 percent of the fuel marketing share. Moreover, the company owns 18,026 out of 74,951 petrol pumps in the country. On the other hand, 6,144 out of 24,952 LPG dealers and 61 out of the nation’s 257 aviation fuel stations. It has 28.45 percent of retail petrol.