Share price of Bharat Petroleum Corporation Limited (BPCL) edged higher by around two per cent on Tuesday, May 25, after the oil refiner said that it may sell its stake in Petronet LNG and Indraprastha Gas (IGL). On Tuesday, Bharat Petroleum opened on the BSE at Rs 477, swinging to an intra day high of Rs 478.95 and an intra day low of Rs 469, in the trading session so far. According to news agency PTI, Bharat Petroleum, which is privatisation-bound, may sell stake in order to shed its promoter status, so that its new owner can make open offer for the two gas companies.
As of March 31, 2021, Bharat Petroleum owned 15.75 crore shares in IGL (Indraprastha Gas) translating into 22.5 per cent stake in the company. Likewise, Bharat Petroleum had 18.75 crore shares in Petronet LNG translating into a 12.5 per cent stake in the company. Petronet is the country’s largest liquified natural gas importer.
According to the legal position evaluated by the Department of Investment and Public Asset Management or DIPAM, the acquirer of Bharat Petroleum will have to make an open offer to the minority stakeholders of Indraprastha Gas Limited and Petronet for acquisition of 26 per cent shares. The department running the process for the sale of government’s entire 52.98 per cent stake in Bharat Petroleum.
On the NSE, Bharat Petroleum opened at Rs 476.80, witnessing an intra day high of Rs 479, and an intra day low of Rs 469, in the session so far. It last traded 0.88 per cent higher at Rs 477 on the NSE.
Shares of Bharat Petroluem last traded 0.87 per cent higher at Rs 477 on the BSE.