Shares of state-run oil refining firm Bharat Petroleum rose as a lot as 6 per cent to hit an intraday excessive of Rs 482.40 after its board of administrators authorised sale of Numaligarh Refinery in Assam. “Bharat Petroleum Corporation Limited approved the proposal for sale of entire equity shares held by BPCL in Numaligarh Refinery Ltd (NRL) (constituting 61 .65 per cent of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India Limited, Engineers India Limited and government of Assam,” Bharat Petroleum mentioned in a press launch. (Track Bharat Petroleum share worth right here)
Consolidated web value of Numaligarh Refinery as of three 1st March, 2020 was Rs.5,292 crore equal to 14.18 per cent of the consolidated web value of BPCL, the corporate mentioned in a inventory change submitting.
BPCL will promote stake within the refinery for a complete consideration of Rs 9875 crore to a consortium of Oil India, Engineers India and Assam authorities.
The sale of Numaligarh Refinery clears the best way for privatisation of India’s second-largest gasoline retailer. Numaligarh Refinery operates a three million tonnes each year oil refinery in Assam.
Post NRL sale, BPCL could be left with three refineries at Mumbai, Kochi (Kerala) and Bina (Madhya Pradesh).
The authorities is planning to promote its complete 52.98 per cent stake in BPCL within the nation’s greatest privatisation until date. Vedanta Group and personal fairness corporations Apollo Global and I Squared Capital’s Indian unit Think Gas have put in an expression of curiosity for getting the federal government’s stake.
The authorities has already indicated that it expects to finish BPCL privatisation by the primary half of the fiscal starting April (2021-22).
As of 10:36 am, BPCL shares traded 5 per cent larger at Rs 477, outperforming the Sensex which was up 0.73 per cent.
