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Govt looking to avoid open offers in Petronet, Indraprastha Gas after BPCL divestment

BPCL says no intention to sell stake in Petronet LNG Ltd, Indraprastha Gas

BPCL says no intention to sell stake in Petronet LNG Ltd, Indraprastha Gas Bharat Petroleum Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd (IGL) to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 percent of the shareholding in India s largest liquefied natural gas importer, Petronet, and a 22.5 percent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by the Department of Investment and Public Asset Management (DIPAM) - the department running the process for the sale of the government s entire 52.98 percent stake in BPCL - the acquirer of BPCL will have to make open offers to the minority shareholders of Petronet and IGL for the acquisition of 26 percent shares.

BPCL reports Rs 11,940 cr Q4 profit, declares Rs 58 final share dividend

By siliconindia  |  Thursday, 27 May 2021, 03:58 Hrs Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) on Wednesday reported a net profit of Rs 11,940.13 crore for the quarter ended March 31, 2021, as against net loss of Rs 1,361.01 crore in the corresponding quarter last year. The total income of the company during Q4 FY21 saw a robust jump to Rs 1,00,419.63 crore from Rs 82,452.99 crore seen in the same quarter of previous year. The turnaround witnessed by the company in its profitability is largely on account of inventory gains, and also on account of a V-shape recovery seen by the company in the second half of financial year resulting in robust growth in fuel sales.

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