Bharat Petroleum Corporation Ltd to sell stake for Rs 9,876 crore
The privatisation-bound BPCL added that it will sell its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
| 2 March 2021 2:22 AM GMT
NEW DELHI: The Bharat Petroleum Corporation Ltd (BPCL) on Monday said that it will exit Numaligarh Refinery in Assam. The privatisation-bound BPCL added that it will sell its entire stake to a consortium of Oil India Ltd and Engineers India Ltd for Rs 9,876 crore.
With this sale of the Numaligarh Refinery Ltd, the way has been cleared for privatisation of India s second-largest fuel retailer.
Centre may get part of Numaligarh Refinery sale proceeds through special dividend
March 03, 2021
BPCL privatisation expected to be completed by July-Sept quarter of FY 22 Over 3.73 lakh shareholders of Bharat Petroleum Corporation Ltd (BPCL) may get special dividend from the sales proceed of its subsidiary Numaligarh Refinery Limited (NRL). The company has called Extraordinary General Meeting on March 25 to formally approve disinvestment of the entire equity shares (61.65 per cent) held in NRL and expectations are that special dividend could be announced by that time.
The Central Government is the largest shareholder with around 53 per cent holdings. The total sales proceed from the sale of NRL is estimated at around ₹ 9,876 crore and after deduction of tax, net proceed could be around ₹ 9,000 crore.
As the stock market has largely been on a bull run since hitting the decadal lows around a year ago, stocks of public sector undertakings (PSU) were among the ones which held the torch during the rally and have given strong returns.The S&P .
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