BPCL To Reward Shareholders Post Numaligarh Refinery Sale
Mar 02 2021, 5:24 PM
March 02 2021, 12:18 PM
March 02 2021, 5:24 PM
Bharat Petroleum Corp. will pay a dividend to its shareholders after the sale of its entire stake in Assam-based Numaligarh Refinery Ltd. is completed.âWe will hold an extraordinary general [meet] on March 25, and the process [stake sale] will be completed by March 31,â N Vijayagopal, director-finance, at the state-owned oil marketer, told BloombergQuint over the phone. The companyâs board, he said, will meet to discuss the dividend .
Bharat Petroleum Corp. will pay a dividend to its shareholders after the sale of its entire stake in Assam-based Numaligarh Refinery Ltd. is completed.
BPCL refinery stake sale opens up door for high dividends, privatisation
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Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent.
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NEW DELHI: Shares of privatisation-bound BPCL climbed nearly 6 per cent in Tuesday s trade after it exited Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India and Engineers India for Rs 9,876 crore.
Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent. But this sale is an important and necessary step towards completing the privatisation process by July-August, which should keep the excitement high in the stock in the coming months, CLSA said.
Mixed cues may temper momentum - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
The rise in the petrol and diesel price has paused for the last couple of days as oil marketing companies have decided to wait and watch the developments on the global oil market before finalising.