Govt skeleton offered 3% interest in BPCL to lift Rs 1,800 cr

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New Delhi: The supervision skeleton to sell 3 percent seductiveness in Bharat Petroleum Corp Ltd, a nation’s second largest state oil firm, this mercantile to lift around Rs 1,800 crore.

Bharat Petroleum. ReutersBharat Petroleum. Reuters

Bharat Petroleum. Reuters

The financial method has changed a cupboard note for inter-ministerial consultations for offered 2.16 crore shares in BPCL by a open offer, central sources said.

At stream trade cost of Rs 820, a seductiveness sale will fetch a supervision over Rs 1,778 crore.

The supervision binds 54.93 percent seductiveness in BPCL. Divesting 3 percent seductiveness will assistance supervision keep a shareholding good above 51 percent — a smallest vital holding it has motionless to keep in pivotal open zone unit.

BPCL operates refineries during Mumbai and Kochi with a sum ability of 21.5 million tonnes. It also has a 6 million tonnes a year section during Bina in Madhya Pradesh in corner try with Oman Oil.

It has 12,809 petrol pumps, about one-fourth of a sum petrol pumps in a country.

When contacted, BPCL authority and handling executive S Varadarajan pronounced a association has “heard from a supervision on a probable seductiveness sale.”

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“They (government) were formulation this even 3 years back. It is adult to them to confirm on divestments and we have sent a ubiquitous views,” he said.

The supervision is targeting Rs 69,500 crore from seductiveness sale in PSUs this fiscal. Of this, Rs 41,000 crore is to come from minority share sale in PSUs and Rs 28,500 crore from vital seductiveness sale.

Although a Department of Disinvestment (DOD), underneath a financial ministry, has got capitulation from cupboard for offered minority stakes value about Rs 50,000 crore in a horde of PSUs, it has usually been means to deprive seductiveness in one association — REC — so distant this fiscal.

The cupboard has authorized sale of 5 per cent stakes in Oil and Natural Gas Corp (ONGC), BHEL and NTPC as good as 10 percent any in Indian Oil Corp (IOC), NALCO and NMDC.

As per a Public Enterprise Survey 2013-14, India has 234 Central Public Sector Enterprises (CPSE) of that 46 are listed.

PTI

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