State-owned
BPCL's board of directors has approved a host of new acquisition proposals. On Friday, BPCL stock was trading at Rs393.60 per piece down by 0.49% on Sensex at around 1.23 am.
To begin with, the BPCL board has approved the merger of Bharat Gas Resources Ltd Limited (a wholly-owned subsidiary of BPCL) with BPCL subject to the approval of the competent authorities and competent of Regulatory and other requirements.
Bharat Gas is engaged in the business of Natural Gas. The Authorised Equity Share capital of BGRL is Rs2300cr and a current paid-up capital is Rs558.62cr. During the financial year 20 19-20, BGRL has recorded revenue from operations of Rs273.35cr.
Furthermore, the board has approved acqu1s1t1on of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries Ltd (BORL) from OQ S.A.0.C.(formerly known as Oman Oil Company S.A.O.C) subject to the finalization of a definitive agreement between parties, the approval of the competent authorities and completion of Regulatory and other requirements.
BPCL said that the Board of Directors has also approved the proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoM P in BORL
BPCL holds 63.38% of the paid-up share capital of BORL and OQ S.A.0.C holds 36.62% of the paid-up share capital. The revenue from Operations of BORL for the financial years; 20 19-20 was Rs41,940.96cr, 20 18- 19 was Rs31,597.59cr, 20 17- 18 was Rs31,287.48cr.
BORL has a refinery of7.8 MMTPA capacity at Bina, Madhya Pradesh, Crude Oil import/supply system consisting of a Single Point Mooring System, Crude Oil Terminal at Vadinar, Gujarat and 937 KMs long cross country crude oil pipeline from Vadinar to Bina.