No decision on stake sale in Petronet, Indraprastha Gas yet: BPCL

1 Less than a minute

Bharat Petroleum Corporation Ltd (BPCL) on Friday said no decision has yet been taken to sell its stake in Petronet LNG and Indraprastha Gas to help the company’s owner avoid making an open offer for the two gas companies. V R K Gupta, Chief Financial Officer, BPCL, said market regulator SEBI has not yet responded to an application made for exempting the new owner of BPCL from making an open offer to shareholders of Petronet and IGL.

BPCL holds 12.5 per cent of the shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, Indraprashta Gas Ltd (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 per cent 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 per cent stake.

Source

No decision on stake sale in Petronet, Indraprastha Gas yet: BPCL

Read Next

Tamil Nadu: Petrol to be cheaper by Rs 3 as Stalin govt partially delivers on poll promise

Nayara Energy raises Rs 2,285 crore from domestic market through NCDs

After fresh crackdown on ISIS, Indian oil majors could be back in business in Mozambique

OPEC sticks to oil demand view despite virus, sees more U.S. shale coming

‘Require policy to boost adoption of auto LPG’

Madhya Pradesh: 98 per cent hike in Quarter 1 petrol VAT revenue

Sunk ONGC barge had all sea worthiness certificates: Oil minister

India’s cooking gas cylinder customer base at 29.11 crore

Reforms like removal of retrospective tax law show govt’s resolve to push growth: PM Modi

Reduce VAT on natural gas from 12.5 per cent to 3 per cent, says GCCI