VRK Gupta, CFO, 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 pc of the shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 pc stake in city gas retailer, Indraprashta Gas Ltd (IGL). t 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 – the department running the process for the sale of the government’s entire 52.98 pc 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 pc stake.