Ritik Gupta
Mumbai: BPCL Trust for Investment in Shares (BPCL Trust) will sell up to 4% of its shares in state-owned energy company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal, according to the terms of the deal seen by Mint.
The Trust will sell up to 86.77 million shares or 4% of the company’s total share capital at a floor price of ₹435, a 6.85% discount to Monday’s closing price of ₹467 aggregating to ₹3,774 crores.
As of December 2020, the Trust held a 7.33% stake in the company. Citigroup, Kotak Mahindra Capital and ICICI Securities Ltd are advising the Trust on the share sale.
BPCL is currently headed for disinvestment, which involves the Union government selling its entire 52.98% stake to a strategic investor with management control transfer.
BPCL reported a 120% rise year-on-year in its net profit for the quarter ended December to ₹2,777.6 crores. Revenue from operations grew 1.4% year-on-year to ₹86,579.95 crore from ₹85,368.33 crore.
Shares of BPCL gained 1.24% to close at ₹467 on Monday on the BSE, while the benchmark index Sensex gained 0.07% to close at 50,441.07 points.
