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BPCL Trust to sell up to 4% of its shares (86.77 million shares)

BPCL Trust to sell up to 4% of its shares
Image Source - Google | Image by business-standard

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.

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Written by Ritik Gupta

His name is Ritik Gupta; currently pursuing law. He has always kept pride as his everything. He deems writing as not like any other hobby but a reflection of one’s intellectuality. He likes to research on the parasitic problems and then lay them down in such a means that can be of assistance to the society. He just not studies law but treats it a controversial weapon to defeat the wrong.

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