Investors of Bharat Petroleum Corporation (BPCL) were handsomely rewarded on Tuesday as market participants rushed to the counter on hopes of special dividend payout. Shares of the state-owned refinery ended 3 per cent higher on the BSE, at Rs 469 per share, as its Board approved to offload the firm s holding in the Numaligarh Refinery unit for Rs 9,878 crore ($1.3 billion) as part of BPCL s privatization process. Earlier today, the share hit a fresh 52-week high of Rs 482.4 apiece, up 6 per cent on the BSE in the intra-day trade. The country s second-biggest state refiner will sell its 61.65 per cent holding in Numaligarh Refinery to a consortium of Oil India Ltd. and Engineers India Ltd. and may also include the state government of Assam, according to an exchange filing.
BPCL refinery stake sale opens up door for high dividends, privatisation
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Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent.
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NEW DELHI: Shares of privatisation-bound BPCL climbed nearly 6 per cent in Tuesday s trade after it exited Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India and Engineers India for Rs 9,876 crore.
Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent. But this sale is an important and necessary step towards completing the privatisation process by July-August, which should keep the excitement high in the stock in the coming months, CLSA said.
Bidders for government s stake in PSUs to submit beneficial ownership details for security clearance
According to the proforma, any interest of more than 10 per cent in the bidding entity would require disclosures of parentage and beneficial ownership to get a security clearance.
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NEW DELHI: Foreign and Indian bidders interested in buying government stake in state-owned firms such as BPCL, Air India and BEML, will have to disclose details of the ultimate beneficial owners to get a security clearance.
The Department of Investment and Public Asset Management (DIPAM) - the government agency managing the stake sale - has issued a proforma of the application for security clearance of the acquirers.