Ahead of its planned divestment, state-run Bharat Petroleum Corporation (BPCL) on Tuesday said its board will consider a proposal to increase stake in Bharat Oman Refineries. Plans to merge Bharat Gas Resources with the company will also be considered at the meeting on Thursday.
BPCL on Tuesday informed exchanges that its board will meet on Thursday to consider acquisition of 36.62 per cent of equity shares in Bharat Oman Refineries (BORL). BPCL will acquire these shares from its Oman partner in the BORL. A proposal to merge Bharat Gas Resources, a wholly owned subsidiary of BPCL, with itself, will also be considered at the meeting. Bharat Gas Resources was incorporated in June 2018 for handling its natural gas business.
BPCL evaluation committee to iron out technical aspects on bids
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Synopsis
Committee which met on Tuesday looked into the scrutiny report by transaction advisor Deloitte on bids received from Vedanta, Apollo Global and I-Squared Capital owned Think Gas, which is a Noida-based gas distribution company.
Separately, BPCL’s board will meet on Thursday to consider the proposal to acquire 36.62 per cent stake in Bharat Oman Refineries (BORL) from Oman Oil Company.
The evaluation committee on Bharat Petroleum Corporation will hold additional meetings to iron out the technical aspects before financial bids are sought, said people aware of the development.
BPCL to acquire Oman Oil s 36% stake in Bharat Oman Refineries
The board of BPCL will meet on December 17 to consider a proposal for acquiring 36.62 per cent stake in Bharat Oman Refineries (BORL) from Oman Oil Company S.A.O.C. (OQ)
BusinessToday.In | December 15, 2020 | Updated 16:46 IST
BPCL board to consider merger of Bharat Gas Resources with itself
State-owned Bharat Petroleum Corp Ltd (BPCL) on Tuesday said that its board would consider the proposal to acquire 36.62 per cent stake in Bharat Oman Refineries (BORL) from Oman Oil Company S.A.O.C. (OQ). Currently, BPCL holds 63.38 per cent equity shares in BORL and OQ owns 36.62 per cent stake in the company.
For considering acquisition of shares in Bharat Oman Refineries and merger of Bharat Gas Resources with BPCLThe Board of Bharat Petroleum Corporation will meet on 17 December 2020 to consider according in-principle approval for the following -
(i) for acquisition of 36.62% of equity shares in Bharat Oman Refineries (BORL) from OQ S.A.0.C.(formerly known as Oman Oil Company S.A.O.C). This would amount to acquisition of 888,613,336 equity shares from O.Q. S.A.0.C. Presently, BPCL holds 63.38% of equity shares in BORL and OQ S.A.O.C holds 36.62% equity shares in BORL. The Board of Directors would also consider a proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.
Nifty, Sensex momentum weakening – Tuesday closing report
Moneylife Digital Team / IANS
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We had mentioned in Monday’s closing report that Nifty, Sensex grinding higher. On Tuesday, the major indices declined in the morning but recovered and ended flat. On the NSE, there were 914 advances, 977 declines and 334 unchanged.
The trends of the major indices in the course of Tuesday’s trading are given in the table below:
The RBI has approved the re-appointment of Uday Kotak as managing director of Kotak Mahindra Bank for a further period of three years. The banking sector regulator also approved the appointment of part-time chairman Prakash Apte for three years.