BPCL takes control of Bina Refinery; buys out Omani company’s stake at ₹27 a share
February 11, 2021
A view of the Bharat Petroleum Corporation Limited in Chennai - THE HINDU×
BPCL is also in talks with Madhya Pradesh govt for acquiring the 2.69 crore convertible share warrants held by it in BORL
Bharat Petroleum Corporation Ltd (BPCL) will buy the 36.62 per cent equity shares it does not own in Bharat Oman Refineries Ltd (BORL) from OQ S.A.0.C.(formerly known as Oman Oil Company S.A.O.C) at ₹27 a share, in a deal worth ₹2,399.26 crore.
The transaction, when closed, will make BORL, which runs a 7.8-million tonne (mt) capacity refinery at Bina in Madhya Pradesh, a 100 per cent unit of BPCL. It will also improve the valuation of the ‘Maharatna’ PSU which has been put up for privatisation by the government.
BPCL to acquire stake of other shareholders in Bharat Oman Refineries Ltd
Posted On: 2020-12-17 06:36:15 (Time Zone: Arizona, USA)
The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) at the meeting held on 17th December 2020 has accorded its approval for acquisition of 888,613,336 (36.62%) of equity shares in Bharat Oman Refineries Ltd (BORL) from OQ S.A.O.C. (formerly known as Oman Oil Company S.A.O.C) subject to the finalization of definitive agreement between parties, the approval of the competent authorities and completion of Regulatory and other requirements. The Board of Directors has also approved the proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.
At meeting held on 17 December 2020The Board of Bharat Petroleum Corporation at its meeting held on 17 December 2020 has accorded its approval for acquisition
of 888,613,336 (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) subject to the finalization of definitive agreement between parties, the approval of the competent authorities and completion of Regulatory and
other requirements. The Board of Directors has also approved the proposal to approach Government of Madhya Pradesh (GoMP) for acquiring 269,00,000 warrants held by GoMP in BORL.
BORL was incorporated on 25 February, 1994. The Authorised share capital of BORL is Rs. 7000 crore and paid up share capital is Rs. 2426.83 crore. BPCL holds 63.38% of the paid up share capital of BORL
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.