Asset strip, two-phased share sale proposed to make BPCL attractive

NEW DELHI: With the aim to attract a larger number of investors to take over public sector oil refiner Bharat Petroleum Corporation LtdNSE -0.37 % (BPCL), the government is looking at further stripping some assets from the parent entity while splitting the share sale plan into two phases.

Official sources said that trifurcation of BPCL’s assets may be carried out before the government’s shares are put up for sale to strategic investors. Also, the government’s 53.29 per cent in the company may be sold in two phases with only between 28-30 per cent of the equity shares to be offered in the first phase to strategic investors with transfer of management control.