Bharat Petroleum Corporation (BPCL) board on Monday approved sale of its 61.65% stake in Numaligarh refinery for ₹9,875 crore, the company said in a regulatory filing. The consortium of OIL and Engineers India Ltd will acquire 49% and the rest 13.65% will be sold to the government of Assam, director (Finance) N Vijayagopal told earlier.
“… the Board of Directors of Bharat Petroleum Corporation Limited (“BPCL”) at the meeting held on 1.3.2021 has approved the proposal for sale of entire equity shares i.e. 45,35,45,998 equity shares of ₹10/-each held by BPCL in Numaligarh Refinery Ltd (NRL) (constituting 61 .65% of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India Limited and Engineers India Limited, (“consortium”); and to Govt. of Assam, or only to the said consortium in case Govt. of Assam does not participate in purchase of said shares, in such proportion and on such terms and conditions as approved by the Board,” the company said in BSE filing.
The oil marketing major earlier said that it would complete stake sale by by the end of March.
