BPCL may sell part of treasury shares via block deals

MUMBAI: Public sector undertaking-BPCL plans to create an employees trust to transfer 2 per cent stake held in its investment trust NSE -2.48 % and is likely to sell the balance 7.33 per cent stake through block deals on the bourses, the company’s management told reporters on Monday.

BPCL Trust for Investment owns around 9.33 per cent stake in the company, which it is required to sell as a pre-condition for the planned divestment of the company. The government is in the process of selling its entire stake in the country’s second-largest fuel retailer and third-largest refiner. The company’s management said that the divestment process is on track and reiterated the government stance that it will be completed before March 2021.