BPCL may sell some stake in IGL, Petronet to shed promoter status

Privatisation-bound Bharat Petroleum Corporation NSE 0.12 % (BPCL) may sell a part of its stake in Petronet LNG NSE -0.19 % and Indraprastha Gas NSE -0.15 % (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies, sources said.

BPCL holds 12.5 per cent of shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.