BPCL Privatisation: SEBI unlikely to exempt open offers for Petronet, IGL

India’s capital market regulator is unlikely to give exemption to the company acquiring BPCL from making mandatory open offers for Petronet LNG Ltd and Indraprastha Gas –

share purchases which will be countered by other promoters of the two firms such as GAIL to save from going private, officials said.

Bharat Petroleum Corporation Ltd (BPCL) holds 12.5 per cent of the 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.

As per the legal position evaluated by the Department of Investment and Public Asset Management (DIPAM) – the department running the process for the sale of the government’s entire 52.98 per cent stake in BPCL –