BPCL refinery stake sale opens up door for high dividends, privatisation
NEW DELHI: Shares of privatisation-bound BPCL climbed nearly 6 per cent in Tuesday’s trade after it exited Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India and Engineers India for Rs 9,876 crore.
Foreign brokerage CLSA said the stake value was 16 per cent lesser than what it had assigned and could impact the fair value of the stock by Rs 9 or 2 per cent. But “this sale is an important and necessary step towards completing the privatisation process by July-August, which should keep the excitement high in the stock in the coming months,” CLSA said.
