As part of its divestment process, state-run refiner Bharat Petroleum Corporation (BPCL)’s board on Friday approved a scheme to sell certain shares from the BCPL Trust of Investment in Shares, to its employees through a new trust mechanism. According to people in the know, upto 2 per cent stake will be offered to employees at a discounted price.
BPCL Trust for Investment in Shares at present holds around 9.33 per cent stake of BPCL’s paid up share capital. There has been speculation on what happens to this stake in the wake of the planned divestment process. “The company has now decided to offer upto 2 per cent of the paid-up capital of the company from this Trust to employees under the scheme approved on Friday.
