BPCL Trust to sell up to 4% of its shares
MUMBAI : BPCL Trust for Investment in Shares (BPCL Trust) will sell up to 4% of its shares in state-owned energy company Bharat Petroleum Corporation Ltd (BPCL) on Tuesday through a block deal, according to the terms of the deal seen by Mint.
The Trust will sell up to 86.77 million shares or 4% of the total share capital of the company at a floor price of ₹435, a 6.85% discount to Monday’s closing price of ₹467, aggregating to ₹3,774 crore.
As of December 2020, the Trust held a 7.33% stake in the company. Citigroup, Kotak Mahindra Capital and ICICI Securities Ltd are advising the Trust on the share sale.
