Govt gives bidders data access for $7-billion Bharat Petroleum Sale
India has allowed bidders access to the financial data of Bharat Petroleum Corp. as the government moves ahead with plans to sell its entire stake in the country’s second-biggest state refiner, according to people familiar with the matter.
The data room has been open since the last week of April and some bidders have held meetings with BPCL management, said one of the people, who asked not to be identified as the talks are private.
Shares in BPCL erased losses in Mumbai after the Bloomberg News report, rising as much as 3% to their highest level since March 16. The government’s 53% stake in the refiner is valued at about Rs 50,900 crore ($6.9 billion) based on Friday’s closing price.
