No decision on stake sale in Petronet, IGL yet: BPCL
Bharat Petroleum Corporation Ltd (BPCL) on Friday said no decision has yet been taken to sell its stake in Petronet NSE -0.42 % LNG and Indraprastha Gas NSE 0.91 % to help the company’s owner avoid making an open offer for the two gas companies. V R K Gupta, Chief Financial Officer, BPCL, said market regulator SEBI has not yet responded to an application made for exempting the new owner of BPCL NSE 2.18 % from making an open offer to shareholders of Petronet and IGL.
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, Indraprashta Gas Ltd (IGL). It is a promoter of both the listed companies and holds board positions.
