MUMBAI: Oman Oil Company will not increase its stake in the Bharat Oman Refineries Ltd (BORL), a joint venture between state-run Bharat Petroleum Corporation Ltd (BPCL) and the Oman company, according to two officials from BORL.
“Oman has not shown interest and thus we converted our warrants into shares. This has increased our stake in BPCL from 50% to 63%. BORL is now a subsidiary of BPCL,” said N Vijayagopal, director finance, BPCL.
BPCL had made an investment in compulsorily convertible debentures and share warrants of BORL or Bina refinery in Madhya Pradesh. This was equivalent to 24% additional equity stake in BORL. Part of these share warrants, 13%, have been converted to equity. A decision on conversion of the remaining warrants would be taken at a later stage, the company said.
