Privatisation-bound BPCL sells entire stake in Numaligarh Refinery for Rs 9,876 crore – News 24-7 Live News 24-7 Live
Privatisation-bound BPCL sells entire stake in Numaligarh Refinery for Rs 9,876 crore

Privatisation-bound BPCL sells entire stake in Numaligarh Refinery for Rs 9,876 crore

Oil India acquired over 39.84 crore shares or 54.16 percent stake in NRL.Engineers India Limited (EIL) which is also a party to the deal, has independently acquired over 3.21 crore equity shares or 4.4 percent of NRL from BPCL.

In a move in the privatisation process of Bharat Petroleum Corporation Ltd. (BPCL), the state-run energy major has sold its entire 61.5 percent in Numaligarh Refinery in Assam.

The privatisation-bound company has sold its stake to a consortium of Oil India Ltd. (OIL) and Engineers India and Government of Assam for nearly Rs 9,876 crore.

Oil India acquired over 39.84 crore shares or 54.16 percent stake in NRL. Post these acquisition OIL’s cumulative equity shareholding in NRL (including pre-acquisition 26 percent shareholding) is 80.16 percent.

Engineers India Limited (EIL) which is also a party to the deal, has independently acquired over 3.21 crore equity shares or 4.4 percent of NRL from BPCL.

In regulatory filing, the BPCL said that the remaining 2.29 crore equity shares have been transferred to the Government of Assam on receipt of consideration of nearly Rs 500 crore. The shares transferred to the state government accounts for 3.2 percent of BPCL’s stake adding to the Assam government’s existing shareholding of 12.35 percent.

News Source:- CnbcTv18

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