BPCL sells its entire stake in this refinery for Rs 9,876 cr ahead of privatisation

MUMBAI: The Bharat Petroleum Corporation Ltd. (BPCL), has sold its entire 61.5 percent in Numaligarh Refinery in Assam. The state-run energy major has sold its stake to a consortium of Oil India Ltd. (OIL) and Engineers India and the 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 acquisitions OIL's cumulative equity shareholding in NRL (including pre-acquisition 26 per cent shareholding) is 80.16 percent.

Engineers India Limited 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 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.

"A Sale Purchase Agreement has been signed on 25th March 2021 between BPCL and the consortium of Oil India Limited (OIL) and Engineers India Limited (EIL) for sale of 43,05,83,886 equity shares of Rs 10/- each held by BPCL in Numaligarh Refinery Ltd. to the consortium at a consideration of Rs 9375,96,41,177," it said.

Shares of Bharat Petroleum Corporation Ltd on Friday closed in NSE at Rs.425.30   as compared to the previous close of Rs. 418.95.

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