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Last Updated : Dec 12, 2019 03:38 PM IST | Source: Moneycontrol.com

BPCL rallies 3% as report suggests roadshows likely to be conducted

Department of Investment and Public Asset Management and Petroleum Ministry will lead joint delegation for BPCL roadshows.

 
 
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Shares of Bharat Petroleum Corporation gained 3 percent intraday on December 12 as a media report suggested that roadshow for strategic stake sale are likely to start tomorrow.

The roadshows are likely to be conducted at London, USA and Dubai, reports CNBC-TV18 quoting sources.

The first round of BPCL roadshow is likely at London and the next round will likely in USA and Dubai.

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Department of Investment and Public Asset Management and Petroleum Ministry will lead joint delegation for BPCL roadshows.

The feedback from investor roadshows will help in expressions of interest for sale, sources said, adding the government has been working on 'reform principle of exiting from business of running businesses'.

The Cabinet Committee on Economic Affairs (CCEA) had on November 20 given a go-ahead for sale of government's entire stake in BPCL along with Shipping Corporation of India (SCI), power generator THDC India (THDCIL) and North Eastern Electric Power Corp (NEEPCO) to a strategic investor along with management control.

The stock has gained nearly 29 percent in the last three months, and rallied 52 percent in one year. It was quoting at Rs 496.30, up Rs 13.60, or 2.82 percent on the BSE at 1446 hours IST.

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First Published on Dec 12, 2019 03:25 pm
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