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Last Updated : Apr 12, 2016 11:01 AM IST | Source: Moneycontrol.com

BPCL gains 2% on board nod for increasing FII stake to 49%

Analysts say if the shareholder approval comes before the cut-off date of MSCI review, then the weight of BPCL in the MSCI India Index can increase. Currently, it has 0.41 percent weightage in the index.

 
 
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Moneycontrol Bureau


Bharat Petroleum Corporation shares gained more than 2 percent intraday Tuesday after getting board approval for increasing stake by FII in the company and taking control over Petronet CCK.


The state-run oil retailer said board of directors approved proposal to seek shareholders' consent by way of postal ballot for increasing the ceiling of investment by foreign institutional investors in the shareholding of the company from 24 percent to 49 percent in one or more tranches.

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The company has fixed cut off date as April 18 for determining voting rights/eligibility of shareholders to whom postal ballot notice will be sent.


Analysts say if the shareholder approval comes before the cut-off date of MSCI review, then the weight of BPCL in the MSCI India Index can increase. Currently, it has 0.41 percent weightage in the index.


As of December 2015, foreign portfolio investors held 20.61 percent stake in the oil marketing company.


Additionally, the board of directors also approved, on April 11, the proposal to acquire Petronet India's 26 percent equity in Petronet CCK (the joint venture between the company and Petronet India) at a total cost of Rs 78.60 crore.


BPCL has 73.96 percent equity of Petronet CCK, Petronet India has 26 percent and balance is held by financial institutions. Petronet India owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. Present installed capacity of pipeline is 3.3 million metric tonne per annum.

At 10:04 hours IST, the scrip of Bharat Petroleum Corporation was quoting at Rs 934.55, up Rs 17.80, or 1.94 percent on the BSE.

Posted by Sunil Shankar Matkar 

First Published on Apr 12, 2016 10:48 am
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