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Last Updated : Nov 18, 2020 09:37 AM IST | Source: Moneycontrol.com

BPCL share price opens in the red after major energy companies skip race for stake sale

Market sentiments were dampened as energy giants including Reliance Industries, Saudi Aramco and BP gave the bidding process a miss and did not submit Expressions of Interest for the 52.98 percent of the stake on sale.

 
 
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Bharat Petroleum Corporation (BPCL) share price opened lower by over a percent after major energy companies skip race for stake sale.

The government had extended the deadline for bids for BPCL, one of India's most profitable state-owned companies, as the pandemic delayed the process that was initially expected to be completed by October.

The stock was trading at Rs 388.85, down Rs 5.60, or 1.42 percent. It has touched an intraday high of Rs 395.00 and an intraday low of Rs 387.80.

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Market sentiments were dampened as energy giants including Reliance Industries, Saudi Aramco and BP gave the bidding process a miss and did not submit Expressions of Interest for the 52.98 percent of the stake on sale.

The government on November 16 said that multiple EoIs have been received for divestment of Centre's stake in the company.

"Strategic disinvestment of BPCL progresses: Now moves to the second stage after multiple expressions of interest have been received," Finance Minister Nirmala Sitharaman said on Twitter.

The transaction advisors for the sale of government's 52.98 percent stake in BPCL have reported receiving "multiple expressions of interest", Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said. "The transaction will move to the second stage after scrutiny by TA (transaction advisor)," he said.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Nov 18, 2020 09:37 am
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