Last Updated : Nov 19, 2020 02:20 PM IST | Source: Moneycontrol.com

BPCL share price rises 3% as Vedanta submits EoI to buy stake in company

The share touched its 52-week high Rs 549.70 and 52-week low Rs 252 on 21 November, 2019 and 24 March, 2020, respectively.

 
 
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Bharat Petroleum Corporation (BPCL) share price rose 3 percent intraday on November 19 on the report of Vedanta submitting the EoI to buy stake in the company.

Vedanta Group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL), said PTI.

The government is selling its entire 52.98 percent stake in BPCL and last date of putting EoI was November 16.

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"Vedanta's EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," the company spokesperson said in a statement. "The EoI is at a preliminary stage and exploratory in nature."

The government had at the close of bidding stated that "multiple" EoIs had been received. It, however, did not reveal the identity of the bidders.

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.

At 12:00 hrs Bharat Petroleum Corporation was quoting at Rs 390.75, up Rs 7.70, or 2.01 percent on the BSE.

The share touched its 52-week high Rs 549.70 and 52-week low Rs 252 on 21 November, 2019 and 24 March, 2020, respectively.

Currently, it is trading 28.92 percent below its 52-week high and 55.06 percent above its 52-week low.
First Published on Nov 19, 2020 02:20 pm
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