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economy | IST

Not received any request to further extend BPCL stake sale EoI deadline: DIPAM secretary

The government intends to complete the BPCL divestment without any more delays. DIPAM secretary Tuhin Kanta Pandey has said that an extension to the EoI submission deadline is not expected.

Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said it has not received any request to further extend the Bharat Petroleum Corporation Ltd (BPCL) stake sale expression of interest (EoI) deadline.
The government intends to complete the BPCL divestment without any more delays. DIPAM secretary Tuhin Kanta Pandey has said that an extension to the EoI submission deadline is not expected.
Speaking exclusively to CNBC-TV18 on BPCL stake sale, Pandey said, “Transaction advisers are in touch with our potential investors, they have not got back to us with a request for an extension.”
On CONCOR, he said, “We are pursuing with the ministry of railways to come out with the policy as fast as possible.”
On dividend policy for CPSEs, the DIPAM Secy said, “As per given advisory the consistent dividend policy needs to be followed in the following respects. One - 30 percent should not be treated as a maximum kind of a thing, it is minimum so they should strive to give more dividends. The second one is the frequency of the interim dividend could be higher and 90 percent of the projected dividend should be paid as an interim dividend. This will ensure that the shareholders can keep the money as dividend as they go.”
He further added, “Dividend should be taken into consideration all factors including capex requirements, including the requirements of profitability, etc. whatever it is, it should be actually well distributed over the year.”
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