Privatisation-bound Bharat Petroleum Corporation Limited (BPCL) is buzzing in trade after reports suggested that the Union Cabinet is all set to meet on February 26 to take a call on the Numaligarh Refinery Ltd (NRL) stake sale.
Earlier, Oil India Limited (OIL) in consortium with Engineers India Limited (EIL) had decided to bid for acquiring 61.65 percent stake of BPCL in NRL.
The exact percentage of the stake of OIL and EIL will depend on the extent of Right of First Offer (ROFO) to be exercised by the Government of Assam, which already holds 12.35 percent stake in NRL.
As per brokerage reports, they are estimating this 61.5 percent stake sale at a valuation of close to Rs 5,300 to Rs 5,500 crore which means Rs 26-27 per share is what BPCL is expected to get as and when they sell NRL stake.
NRL is the largest customer of OIL's crude produced at its Northeastern fields.
(Edited by : Jomy Pullokaran)
First Published: Feb 25, 2021 5:49 PM IST