Now BPCL will be private
The Central Government has started the process of disinvestment of Bharat Petroleum Corporation (BPCL). The board of directors of the company has given information about this on Monday.
Let us tell you that the shares of BSE were opened at Rs 474.50 with a gain of 4.2 per cent. After this, the 52 week high of Rs 482.40 was reached, but the speed of the stocks later slowed down. Stocks of the company closed 3.24 per cent higher at Rs 470 per share today.
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Approved on 1 March 2021BPCL will get Rs 9,875.96 crore from the sale of its stake. The board of directors of Bharat Petroleum also approved the deal in a meeting on 1 March 2021.
The company said in an exchange filing after the market closed on Monday that under the privatization of BPCL, 49% stake in Numaligarh refinery would be acquired by consortium of Oil India Ltd (IOL) and Engineers India Ltd. Whereas, 13.65 per cent will be sold to the Assam government.
Information given by tweeting
Tuhin Kant Pandey, Secretary to the Government’s Department of Investment and Public Asset Management (Deepam), has informed about the sale of the entire stake of Bharat Petroleum in Numaligarh Refinery by tweeting.
Breaking firm Emkay Global said that this is an important step in the process of privatization of BPCL and the company’s disinvestment process is expected to be completed in the first half of FY21-22. Emkay Global has given BPCL stocks a Buy rating. At the same time, another brokerage firm Motilal Oswal Financial Services also gave it a by-rating and said that with the sale of Numaligarh refinery, the company will be able to reduce its debt.
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How much dividend can a company pay?
Let us tell you that the company can give an incremental dividend of Rs 38 per share in addition to giving an interim dividend of Rs 16 per share to its investors.