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BPCL stock falls as it sells shares worth Rs.5,525 crore

On Tuesday, shares of BPCL declined by 6.7 per cent amid liquidation of over Rs 5,500 crore worth of treasury shares of the company.

Moreover, the company sold 126,033,090 equity shares at Rs 438.41 per share, making the total sell-off worth Rs 5,525.42 crore.

Further, the floor price for the deal stood at Rs 435.

The investment banks for the transaction were Citibank, ICICI Bank and Kotak Mahindra Bank.

However, ICICI Prudential Mutual Fund has purchased 13,884,962 equity shares in BPCL in a block deal worth Rs 608 crore.

Meanwhile, the ICICI Prudential Value Discovery Fund conducted the deal at Rs 438.1 per share.

Bharat Petroleum Corporation Limited is currently heading for disinvestment as per reports.

This involves the government selling its 52.98 percent stake in the company to a strategic investor with management control’s transfer.

Moving forward, the company reported a 120 percent year-on-year rise in its net profit for the quarter ended December 2020.

This is against Rs.2,777.6 crore from Rs.1,260.63 crore for the same quarter from the year ago period.

Also, it’s revenue from operations grew 1.4 percent year-on-year to Rs.86,579.95 crore for the December 2020 quarter.

This is in comparison to Rs.85,368.33 crore in the corresponding quarter last year.

BPCL sold its 61.65 percent holding in Numaligarh Refinery to a consortium of Oil India Ltd earlier this month.

In fact, shares of BPCL fell by 3.88% to close at Rs.445.90 on Tuesday on the NSE. Besides this, Nifty gained 0.95% to close at 15,098.40 points.

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