BPCL approves sale of its 61.65% stake in Numaligarh refinery for Rs 9,875 crore
BPCL approves sale of its 61.65% stake in Numaligarh refinery for Rs 9,875 crore
Bharat Petroleum Corporation (BPCL) board on Monday approved the sale of its entire equity shares representing a 61.65% stake in Numaligarh refinery for Rs 9,875 crore. The stakes will be sold to the consortium of OIL and Engineers India Ltd will acquire 49 per cent and the rest 13.65 per cent will be sold to the government of Assam or only to the said consortium in case Govt. of Assam does not participate in the purchase of said shares, in such proportion and on such terms and conditions as approved by the Board.
BSE in a BSE filing said, "the Board of Directors of Bharat Petroleum Corporation Limited ("BPCL") at the meeting held on March 1, 2021, has approved the proposal for sale of entire equity shares i.e. 45,35,45,998 equity shares of Rs 10/-each held by BPCL in Numaligarh Refinery Ltd (NRL) (constituting 61.65 per cent of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India Limited and Engineers India Limited, ("consortium"); and to Govt. of Assam, or only to the said consortium in case Govt. of Assam does not participate in the purchase of said shares, in such proportion and on such terms and conditions as approved by the Board."
The transaction is subject to approval from shareholders of BPCL.
The consolidated total income of Numaligarh Refinery Limited for the financial year ended March 31, 2020, was Rs 14,244.29 crore i.e. 4.29 per cent of the consolidated total income of BPCL for the financial year March 31, 2020.
The consolidated net worth of Numaligarh Refinery Limited as of March 31, 2020, was Rs 5,292.00 crore, i.e. 14.18 per cent of the consolidated net worth of BPCL as of March 31, 2020.
Total consideration would be Rs 9875,96,4 1,065 which would be received from i) consortium of Oil India Ltd & Engineers India Ltd (Consortium); and from the Government of Assam in case it agrees to participate in the transaction or only from the consortium in case of non-participation by Assam government.