BPCL affirms no intention to sell part of its stake in Petronet, IGL | Business

May 27, 2021, 04:03PM ISTSource:

Privatisation-bound Bharat Petroleum Corporation Limited on Thursday said it has no intention to sell a part of its stake in Petronet LNG Ltd and Indraprastha Gas Ltd to help its new owner avoid making an open offer for the two gas companies. BPCL holds 12.5 per cent of the shareholding in India’s largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions. As per the legal position evaluated by the Department of Investment and Public Asset Management – the department running the process for the sale of the government’s entire 52.98 per cent stake in BPCL – the acquirer of BPCL will have to make open offers to the minority shareholders of Petronet and IGL for the acquisition of 26 per cent shares.

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