BPCL tanks 6% after BPCL Trust offloads stake in firm
Published On: Tuesday, March 9, 2021 | By: Team KnowMyStock
Shares of BPCL dipped 6 percent to Rs 438 on the National Stock Exchange (NSE) in intra-day trade today(9th March 2021) after BPCL Trust for Investment in Shares (BPCL Trust) sold up to 7 percent of its stake in state-owned energy company through a block deal. Till 09:21 am, around 153.66 million equity shares, representing 7.08 percent of total equity, of BPCL had changed hands on the NSE. On the BSE, around 7.5 million equity shares or 0.34 percent equity of the state-owned company had changed hands. On Monday, BPCL informed the stock exchanges that, a sub-committee of the board of directors of the company has approved the sale of BPCL equity shares which are held by the BPCL Trust for Investment in shares through accelerated book built offering of equity shares on the screen-based trading platform of the stock exchanges.
The government on November 20, 2019, had accorded in-principle approval for strategic disinvestment of its shareholding in BPCL. According to media reports, the government had received three preliminary bids, including one from Vedanta, for selling its stake in BPCL.
Tags: BPCL India market
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