Bharat Petroleum Company Restricted (BPCL) stated on Wednesday that it’s going to purchase out Oman Oil Firm’s shares within the Bina refinery challenge for about Rs 2,400 crore. BPCL has a 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which constructed and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh.
“Bharat Petroleum Company Restricted has finalised industrial phrases in reference to the acquisition of the 88.86 crore fairness shares of Bharat Oman Refineries Restricted (BORL), constituting 36.62 per cent of the fairness share capital from OQ S.A.0.C. (previously often called Oman Oil Firm S.A.0.C.) for a consideration of approx Rs 2,399.26 crore,” the corporate stated in a regulatory submitting to the inventory exchanges.
The transaction is topic to the execution of the related transaction documentation and different circumstances agreed upon among the many events, BPCL added.
Upon completion of the buy-out transaction, BPCL will maintain 100 per cent of the fairness share capital in Bharat Oman Refineries Ltd.
At 10.00 am, the shares of BPCL had been buying and selling greater by 0.6 per cent at Rs 418.35; outperforming the Sensex’s positive factors of 0.3 per cent.