Business   

BPCL divestment slated for Feb. 13

NEW DELHI FEB. 10. After inviting initial bids for HPCL disinvesment, the Disinvestment Ministry is now all set to flag off the process of divestment in Bharat Petroleum Corporation with the Inter-Ministerial Group scheduled to meet on February 13.

An IMG meeting has been scheduled for February 13 to discuss disinvestment of BPCL, where the Government has decided to offload 35 per cent stake through public offering, sources told PTI here. In the case of BPCL a public offer in domestic and international markets would be made for 35.2 per cent stake, while 5 per cent equity would be offered to employees at a concessional price. Following this, Government equity in BPCL would come down to 26 per cent.

Meanwhile, keeping in line with the decision of the Cabinet Commitee on Disinvestment, the Disinvestment Ministry has also invited Expression of Interest (EoI) for sale of 34 per cent stake in Hindustan Petroleum Corporation (HPCL) to a strategic partner.

Another 5 per cent stake would be offered to the employees, thus reducing the Government equity to 12 per cent.

Sources said the upcoming IMG was likely to discuss, among other things, the timeframe for calling bids for BPCL advisors. "It may also discuss the details for the public offering,'' they pointed out.

It may be recalled that for HPCL, the propsective bidders have been asked to submit their applications by March 17.

As per the pre-eligibility criteria, the bidders, either singular or in a consortium, would have to have net worth of at least Rs. 2,500 crores to submit expression of interest for equity in HPCL. Further, in the case of consortium, net worth of only those partners would be taken into account who intend to have 10 per cent stake in the joint bid.

— PTI

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• SSI buys out promoters' stake in Aptech
• BPCL divestment slated for Feb. 13
• Four in race for NFL
• Oracle to increase presence in India
• Tea auction to go electronic
• Talcher-Kolar transmission system to be commissioned
• Intel to launch a 'digital makeover'
• Exchange rates
• Bullion rates
• Stock Market Index
• A leaner, meaner economy looking ahead

Copyright © 2003, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu