No intention of promoting stake in Petronet, IGL, says BPCL

Divestment-bound Bharat Petroleum Corporation Ltd (BPCL) mentioned on Thursday it isn’t contemplating decreasing its stake in Petronet LNG (PLL) or Indraprastha Gas Ltd (IGL) to stop a brand new proprietor from having to make an open provide to minority traders in each corporations.
Current Sebi rules would require that the acquirer of the state-owned refiner make an open provide to minority shareholders of Petronet LNG and IGL because of its promoter standing. However, BPCL is working with the federal government to exempt a brand new proprietor from this requirement.
“BPCL has no intention to pare its stake, in either PLL or IGL,” mentioned N Vijayagopal, Director (Finance), BPCL, including that such a transfer would result in worth destruction for each BPCL in addition to Petronet LNG and IGL. BPCL holds a 12.5 per cent stake in Petronet LNG, India’s largest LNG importer, and a 22.5 per cent stake in metropolis fuel distribution firm IGL.
Meanwhile, oil advertising and marketing corporations have hiked the value of petrol and diesel 14 instances in May elevating the value of petrol by Rs 3.3 per litre and that of diesel by Rs 4 per litre.

Petrol is at the moment retailing at Rs 99.94 per litre in Mumbai and diesel at Rs 91.87 per litre.