In a bid to raise around Rs 1,800 crore, the Government is planning to sell 3% stake in Bharat Petroleum Corporation (BPCL), the nation’s second largest state oil firm, in FY16. In this regard, the Finance Ministry has moved a Cabinet note for inter-ministerial consultations for selling 2.16 crore shares in BPCL through a public offer.
At the current trading price of Rs 820, the stake sale will fetch the Government over Rs 1,778 crore. The Government holds 54.93 per cent stake in BPCL.
The Government is targeting Rs 69,500 crore from stake sale in PSUs in FY16. Of this, Rs 41,000 crore is to come from minority share sale in PSUs and Rs 28,500 crore from strategic stake sale.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.
