Bharat Petroleum Corporation Limited (BPCL) mentioned on Wednesday that it’s going to purchase out Oman Oil Company’s shares within the Bina refinery undertaking 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.eight million tonne oil refinery at Bina in Madhya Pradesh.
“Bharat Petroleum Corporation Limited has finalised commercial terms in connection with the purchase of the 88.86 crore equity shares of Bharat Oman Refineries Limited (BORL), constituting 36.62 per cent of the equity share capital from OQ S.A.0.C. (formerly known as Oman Oil Company S.A.0.C.) for a consideration of approx Rs 2,399.26 crore,” the corporate mentioned in a regulatory submitting to the inventory exchanges.
The transaction is topic to the execution of the related transaction documentation and different situations 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 increased by 0.6 per cent at Rs 418.35; outperforming the Sensex’s positive aspects of 0.three per cent.