BPCL board approves NRL sale to OIL, EIL and Assam govt.
BPCL’s board ofdirectors has approved a proposal to sell its entire 61.65 per cent stake(453.5mn shares) in Numaligarh Refinery Ltd (NRL) to a consortium of Oil Indiaand Engineers India, and the Assam Govt. for `98.76-bn. The participationof the Assam Govt. is subject to the Right of First Refusal (RoFR). In case theAssam Govt. does not exercise the RoFR, the entire stake will be acquired bythe consortium.
The transactionrequires approval of BPCL’s shareholders and is expected to close within onemonth after obtaining all requisite approvals.
The sale is animportant milestone in BPCL’s disinvestment process, which is expected to be completedby early Q2FY22. The cash proceeds may be distributed as special dividends of `40-`50/sh to BPCLshareholders.
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