INDUSTRY NEWS

BPCL stock gains 4% as sources say EoI for stake sale may not be extended

Bharat Petroleum Corp Ltd (BPCL) shares gained over 4 percent on Friday after government sources told CNBC-TV18 that hopefully the expression of Interest (EoI) timeline for the firm’s stake sale will not need a further extension. The competition will be key in BPCL stake sale and will help the government get a better price, they added.

The stock rose as much as 4.2 percent to the day’s high of Rs 340.45 per share on BSE. However, year-to-date, the stock is down nearly 32 percent. On September 30, the government extended the deadline for submitting initial bids to buy the state-owned firm to November 16.

“In view of further requests received from the interested bidders and the prevailing situation arising out of COVID-19 pandemic, the last date for submission of EoIs (Expression of Interest) is further extended to 16th November,” the government said in a statement.

Source
CNBC
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