52.98% BPCL stake government wants to sell. Rest of the stake is with DII and FII and general pubic.
Bidder has to buy whole 52.98% and also the stake of DII and general public shares as per the announcement.
Reliance Industries, Saudi Aramco and Vedanta’s Anil Agarwal wants a stake as per the reports. Vedanta seems to be the front runner but time will tell.
But it seems Mota Bhai wants to concentrate more on Jio and Retail. His health concerns are also said to be one of the reasons due to which reliance is not rumored.
Disinvestment will move to stage 2 after scrutiny with Deloitte.
After clearance from auditors, bids would be taken. BPCL event could be a turning point in India’s disinvestment program.
LPG subsidy for BPCL consumers will continue post privatization as per latest reports.
It owns 17K petrol pumps so the stakes are huge.
Let’s see what happens. Rally in the share price is a possibility later but there have been some fall recently post annoucement.