BPCL Eyes ₹450-500 Crore Fundraise Through 8 Million Share Block Deal

14 Feb 2024 , 11:41 AM

According to sources who spoke with CNBC Awaaz on February 13, state-owned gasoline retailer Bharat Petroleum Corporation Limited (BPCL) is anticipated to issue close to 80 lakh shares through a block deal.

The estimated value of the block deal is between ₹450 and ₹500 Crore. According to reports, BPCL Trust for Investment will be selling shares. Government representatives and BPCL will ultimately decide on the size and price of the block deal. 

The BSE’s BPCL shares ended trading 1% down on Tuesday at ₹584.6. In the previous half-year, the OMC’s stock increased by almost 65%.

Strong refining and marketing margins contributed to BPCL’s 73% increase in net profit in the third quarter, which was announced last month. In comparison to the same period last year, the company’s standalone net profit increased to ₹3,393 Crore from ₹1,960 Crore. 

In the December quarter, the company’s average gross refining margin was $13.3 per barrel.

Operating revenue remained relatively stable at ₹1.3 lakh Crore, while costs decreased by 4.5%.

For feedback and suggestions, write to us at [e-mail]