NEW DELHI: BPCL shares tanked 5 per cent on Tuesday amid reports that the state-owned company was looking to sell up to 8.68 crore shares, or 4 per cent of the company’s equity, through a block deal on Tuesday. The company, according to bankers, had set a floor price of Rs 435 per share, a 6.8 per cent discount to Monday’s closing price of Rs 467.
The stock hit a low of Rs 440.50 on Tuesday, before recovering a bit. At 10 am, the scrip was trading down 4.54 per cent at Rs 445.80 apiece on BSE.
On Monday, a sub-committee of the board of directors of BPCL had approved the sale of BPCL equity shares, which are held by the trust through an accelerated book-built offering of equity shares on the screen-based trading platform of stock exchanges.
The company is intending to sell up to 15.90 crore shares, or 7.33 per cent stake.
BPCL Trust for Investment in Shares held a 9.33 per cent stake in the company as of September 30, 2020.
In October, 4.33 crore shares, or about 2 per cent, were transferred to its employee benefit trust called BPCL ESPS Trust.
