BPCL Trust for investment in shares on Tuesday offloaded shares worth over ₹5525 crore in Bharat Petroleum Corporation Ltd (BPCL) through an open market transaction. According to a bulk deal on the National Stock Exchange (NSE), the BPCL Trust for Investment in Shares sold over 126.03 million shares of BPCL at a price of ₹438.41 apiece.
This translated into a total deal value of ₹5,525.42 crore.
Through a separate transaction, ICICI Prudential Mutual fund picked up 13.88 million shares of BPCL at an average price of ₹438.10 aggregating to Rs608 crore, the data showed.
According to the latest shareholding pattern, the Trust held a 7.33% stake in the company.
In October 2020, BPCL Trust for Investment in Shares sold 4.33 crore shares worth ₹1,489 crore in BPCL.
From the beginning of the calendar year, shares of BPCL gained 17% against a rise of 7.99% in the benchmark index, Nifty.
State-owned BPCL is currently headed for disinvestment, which involves the government selling its entire 52.98% stake in the company to a strategic investor with transfer of management control.
BPCL reported a 120% year-on-year rise in its net profit for the quarter ended December to ₹2,777.6 crore from ₹1,260.63 crore for the same quarter last year. Revenue from operations grew 1.4% year-on-year to ₹86,579.95 crore for the December 2020 quarter over ₹85,368.33 crore corresponding quarter last year.
Earlier this month, BPCL sold its 61.65% holding in Numaligarh Refinery to a consortium of Oil India Ltd. and Engineers India Ltd. and the state government of Assam.
Shares of BPCL lost 3.88% to close at ₹445.90 on Tuesday on the NSE, while the benchmark index, Nifty gained 0.95% to close at 15,098.40 points.
