State-owned fuel retailer Bharat Petroleum Corporation Limited (BPCL) is reportedly planning to offer approximately 8 million shares through a block deal, according to sources cited by CNBC Awaaz on February 13.
The anticipated block deal is expected to be valued between Rs 450 crore and Rs 500 crore. Sources mentioned that BPCL Trust for Investment will be the entity selling the shares, and final decisions regarding the size and price of the block deal will be made by government officials and BPCL.
On Tuesday, BPCL’s stock on the Bombay Stock Exchange (BSE) concluded trading 1% lower at Rs 584.6. Over the past six months, the company’s shares have surged by nearly 65%.
Last month, BPCL announced a notable 73% increase in net profit during the third quarter, attributed to robust refining and marketing margins. Standalone net profit for the company rose to Rs 3,393 crore in the three-month period ending December 31, compared to Rs 1,960 crore in the corresponding period the previous year.
BPCL recorded an average gross refining margin of $13.3 per barrel in the December quarter. Despite relatively stable revenue from operations at Rs 1.3 lakh crore, expenses experienced a 4.5% decrease.
