Bharat Petroleum stock falls as it sells Rs 5,525 crore of treasury shares




Shares of Corporation (BPCL) fell as much as 6.7 per cent on Tuesday amid liquidation of over Rs 5,500 crore worth of treasury shares of the company.


According to data provided by stock exchanges, Trust for Investment in Shares sold 126 million shares (5.81 per cent equity) of the company at Rs 438.4 apiece for a total of Rs 5,525 crore. The shares ended at Rs 445, down 4.6 per cent. It touched a low of Rs 437 in intra-day trade.



The floor price for the deal was set at Rs 435. Citibank, ICICI Bank, and Kotak Mahindra Bank were the investment banks for the transaction. ICICI Prudential Mutual Fund picked up 13.8 million shares for a total of Rs 608 crore, data showed. Names of other buyers couldn’t be ascertained.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link