 "Bharat Petroleum stock falls as it sells Rs 5,525 crore of treasury shares")
Shares of Bharat Petroleum 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, BPCL 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.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%