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.