Oil India Limited led consortium to bid for acquiring stake of BPCL in Numaligarh Refinery Limited

Oil India Limited (OIL) in consortium with Engineers India Limited (EIL) has decided to bid for acquiring 61.65% stake of Bharat Petroleum Corporation Limited (BPCL) in Numaligarh Refinery Limited (NRL). The bid is to be submitted through a formal process. The exact percentage of the stake of OIL and EIL will depend on the extent of Right of First Offer (ROFO) to be exercised by Government of Assam which already holds 12.35% stake in NRL. NRL is the largest customer of OIL's crude produced from its North Eastern fields. The acquisition is expected to improve the synergy in OIL's portfolio.

Shares of OIL INDIA LTD. was last trading in BSE at Rs.121.8 as compared to the previous close of Rs. 119.55. The total number of shares traded during the day was 277393 in over 2397 trades.

The stock hit an intraday high of Rs. 124.75 and intraday low of 120.2. The net turnover during the day was Rs. 33968512.

Source : Equity Bulls

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