Indian Oil Corporation Ltd (IOCL) and
Bharat Petroleum Corporation Limited (BPCL) may buy 26 percent stake each in
gas utility GAIL (India) Limited, paying the govt over Rs.20,000 crore each to
become integrated energy companies, as per a report by the PTI.
Reacting to the news, shares of IOC, BPCL
and Gail (India) were witnessing considerable fall in the Exchange. As per the
report, the IOC and BPCL may split the govt’s 54.89 percent stake in GAIL
India, equally among themselves, making it their subsidiary.
Subsequent on FM Arun Jaitley’s
February 2017 Budget announcement of creating integrated oil companies, IOC and
BPCL had submitted separate proposals to buy the govt’s 54.89% stake in India’s
biggest gas marketing and transportation firm, GAIL India.
At 1.00 pm, shares of Indian Oil Corp
were trading lower by 3.65% at Rs 178.00, whereas BPCL was down 3.60% at Rs 431.45.
At the same time, shares of GAIL (India) Limited were trading 0.11% lower at Rs
440.50 on the National Stock Exchange (NSE).
No comments:
Post a Comment