BPCL Shares Gain 2% As Govt May Change FDI Rules To Allow 100% Investment
The government may change FDI policies to allow Bharat Petroleum Corporation to 100% Foreign direct investment (FDI) (BPCL). In early trade, the share price of Bharat Petroleum Corporation (BPCL) jumped 2% on reports that the government could change the regulations for FDI rules to allow 100% investment in the company.
There was a consensus among ministries concerned, and a definitive decision could quickly be reached, even before the opening of financial offers.
In early trade, the share price of Bharat Petroleum Corporation (BPCL) jumped 2% on reports that the government could change the regulations for FDI rules to allow 100% investment in the company.
According to the FDI policy, FDI is limited, without domestic disinvestment or dilution, to 49 percent under automatic petroleum refining by the Public Sector Undertaking (PSU).
According to the sources, the Government plans to alter properly the FDI policy and FEMA regulations so that the automatic path to BPCL allows the 100% FDI.
The government chose to sell its BPCL shareholding of 52.98%. Have received numerous bidders through interest expression. Now the government is making financial offers.
A final dividend of Rs 58 per share was agreed by the board, which comprises a one-time special payment of Rs 35 per equity share. A special dividend of Rs 7,592.38 crore is included in the total dividend of Rs 12,581.66 crore.
At 10.54 am, Bharat Petroleum Corporation was quoting at Rs 474.00, up Rs 6.15, or 1.31 percent.