Bharat Petroleum to be sold completely to private firms

The Indian Government has decided to sell it 52% stake in BP to private firms.

The goovenrment will run a de-investment plan and execute it by the end of 2020. The government will sell its 52.98% stake which is roughly 114.91 crore of equity shares. These shares grant the shareholder a right to vote, and these shares are not redeemable, thus must always be sold off.

The process will be ended by FYI 2021. Even though the apporval for selling the shares off was given in November 2019, the bids by 7 various firms were accepted only from March 2020. There is a delay in the execution of the plan due to the slowdown of bidders due to the pandemic. The Expression of Interest (EoI) are set at a deadline for September this year, this extension is due to the pandemic.