Bharat Petroleum Corporation Limited (BPCL) said on Wednesday that it will buy out Oman Oil Company's shares in the Bina refinery project for about Rs 2,400 crore. BPCL has a 63.68 per cent stake in Bharat Oman Refineries Ltd (BORL), which built and operates a 7.8 million tonne oil refinery at Bina in Madhya Pradesh.
"Bharat Petroleum Corporation Limited has finalised commercial terms for the purchase of the 88.86 crore equity shares of Bharat Oman Refineries Limited (BORL), constituting 36.62 per cent of the equity share capital from OQ S.A.0.C. (formerly known as Oman Oil Company S.A.0.C.) for a consideration of approximately Rs 2,399.26 crore," the company said in a regulatory filing to the stock exchanges.
The transaction depends on the execution of relevant transaction documentation and other conditions agreed upon, BPCL added.
Upon completion of the buy-out transaction, BPCL will hold 100 per cent of the equity share capital in Bharat Oman Refineries Ltd. BORL was incorporated in the year 1994 to build the refinery at Bina in Madhya Pradesh.
At 10.00 am, the shares of BPCL were trading higher by 0.6 per cent at Rs 418.35; outperforming the Sensex's gains of 0.3 per cent.