BPCL Board Approves ESPS Scheme
BPCL is an open part oil and gas organization in India. It is India's second-biggest downstream oil organization. The Bharat Petroleum Corporation Limited includes in Refinery, Gas, LPG, Lubricants, Retails, and Aviation business. It intends to offer an investment opportunity to the workers through the ESPS scheme.
As of the source, in BPCL up to 54% of the stake claimed by the administration of India. The rest of the stake claimed by FII as 17% and BPCL Trust held by 9%. Besides, Mutual store and UTI held by 7.5% while insurance agencies possessed by 6%. As of the information, the remainder of the stake held by the individual investors.
Going to the news, BPCL plans to offer a 2% stake to its workers through the ESPS scheme. Also, the board heads of the firm endorsed its proposition on fourth September. While BPCL sitting tight for the investors' endorsement. It offers just 2 percent of the stake in the firm through Employee Stock Purchase Scheme.
A source said that the representatives who have worked at any rate 5 years will be qualified to ESPS for purchasing the organization stake. What's more, BPCL offers a 2% stake at a cut-pace of the market cost. While BPCL would not report the subtleties. Notwithstanding, the offer division measure relies upon worker grade.
Besides, the administration of India chooses to sell a 52.8 percent stake in Bharat Petroleum to the financial specialists. Expression of Interest (EoI) for the control of private possession is expected on September 30.
The ESPS cycle will move under the SEBI norms, said by the authorities. It will report further insights about the ESPS offer in the wake of getting endorsement from the investors of BPCL.
On September fourth, the BPCL share price declined by 2.27% from its past close. The offer esteemed opened at Rs 409.00 and arrived at an intraday high of Rs 411.00. In spite of the fact that, it contacts a day low cost of Rs 400.60. A sum of 4,866,500 offers traded on the counter. At the end chime, the BPCL share esteem diminished to Rs 403.35.
Stock Market September 4th:
On Friday, both Sensex and Nifty detailed a bearish pattern in the securities exchange. The Sensex lost 633.76 (1.63%) focuses at 38,357.18 level. The Nifty lost 193.60 (1.68%) focuses at 11,333.85 level.
On the opposite side, the quantity of Covid cases in India arrived at 40,23,179 as of Saturday, September fifth, and passings arrived at 69,561.