Bharat Oman Refinery plans Rs 2,000cr IPO

Bharat Oman Refinery (BORL) is planning an initial public offering (IPO) by March 2008 to raise around Rs 2,000 crore.

The company, which is setting up a six million tonne per annum refinery at Bina in Madhya Pradesh, is a joint venture of Bharat Petroleum Corporation (BPCL) and Oman Oil. The two companies currently hold equal stake in BORL.

"A total of 48% stake would be offered to the publci by March next year," said BPCL chariamn and MD Ashok Sinha.

After the public offer, BPCL will hold 48% stake, Oman Oil will hold 3% and the remaining stake will be held by the government of Madhya Pradesh.