BPCL plans to merge Bharat Oman Refineries with self before sell-off

In March, BPCL had increased its stake in BORL by conversion of Rs 650-crore worth of warrants into shares, raising its stake to 63.38 per cent from 50 per cent

Bharat Petroleum Corporation (BPCL) may go in for merging Bharat Oman Refineries (BORL) before the divestment process, if OQ, (formerly known as Oman Oil Company), agrees to sell its 26 per cent stake in the BPCL arm. Currently, BPCL’s stake in the company is around 63.38 per cent and that of OQ around 36.62 per cent. 

However, taking debentures and warrants into account, the overall equity of BPCL would come to around 74 per cent, and for OQ, around 26 per cent stake, said a source. 

He added if the state-owned Oman company agrees to the deal, it would be better to