BPCL to buy 2.5% stake in Oil India

The board of directors of Bharat Petroleum Corporation (BPCL) has approved a proposal to acquire 5.35 million equity shares of Oil India (OIL) - 2.50% of the paid-up capital of OIL - from the central government.

The shares would be acquired at a price equivalent to the issue price of the equity shares that are proposed to be offered by OIL to the public in accordance with the book building method.

According to a release issued by BPCL to the BSE today, the sale and purchase shall be completed within 48 hours after the issue price is determined through the book building method and approved by the board of directors of OIL.