BPCL Privatisation: Government Extends Bidding Deadline By Over A Month
Interested bidders wanted an extension in the bidding deadline due to the prevailing coronavirus situation.
The government Tuesday extended by over a month the bidding deadline for Bharat Petroleum Corporation Ltd. Those interested in BPCL’s privatisation can now submit their bids by June 13.
The Centre had earlier this month invited expression of interest, or bids showing interest in buying its over 58 percent stake in the company, by May 2.
This now has been extended to 5:00 p.m. on June 13 in "view of the requests received from the interested bidders and the prevailing situation arising out of Covid-19", an official notice said. Accordingly, the last date for submission of written queries has been pushed back to May 16 from the earlier deadline of April 4.
On Tuesday, BPCL shares rose 13.56 percent to Rs 312.00 apiece on the NSE while the benchmark Nifty 50 gained 3.82 percent to end the day at 8,597.75 points.