Government may sell 3 per cent of its stake in BPCL, gain an estimated Rs 1,778 crore

NEW DELHI: Buoyed by fuel price deregulation, the government has started inter-ministerial consultations on selling 3 per cent of its stake in Bharat Petroleum Corporation with the view of mopping up an estimated Rs 1,778 crore at current share price.

BPCL would be the third oil company after Oil and Natural Gas Corporation and IndianOil in which the government plans to offload minority stake for raising resources. The proposal moved by the finance ministry envisages selling 2.16 crore shares of BPCL in the market. The company's scrip was trading at a price of Rs 820, agency reports said on Tuesday.

In 2002, the then disinvestment ministry's move to sell off BPCL - along with Hindustan Petroleum Corporation Ltd - to a strategic partner had raised a political storm and divided the Vajpayee government.

According to Abhay Aima, group head (equities & private banking), HDFC Bank, one could co-relate yoga with the investing process.