BPCL privatisation: Open offers for IGL unlikely to be exempted

The Securities and Exchange Board of India (SEBI) is unlikely to give exemption to the company acquiring BPCL from making mandatory open offers for Petronet LNG and Indraprastha Gas — share purchases which will be countered by other promoters of the two firms such as GAIL to save from going private, officials said. Bharat Petroleum Corporation (BPCL) holds 12.5 per cent of the shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5 per cent stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.