BPCL to use part of Numaligarh sale proceeds to pay dividend

Bharat Petroleum Corp Ltd will use a part of the 98.76-blnrupee proceeds from selling its stake in arm Numaligarh Refiner y Ltd to pay a special dividend to shareholders, the biggest of which is the government with 52.98% stake in the former, BPCL Director (Finance) N. Vijayagopal today said. He, however, declined to comment on the quantum of special dividend BPCL is mulling. The privatisation-bound refiner will also use part of the proceeds to fund its 24-bln-rupee acquisition of 36.6% stake held by Oman’s OQ S.A.0.C in Bharat Oman Refineries Ltd, Vijayagopal said.