Bharat Petroleum Corporation announced that as per the agreement dated 22 March 2013 between Bharat Petroleum Corporation (BPCL) and Bharat Oman Refineries (BORL), 361,111,111 warrants issued by BORL to BPCL on 25 March 2013 are being converted to 649,602,778 equity shares of BORL on expiry of seven years.
As a result, the shareholding of BPCL in BORL would increase from 888,613,336 equity shares (i.e.50% of BORL's paid-up equity share capital) to 1,538,216,114 equity shares (i.e. 63.38% of BORL's paid-up equity share capital). The other requisite procedures are being fulfilled.
BORL has a refinery of 7.8 MMTPA capacity at Bina, Madhya Pradesh, Crude Oil import/ supply system consisting of a Single Point Mooring System, Crude Oil Terminal at Vadinar, Gujarat and 937 KMs long cross country crude oil pipeline from Vadinar to Bina.