Bharat Petroleum likely to sell 7.3% treasury stock in bulk deal


The management of Corporation (BPCL) on Monday said that 2 per cent of its treasury stock will be transferred to a separate trust, while the remaining 7.33 per cent is likely to be sold in a bulk deal.

“We have 9.33 per cent treasury stock and 2 per cent of it will be transferred to an ESPS (employee stock purchase scheme) trust. A decision on the remaining 7.33 per cent is yet to be taken. The decision will be part of the RFP (request for proposal) that will be out within 15 days after the expressions of interest (EoIs) are received for disinvestment,” said N Vijayagopal, director (finance) of the company.

As of now, the last date to submit EoIs is September 30, and hence, RFP is expected to be ready by October 15.

The company added that since the total stake is below 10 per cent, an offer for sale (OFS) is not possible. So, it is expected to be a block or bulk deal. Going by the current market cap of Rs 83,451.15 crore, 7.33 per cent stake in is expected to be valued around Rs 6,117 crore.

Re 1 invested in Adani Enterprises yielded 800-times return: Gautam Adani


A rupee invested in two-and-a-half decades back has given over 800-times return, billionaire said as he saw his infrastructure conglomerate evolve into an integrated ‘platform of platforms’.

Speaking at the JP Morgan India Summit – Future in Focus, the Adani Group chairman said the seaports-to-airports-to-energy group’s incubation model has created six publicly-traded with thousands of jobs and unprecedented shareholder value.

“A one-rupee investment in (at the time of) our first IPO in 1994 has returned over 800x,” he said.

A college dropout, Adani, 58, started with trading in commodities and went on to build a conglomerate that is the country’s biggest sea-port operator and is poised to be India’s largest private airport developer. It has interests spanning energy, mining, gas, renewables, defence and agro-commodities.

“We basically build infrastructure that enables ‘flow’ – the flow of goods and materials, the flow of electrons, the flow of people, and the flow of data. This focus on helping build India’s infrastructure forms the core of our philosophy,” he said.

The vision to build India, he said, enabled Adani Group to enter sectors facing critical demand gaps

Wildfires Rip Through California Wine Country, Thousands Flee


Thousands of people were forced to flee their homes in California’s Napa Valley on Monday as wildfires fanned by fierce winds ripped through the region’s world-famous wine country.

Under an opaque orange sky and a sweltering new heatwave, vineyards were consumed and houses devastated by the blaze that erupted at a “dangerous rate of spread” through 11,000 acres (4,500 hectares) by Monday, Cal Fire said.

Celebrated Napa wineries have already gone up in smoke, such as Chateau Boswell and part of Castello di Amorosa, while other vineyards like Merus Wines and Davis Estates were under imminent threat from the fast-moving flames, according to local reports.

“We saved the winery last night, but everything else was lost,” Tuck Beckstoffer, president of a 20-acre vineyard near St Helena, told Wine Spectator magazine on Monday.

Calistoga, a picturesque community at the top of the Napa Valley known for hot springs and as a launchpad for wine tours, has largely been evacuated.

CeeBee Thompson spent sleepless hours watching flames in the distance and packing her car, as the nearby town’s recently installed warning sirens sounded twice during the night.

Fire fighters intervene as a home bursts into flames on the edge of Santa Rosa,

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