Bharat Oman Refinery plans Rs 2,000 cr IPO

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New Delhi, Nov 6 (UNI) Bharat Oman Refinery (BORL) is planning an initial public offering (IPO) by March 2008 to raise around Rs 2,000 crore for setting up its six million tonne per year capacity refinery at Bina in Madhya Pradesh.

BORL is a joint venture between Bharat Petroleum Corporation Ltd (BPCL) and Oman Oil. The two companies currently hold equal stake in BORL.

''A total of 48 per cent stake would be offered to the public by March next year,'' said BPCL chariamn and MD Ashok Sinha.

After the public offer, BPCL will hold 48 per cent stake, Oman Oil will hold three per cent and the remaining stake will be held by the government of Madhya Pradesh.

The company has drawn up Rs 3,000-crore capex plans during FY 08 of which Rs 2,000 crore will be raised through internal accruals and Rs 1,000 crore via other resources as and when required.

UNI

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