This is a block deal for transfer of shares by our investment trust to the ESPS trust, said N Vijayagopal, Director-Finance at Bharat Petroleum Corporation Ltd (BPCL) in an interview with CNBC-TV18. “This is for distribution to the employees at a discount which was announced in the last AGM,” he said.

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Speaking about the remaining stake, he said, “7.33 percent remains. We are taking a view on that and we are watching the market and the situation and we will take a call on the rest of it. we will take a decision on that before divestment.”