The Cabinet approved a strategic divestment of the government's 53.29 per cent stake in BPCL, along with transfer of certain management control. This is excluding BPCL's equity share holding of 61 per cent stake in Numaligarh Refinery

The surge in shares pushed Mukesh Ambani's net worth to $56 billion, making him the richest person in Asia, ahead of Alibaba Group's Jack Ma, as per the Bloomberg Billionaires Index

Cheering the government stake sale plan, BPCL share price gained as much as 4.38 per cent to touch an intraday high of Rs 528 apiece, after opening higher at Rs 520 against previous closing price of Rs 505.90

Armaco said it plans to sell 1.5% or about 3 billion shares, at an indicative price range of 30 riyals ($8.00) to 32 riyals, valuing the initial public offer (IPO), at 96 billion riyals ($25.60 billion) at the top end of the range.

The prospectus said the government will have a \"statutory lockup period\" for disposing of any shares after the listing for six months, and a contractual lockup period for 12 months

The Saudi government-owned company reported revenues of $356 billion (around Rs 25 lakh crore) in 2018, which is six times the revenue generated by the Mukesh Ambani firm and 25 times the revenue generated by ONGC

Saudi Aramco IPO: The world's most profitable company's shares are expected to begin trading in December (2019)

The Reliance Industries shares have been on gaining spree and touched a fresh 52-week high of Rs 1,484 on the bourses on Wednesday, amid the conglomerate's plan to create a holding company for its digital platform initiatives

Saudi Aramco's IPO, which is set to be the largest in the history, is likely to be launched as early as November 3, according to a Reuters report.

Saudi Aramco's IPO which was set to be the largest in the history was expected to be launched in late November.

Saudi oil giant Aramco is reportedly mulling investment in BPCL, including possible partnership with Reliance India Ltd

Going by the current market capitalisation of BPCL, the buyer will have to shell out at least Rs 60,000 crore to buy the government's 53 per cent stake and about Rs 30,000 crore for another 25 per cent from the public in the mandatory open offer

Apex lender Reserve Bank of India (RBI) has imposed monetary penalty worth Rs 1 cr on Lakshmi Vilas Bank and Rs 75 lakh on Syndicate Bank, respectively

\"Witnessed the exchange of a MoU between ONGC and ExxonMobil to identify areas for exploration in deep water in east and west coast of India,\" Oil Minister Dharmendra Pradhan said in a tweet

This MoU will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other Petroleum Exploration Licence (PEL) blocks of ONGC in the east and west coast and open acreages for joint bidding, ONGC said

By comparison, Apple Inc, the world's most profitable listed company, made $31.5 billion in the first six months of its financial year

The Aramco deal is the latest in a series of moves by Reliance to sell non-core assets, or forge joint ventures, as it seeks to reduce debt that stood a $41.8 billion as of June 30