Bharat Petroleum Corporation (BPCL), one of the largest public sector oil marketing companies, has acquired additional 19,973,332 equity shares of Rs 10 each of Petronet CCK (PCCKL) (constituting 19.97% of the paid-up equity share capital of PCCKL) from a financial investor of PCCKL.

With this acquisition, PCCKL becomes a subsidiary of BPCL with BPCL holding 68.97% of the paid up equity share capital of PCCKL. PCCKL owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. The present installed capacity of the pipeline is 3.3 million metric tonnes per annum (MMTPA).

Shares of the company gained Rs 32.35, or 3.96%, to settle at Rs 849.60. The total volume of shares traded was 224,665 at the BSE (Friday).