Shares of Bharat Petroleum Corporation (BPCL), one of the largest public sector oil marketing companies surged over 4% on Tuesday after the board of the company approved the sale of its entire stake in Numaligarh Refinery.

The Board at its meeting held on March 1 has approved the proposal for sale of entire equity shares i.e. 45,35,45,998 equity shares of Rs 10 each held by BPCL in Numaligarh Refinery (NRL) (constituting 61 .65% of the total equity capital of NRL), a material subsidiary company of BPCL to a consortium of Oil India and Engineers India (consortium); and to Govt. of Assam, or only to the said consortium in case Govt. of Assam does not participate in purchase of said shares, in such proportion  and on such terms and conditions as approved by the Board.

The transaction is subject to the approval from shareholders of BPCL.

Shares of Bharat Petroleum Corporation  are trading at Rs 473.35, up Rs 18.45, or 4.06%  at the Bombay Stock Exchange (BSE) on Tuesday at 11:57 a.m.

The scrip has touched an intra-day high of Rs 482.40 and low of Rs 467.90. The total volume of shares traded at the BSE is 755,596.In the earlier session, the shares rose 1.11%, or Rs 5, at Rs 454.90.

Currently, the stock is trading at its 52-week high of Rs 482.40  and above 87.84% over the 52-week low of Rs 252.