Government could mop-up close to Rs 8,000 crore from strategic sale of 34 per cent equity in HPCL, for which initial bids were invited on Friday. Although HPCL shares are trading at about Rs 300 per share now at Bombay Stock Exchange (BSE), bids from strategic partners are likely to be more than double the present market value owing to strategic importance of the oil PSU where successful bidder would also acquire management control.Taking into account the fact that the acquirer of HPCL would get a direct entry into lucrative petro-product retail marketing, sources associated with the disinvestment process said that bids could be possibly in the range of Rs 700 a share.Government would offer about 11.5 crore share out of its holding of around 17.4 crore shares in HPCL to the strategic buyer and even at the present market rate, which does not take into account the strategic importance and control premium it could mean about Rs 3,500 crore.
