Is it true that government is likely to sell a smaller chunk of BPCL, instead of the full stake?

As per the latest reports coming in from the government sources, it looks like the government of India may revise its stake sale in BPCL lower. Instead of selling the entire holding of 52.98% in BPCL, the government may choose to sell just 20-25% stake. It will look to sell the balance in the second tranche. It may also be open to lower valuations, on the lines of what it did for the LIC IPO, to push it through.

Government of India had originally planned to raise a sum of $8-10 billion from the stake sale of 52.98% in BPCL. However, that was not working out due to protests from the employees and valuation doubts in the market. In 2020, BPCL expected Saudi Aramco and Rosneft to put in bids, but they opted out due to low crude prices. Currently, Apollo Global Management and Vedanta are the final bidders. This will reduce FY23 disinvestment flows.