Cabinet Committee on Economic Affairs had on Nov 20 given a go-ahead for sale of government's entire stake in BPCL.

Shares of Shipping Corp also rose 2.12 per cent to hit a one year high of Rs 69.80 in opening trade but later pared the gains.

Govt owns 63.75 per cent of Shipping Corp and a stake of 53.29 per cent in India’s second biggest state refiner BPCL.

In 2018, government put up 76 per cent stake of Air India for sale, which saw a lukewarm response by investors.

BPCL at the close of market on October 4 had a market capitalisation of about Rs 1.11 lakh crore.

Even a 26 per cent stake sale at this valuation would fetch the government Rs 26,500.

The company will hold 74 per cent interest in the project while the remaining 26 per cent will be with Petronet LNG Ltd.

The golf course identified by DIPAM has two producing oil wells, sources said.