Bharat Petroleum Corporation Limited has initiated a postal ballot process to secure shareholder approval for Material Related Party Transactions (RPTs) associated with its Area-1 Offshore Mozambique Project. The resolutions concern the restructuring of the project's commercial framework and the extension of guarantee support, involving potential asset transfers and guarantees totaling over USD 3.2 billion. These measures are aimed at aligning the project with international financing structures and securing continued funding from lenders, including Export Credit Agencies and Commercial Banks.

Key Resolutions for Shareholder Approval

The postal ballot presents two ordinary resolutions for shareholder consideration. The first resolution focuses on the approval of the Material Related Party Transaction for the Area-1 Offshore Mozambique Project's AssetCo Structure. The second resolution pertains to the approval of an amendment to the existing Debt Service Undertaking (DSU) provided by the company.

Details of the AssetCo Structure Transaction

The proposed AssetCo structure involves the incorporation of two Special Purpose Entities (SPEs): Moz LNG1 HoldCo Limitada and Moz LNG1 AssetCo Limitada. BPRL Ventures Mozambique BV, which holds a 10% participating interest in the project, will transfer its proportionate development-related assets to AssetCo. This will be followed by a transfer of equity in AssetCo to Moz HoldCo. The company states that this restructuring will facilitate a more efficient project financing structure and provide regulatory and debt management advantages. The transaction is expected to be executed during Financial Year 2026-27 or thereafter.

Debt Service Undertaking Amendment

The second resolution seeks approval to amend the existing guarantee support in the form of a Debt Service Undertaking. The DSU is being extended to cover the company's proportionate share of senior debt obligations owed by Mozambique LNG1 Financing Company Ltd. and Mozambique LNG1 Co-Financing Company Lda. The validity of this guarantee is proposed to be extended until December 31, 2033. The existing DSU, effective from July 15, 2020, was initially set to expire on February 28, 2029. The amendment is necessary to secure continued project financing from lenders.

Voting Timeline and Process

The remote e-voting process for these resolutions is scheduled to commence at 9.00 a.m. on June 6, 2026, and conclude at 5.00 p.m. on July 5, 2026. Shareholders whose names appear in the Register of Members as of June 3, 2026, are eligible to vote. The results of the postal ballot are expected to be announced on or before July 7, 2026. Shri Nrupang Dholakia from M/s. Dholakia & Associates LLP has been appointed as the Scrutinizer to oversee the voting process.

Bharat Petroleum Corporation Limited has opened a special window for the transfer and dematerialisation of physical securities sold or purchased prior to April 01, 2019. This facility, available until February 04, 2027, aims to facilitate investors in gaining rightful access to their holdings. The initiative follows a SEBI Circular (HO/38/13/11(2)2026-MIRSD-PDD/I/3750/2026) dated January 30, 2026.

During this period, any securities lodged for transfer will be credited to the transferees only in dematerialised form. The company has clarified that only lodgements with legally valid and complete documentation, where there is no dispute on ownership, will be processed. The company published a notice to shareholders in the Times of India and Maharashtra Times on June 05, 2026, to inform the public about this facility.

Investors wishing to avail of this facility must submit their requests to the company's Registrar and Share Transfer Agent, M/s. KFin Technologies Limited. The unit handling these requests is located at Selenium Tower B, Plot 31 & 32, Financial District, Nanakramguda, Hyderabad - 500 032. Requests can also be sent via email to einward.ris@kfintech.com .

Key Details for Investors

The company has urged investors to ensure that all documentation is complete and legally valid to avoid delays. Further information regarding the procedure is available on the official website of Bharat Petroleum Corporation Limited.