The Hindu Business Line : IOC signs pact for IBP

Mr S. Vijayraghvan, Joint Secretary, Ministry of Petroleum and Natural Gas (left), exchanging documents with Mr M.S. Ramachandran, Director, IOC, after signing the documents regarding sale of equity in IBP to IOC, in the presence of Mr V.N. Kaul, Secretary, Petroleum and Natural Gas and Mr M.A. Pathan, Chairman, IOC, in the Capital on Friday.

NEW DELHI, Feb. 8

INDIAN Oil Corporation Ltd (IOC) on Friday signed the share purchase agreement for acquiring strategic control over IBP Co Ltd from the Government.

The agreement was signed between IOC and IBP here in the presence of senior officials from the Ministries of Petroleum & Natural Gas and Disinvestment and IBP Co Ltd.

IOC had clinched the deal on Tuesday for acquiring 33.58 per cent of the Government's stake in IBP for a total consideration worth Rs 1,153.68 crore at Rs 1,551.25 per share.

In accordance with the guidelines stipulated by SEBI, IOC would have to come out with an announcement for buying another 20 per cent of the IBP shares held by the public within four working days of signing the transaction documents. The open offer is expected to be completed by April.

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