The Hindu Business Line : KRL shareholders okay merger with BPCL

THE majority of the shareholders of Kochi Refineries Ltd (KRL) who had participated in the voting at the EGM held on January 21 approved the scheme of amalgamation of the Kerala-based public sector oil refinery with BPCL.

Mr Justice (Retd) Santosh N. Hegde, appointed by the Department of Company Affairs, chaired the EGM where a voting was held after detailed discussions on the merger of the two companies.

As per the results now available, the majority of the members approved the scheme of amalgamation of Kochi Refineries Ltd with BPCL with a majority of over 99 per cent (99.33 per cent) in value and about 99 per cent (98.60 per cent) in number, KRL sources said.

The NSE and the BSE have been informed of the results, they added.

Thus, the swap ratio of 2.25:1 has been approved by the EGM, they said.

KRL has a paid-up capital of Rs 138.47 crore of an authorised capital of Rs 150 crore.

BPCL is the major shareholder with 54.81 per cent followed by LIC (8.51 per cent), the Kerala Government (5.06 per cent), corporate bodies (5.28 per cent), other insurance companies and FIIs (4.19 per cent each) and mutual funds (1.53 per cent).

Less than one per cent is held by Balmer and Lawrie and Company, UTI, nationalised and other banks, KSIDC, and NRIs. The Indian public (70,000 shareholders) holds 15.19 per cent.

More Stories on : Mergers & Acquisitions | Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Gati plans pref offer to overseas body — Board clears $20-m offering

Subex Systems to raise $10 m through GDRs

Now, chartered accountants can prefix `CA' to their name

PCB serves notice on TTP

Novartis patent for cancer drug rejected: Will it open up window of opportunity for generics?

Mittal Steel launches bid for Arcelor — $ 22.7-b offer aimed at creating `European consolidation'

Arcelor takeover: Matter of pride, says SAIL Chairman

Marico to buy Nihar brand from HLL

KRL shareholders okay merger with BPCL

McDowell, Phipson reject acquisition price for Herbertsons shares

Apollo Tyres in talks to buy Dunlop Zimbabwe?

Visaka plans Rs 100-cr cotton spinning plant — Eyes Rs 700-cr turnover by 2010

Universal Cables plans expansion

Shree Renuka leases sugar unit

Jaiprakash Associates forms mining venture in Madhya Pradesh