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Sunday, Aug 28, 2005
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Hindustan Oil: Reject

Shareholders in Hindustan Oil Exploration Company can reject the open offer from Burren Energy India Ltd. and Unocal Bharat Ltd. to purchase their holdings.

The open offer is being made at Rs 92.41 per share when the current market price of the Hindustan Oil Exploration share is around Rs 170.

The open offer is a consequence of Burren Energy India Ltd., a subsidiary of Burren Energy plc, acquiring 26 per cent equity in Hindustan Oil Exploration through its acquisition of Unocal Bharat Ltd., which held the stake till then.

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