The board of directors of Mangalore Refinery and Petrochemicals Ltd has decided to subscribe the entire shares offered through rights issue by ONGC Mangalore Petrochemicals. The latter had been offered about 45.9 crore shares at ₹14.20 a share by ONGC Mangalore Petrochemicals. The company has already informed the exchanges about its intent to acquire a major stake in OMPL. MRPL will be holding controlling stake in OMPL, following the allotment of rights shares. The stock of MRPL closed flat at ₹65 on the NSE.

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