Comments
MRPL (Mangalore Refinery and Petrochemicals Limited) has informed the stock exchanges that its shareholding in OMPL (ONGC Mangalore Petrochemicals Ltd) has increased to 99.9998 per cent.
It said that the October 19 board meeting of MRPL had approved acquisition of 124,66,53,746 equity shares of ₹10 each of OMPL, a subsidiary of MRPL, from ONGC (Oil and Natural Gas Corporation) Ltd.
Accordingly, a Share Purchase Agreement (SPA) was executed with ONGC for acquisition of 124,66,53,746 equity shares of ₹10 each of OMPL from ONGC. An amount of ₹1216,73,40,561 was paid to ONGC towards consideration for acquisition of 124,66,53,746 equity shares at a price of ₹9.76 per share.
As per the SPA, ONGC transferred 124,66,53,746 shares of OMPL to MRPL's demat account on January 01. “With this, shareholding of MRPL in OMPL has increased to 99.9998 per cent,” MRPL said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.