Companies

MRPL increases stake in ONGC Mangalore Petrochemicals Ltd to 99.99 per cent

Our Bureau Mangaluru | Updated on January 02, 2021

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on January 02, 2021
This article is closed for comments.
Please Email the Editor