Mangalore Refinery & Petrochemicals Ltd (MRPL) has decided to increase its paid-up equity in OMPL (ONGC Mangalore Petrochemicals Limited) from 51.0017 per cent to 99.9998 per cent.
The company informed stock exchanges on Monday that the board of MRPL in its 232nd meeting on October 19, approved the acquisition of 1,24,66,53,746 equity shares of ₹10 each of OMPL (a subsidiary of MRPL) from Oil and Natural Gas Corporation Ltd (ONGC), an existing shareholder of OMPL. Such acquisition is subject to customary consents and approvals, it said.
MRPL held 51.0017 per cent of the paid-up equity of OMPL, which has been increased to 99.9998 per cent pursuant to the acquisition of equity shares from ONGC, it said.
The shares are trading at 1.92 per cent higher at ₹26.60.
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.