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.