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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 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.
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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.
It may be noted that M Venkatesh, Managing Director of MRPL, had mentioned merging OMPL with MRPL at the company’s 32nd annual general meeting on September 18.
He had stated that integrated refinery operations will yield better benefits, and the merger of MRPL-OMPL was needed for OMPL and MRPL in terms of revenue growth.
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