MRPL gains on fund raising plan

MRPL rose 7.04% to Rs 28.85 after the company said its board in its meeting on 29 October 2020 will consider raising up to Rs 5000 crore through issuance of non-convertible debentures (NCDs).

Oct 22, 2020 11:10 IST capital market

At the same meeting, the board will also consider the companys second quarter results.

Earlier this week, MRPL said its board has approved acquisition of the remaining 49% in ONGC Mangalore Petrochemicals from ONGC. The board of MRPL approved the acquisition of 1,24,66,53,746 equity shares of ONGC Mangalore Petrochemicals (OMPL) from ONGC, an existing shareholder of OMPL.

OMPL, a subsidiary of MRPL, is a joint venture between ONGC and MRPL, set up for value addition of excess naphtha and aromatic streams available from MRPL refinery. The complex is the largest single stream unit in Asia to produce 914 KTPA Para-xylene and 283 KTPA Benzene.

Shares of MRPL have surged 13.58% in five trading sessions from its previous closing low of Rs 25.4 on 15 October 2020.

MRPL is a subsidiary of ONGC and schedule A Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. As of 30 September 2020, ONGC held 71.63% and HPCL held 16.96% stake in MRPL.

Shares of ONGC were up 1.33% at Rs 68.75 on BSE.

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