MRPL increases stake in ONGC Mangalore Petrochemicals to 99.99%

As per the SPA, ONGC transferred 124,66,53,746 shares of OMPL to MRPL’s Demat Account on January 1, 2021.

Jan 04, 2021 05:01 IST India Infoline News Service

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Oil and Natural Gas Corporation Limited (ONGC) has transferred 124,66,53,746 shares of ONGC Mangalore Petrochemicals Limited (OMPL) to Mangalore Refinery & Petrochemicals Limited (MRPL) Demat Account on January 1, 2021.

MRPL Board in its 232nd meeting held on October 19, 2020, had approved the acquisition of 1,24,66,53,746 equity shares of Rs10 each of OMPL, a subsidiary of MRPL from ONGC (an existing shareholder of OMPL). Accordingly, a Share Purchase Agreement (SPA) was executed with ONGC for acquisition of 124,66,53,746 equity shares of Rs10 each of OMPL from ONGC.

An amount of Rs1216.73cr was paid to ONGC towards consideration for acquisition of 124,66,53,746 equity shares at a price of Rs9.76 per share. As per the SPA, ONGC transferred 124,66,53,746 shares of OMPL to MRPL’s demat Account on January 1, 2021. With this, shareholding of MRPL in OMPL has increased to 99.9998%.

Mangalore Refinery And Petrochemicals Ltd ended at Rs36.30 per piece up by Rs0.35 or 0.97% from its previous closing of Rs35.95 per piece on the BSE.

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