As per multiple repots, Oil Ministry of India is drawing proposal to merge Mangalore Refinery and Petrochemicals Limited (MRPL) into Hindustan Petroleum Corporation Limited (HPCL).
The idea of merger of both the companies floated five years ago when ONGC acquired HPCL, but didn’t make further progress. But ministry is now working on the merger which expected to be a share-swap deal, people familiar to the matter reported.
Under merger, HPCL will issue fresh issue of equity shares to the shareholders of MPRL and there will be no cash outgo.
The oil ministry is likely to seek cabinet’s nod for the HPCL-MRPL merger proposal.
Currently, HPCL and ONGC are the promoters of MRPL. HPCL holds 16.96% while ONGC holds 71.63% in MRPL. The transaction will significantly increase ONGC’s stake in HPCL from the current 54.9%, reducing the free float.
MRPL has concluded the merger of its subsidiary OMPL with itself last year.
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