MRPL increases stake in ONGC Mangalore Petrochemicals Limited to 99.9998%

The board of Mangalore Refinery and Petrochemicals Limited (MRPL) has, in its 232nd meeting held on 19/10/2020, approved acquisition of 1,24,66,53,746 equity shares of Rs. 10 each of ONGC Mangalore Petrochemicals Limited (OMPL), a subsidiary of MRPL from Oil and Natural Gas Corporation Limited (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 Rs. 10/-. each of OMPL from ONGC. An amount of Rs. 1216,73,40,561/- was paid to ONGC towards consideration for acquisition of 124,66,53,746 equity shares at a price of Rs. 9.76 per share.

As per the SPA, ONGC transferred 124,66,53,746 shares of OMPL to MRPL's demat Account on 01/01/2021. With this, shareholding of MRPL in OMPL has increased to 99.9998%.

Shares of MANGALORE REFINERY & PETROCHEMICALS LTD. was last trading in BSE at Rs.35.95 as compared to the previous close of Rs. 35.45. The total number of shares traded during the day was 278236 in over 1008 trades.

The stock hit an intraday high of Rs. 36.25 and intraday low of 35.4. The net turnover during the day was Rs. 9966259.

Source : Equity Bulls

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