MRPL to increase stake in Mangalore SEZ Ltd

The Board of Directors of Mangalore Refinery and Petrochemicals Limited (MRPL) at its meeting held today i.e. 22.03.2024 has, approved the acquisition of 1,34,80,000 equity shares of Mangalore SEZ Ltd (MSEZ) from IL&FS. After this acquisition, equity stake of the Company shall increase from 0.96% to 27.92% in MSEZ.

MSEZ is a special purpose vehicle incorporated on 24th February, 2006. It is a Joint Venture of ONGC (26%), IL&FS (50%), Karnataka Industrial Area Development Board (KIADB) (23%), Mangalore Refinery and Petrochemicals Ltd (0.96%) and Kanara Chamber of Commerce & Industry (KCC I) (0.04%).

The Zone is spread over an area of 1,607 acres and the Zone is operational from 2014 with around 85% area leased out. The Zone has 10 operational units such as MRPL (Aromatic Complex), Syngene, ISPRL, Catsynth speciality chemicals and other food processing units, MSEZL has emerged as one of the most vibrant operational multi-products SEZs in India. It is one of India's successful SEZs with investments exceeding USD 2 billion so far and exports of over USD 3.2 billion worth of goods from its units.

MSEZ is a Multi-product SEZ and its main business is leasing of the land to the Industries and providing utility services such as water supply, power supply, Lease rental, Zone Maintenance, CETP, Marine outfall and pipe line corridor.

Shares of Mangalore Refinery and Petrochemicals Limited was last trading in BSE at Rs. 221.45 as compared to the previous close of Rs. 218.05. The total number of shares traded during the day was 441685 in over 5082 trades.

The stock hit an intraday high of Rs. 225.60 and intraday low of 216.35. The net turnover during the day was Rs. 98094147.00.

Source : Equity Bulls

Keywords

MangaloreRefineryandPetrochemicals INE103A01014 MRPL Acquisition MangaloreSEZ