IOC approves merger of BRPL with the company

Indian Oil Corporation Ltd (IOC) has announced that the Board of Directors of the Company at its meeting held on November 29, 2006, has approved the Scheme of Amalgamation for merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with the Company. The Board of Directors has also recommended a swap ratio of 4:37 i.e. 4 equity shares of Rs 10/- each of the Company (the Transferee Company) as fully paid-up for every 37 equity shares of Rs 10/- each of BRPL ('the Transferor Company').

The above is, however, subject to the approval of Govt. of India and all other consents or approvals from Regulatory Authorities or otherwise as may be required under Law.

Source : Equity Bulls

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