BRPL to merge with IOC, ratio fixed at 4:37

Bongaigaon Refinery & Petrochemicals Ltd (BRPL) 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 the Company with Indian Oil Corporation Ltd. The Board of Directors has also recommended a swap ratio of 4:37 i.e. four equity shares of Rs 10/- each of the Indian Oil Corporation Ltd ('the Transferee Company') as fully paid-up for every thirty-seven equity shares of Rs 10/- each of the Company ('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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