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IDBI offloads 7.56 crore MRPL shares to ONGC
Mumbai, June 23: Industrial Development Bank of India has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore.
Mumbai, June 23: Industrial Development Bank of India
has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery
and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore.
ONGC, the promoter of MRPL, has purchased 7,56,82,935
shares at Rs 10.77 each based on the option agreement executed
by both companies (IDBI and ONGC), IDBI said in a release here
today.
The sale transaction, which constituted over one per cent of MRPL's paid up capital, was part of the deal struck last week in which ONGC had acquired 35.60 crore of MRPL from banks and financial institutions as part of the debt restructuring package taking its holding to 71.49 per cent. These shares were allotted to banks and FIS in conversion of part of their loans to MRPL in terms of the restructuring package.
Bureau Report
The sale transaction, which constituted over one per cent of MRPL's paid up capital, was part of the deal struck last week in which ONGC had acquired 35.60 crore of MRPL from banks and financial institutions as part of the debt restructuring package taking its holding to 71.49 per cent. These shares were allotted to banks and FIS in conversion of part of their loans to MRPL in terms of the restructuring package.
Bureau Report