GSPC rides high post acquisition of stake by ONGC
DSIJ Intelligence / 26 Dec 2016
Gujarat State Petroleum Corporation (GSPC) post Christmas on December 26 has opened higher at Rs 144, up by five per cent. The stock witnessed a spurt in volume by more than 3.69 times and as at 10.26 a.m. was trading at Rs 139.95, up by 1.49 per cent.
Gujarat State Petroleum Corporation (GSPC) post Christmas on December 26 has opened higher at Rs 144, up by five per cent. The stock witnessed a spurt in volume by more than 3.69 times and as at 10.26 a.m. was trading at Rs 139.95, up by 1.49 per cent. The scrip is trading on a greener patch as ONGC has acquired participating interest in the company.
ONGC Board has informed the bourses that it has considered the proposal and has approved acquisition of the entire 80 per cent participating interest of GSPC along with operatorship rights, at a purchase consideration of USD 995.26 million. ONGC shall pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries. The transaction would be documented by signing a Farm-in agreement with GSPC.
The acquisition of stake in GSPC is in line with ONGC's strategy to enhance natural gas production from domestic fields at a faster pace. The ONGC stock, on the other hand, opened flat and as at 10.28 a.m. is trading at Rs 189.35, down by 1.89 per cent.
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