ONGC may acquire 51.11% stake in HPCL
Shital Jibhe / 22 Aug 2017
The board of Oil and Natural Gas Corporation (ONGC) has given in-principle approval for a proposal to acquire 51.11% of the shares of Hindustan Petroleum Corporation (HPCL) from the Government of India.
The board of Oil and Natural Gas Corporation (ONGC) has given in-principle approval for a proposal to acquire 51.11% of the shares of Hindustan Petroleum Corporation (HPCL) from the Government of India. The proposal was taken into consideration at its board meeting held on August 21, 2017.
According to a filing by the company with the BSE post the market hours on Monday, the board has constituted a committee of directors to examine various aspects of the said proposal and to provide its recommendations.
ONGC was trading at Rs 158.60 per share, up by Rs 1.05 or 0.67% as against its previous close of Rs 157.55, as at 0920 hours on Tuesday, on the BSE. The stock attracted a traded volume of 2,48,738 shares and traded value of Rs 393.98 lakhs on the NSE.
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