1. ONGC to acquire government stake in HPCL for Rs 36,915 cr

ONGC to acquire government stake in HPCL for Rs 36,915 cr

State-owned ONGC today said it will acquire the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore.

By: | Mumbai | Published: January 20, 2018 5:25 PM
ongc, ongc hpcl acquisition, hpcl acquisition, ongc hpcl deal In a stock exchange filing, ONGC said “shares will be acquired against cash” and the transaction will be closed before month-end.

State-owned ONGC today said it will acquire the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. ONGC will pay the government Rs 473.97 per share, a premium of over 10 per cent of the 60-days weighted average of HPCL’s scrip. In a stock exchange filing, ONGC said “shares will be acquired against cash” and the transaction will be closed before month-end. ONGC’s share had closed at Rs 193.60 on BSE on Friday, down 0.23 per cent over its previous close. HPCL shares traded last at Rs 416.55, up 1.34 per cent.

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