ONGC picks up majority stake in OMPL

Oil major Oil & Natural Gas Corporation Limited’s (ONGC’s) subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL) has acquired 43% stake in OMPL by purchasing fully paid-up equity shares from individual shareholders.

“Consequent upon the approval of the Board of Directors of MRPL (a subsidiary of ONGC) in its meeting held on February 9, 2015, MRPL has acquired 43% stake in OMPL by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3% to 46% of the paid up share capital of OMPL,” the company said in a letter to the National Stock Exchange (NSE).

It further added that the oiling major has now become a majority shareholder of OMPL, through this transaction. “ONGC already holds 46% of paid up share capital of OMPL. Consequently, subsequent to the acquisition of 43% stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Section 2(87) of the Companies Act, 2013”, stated the letter.