India’s largest oil exploration company Oil and Natural Gas Corporation (ONGC) will acquire 51.1% controlling stake in HPCL from the government 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. 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.
The acquisition helped government surpass its budgeted target for disinvestment of Rs 72,500 crore for the current fiscal. The target has been revised upwards at Rs 92,000 crore. Read More…
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