Nagarjuna Oil Refinery (NORL) is seeking shareholders’ approval to sell its 46.78% stake in Nagarjuna Oil Corporation, which is setting up a 6 million tonne oil refinery in Tamil Nadu to Allied Machineries and Resources Holdings Inc of Ras Al Khaimah. The company is planning to sell 77.62 crore shares of Rs 10 each for a consideration of Rs 2.50 a share or Rs 194 crore.
The company is primarily engaged in the business of promoting, conceiving, planning, coordinating, executing and monitoring setting up of any business projects relating to extraction of oil by any means within India and/or elsewhere in the world.