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ONGC inks pact for acquisition of shares of Petronet MHB

28 Feb 2020 Evaluate

Oil and Natural Gas Corporation (ONGC) has entered into a share purchase agreement for acquisition of shares of Petronet MHB, a subsidiary of the company. The acquisition price is approximately Rs 185.38 crore for 9,48,22,632 equity shares or 17.28% stake in the share capital of Petronet MHB. Post-acquisition, the company will hold about 49.996% stake in Petronet MHB.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

Peers
Company Name CMP
ONGC 224.00
Oil India 445.20
Jindal Drilling&Inds 589.75
Deep Industries 751.15
Asian Energy Service 464.15
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