Mangalore Refinery and Petrochemicals (MRPL) has received board approval to acquire compulsory convertible debentures worth up to Rs 1,000 crore issued by its subsidiary ONGC Mangalore Petrochemicals (OMPL).
The company board also discussed raising of funds by issuance of perpetual bonds and advised the management to have further consultations with the proposed investors. Accordingly, no decision was taken in respect of issuance of perpetual bonds.
MRPL is engaged in the business of refining crude oil. It offers high speed diesel oil, fuel oil and motor spirit. It operates as a subsidiary of Oil and Natural Gas Corporation.
