Oil & Natural Gas Corporation Ltd.

BSE: 500312 | NSE: ONGC
Large Cap | Oil Exploration
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ONGC to acquire 51.11% stake in HPCL for Rs 36,915 crore

Date: 22-01-2018

Oil and Natural Gas Corporation (ONGC) has received an approval for acquisition of entire 51.11% shareholding (778,845,375 equity shares) of the President of India in Hindustan Petroleum Corporation (HPCL) at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36,915 crore. The board of directors at its meeting held on January 19, 2018 approved the same.

Further, ONGC has entered into a share purchase agreement with the President for acquiring the 778,845,375 equity shares of HPCL (representing 51.11% of HPCL) on January 20, 2018. The parties expect to complete the transaction before end of January 2018.

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.