IOC fixes June 11 as record date for IBP merger
Indian Oil Corporation on Monday fixed June 11 as the record date for determining the eligible shareholders of IBP Company Ltd, which was recently merged with itself.
By PTI |
MUMBAI: Indian Oil Corporation on Monday fixed June 11 as the record date for determining the eligible shareholders of IBP Company Ltd, which was recently merged with itself.
The eligibility shareholders of IBP Company would be entitled to receive the shares of Indian Oil in 110:100 swap ratio, wherein 110 equity shares of Rs 10 each of Indian Oil would be allotted for every 100 equity shares of the same value held in IBP Company, IBP informed the Bombay Stock Exchange.
Last week, the Ministry of Company Affairs had sanctioned the merger of IBP with Indian Oil Corporation.
Pursuant to this merger, IBP, a subsidiary of IOC, was dissolved effective from April 2 and has become a division of IOC.
Earlier on July 5, 2006, the shareholders of IBP Company had approved its the merger with Indian Oil Corporation Ltd.
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IOC had acquired the government's 33.58 per cent equity in IBP in 2002 and subsequently acquired another 20 per cent through an open offer. The government later sold its remaining 26 per cent in IBP through a public offer.The shares of IBP closed at Rs 491, up 3.98 per cent on the BSE.
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