IOC set to merge subsi BRPL
Indian Oil Corporation (IOC), the country's largest oil firm, will merge its subsidiary Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with a swap ratio of 4:37.
By PTI |
MUMBAI: Indian Oil Corporation (IOC), the country's largest oil firm, will merge its subsidiary Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with a swap ratio of 4:37.
In a filing on the Bombay Stock Exchange, IOC said the board of directors at its meeting on Wednesday approved the scheme of amalgamation for merger of BRPL with the company by recommending a swap of four equity shares of Rs 10 each of IOC for every 37 equity shares of the same value of BRPL.
The above arrangement is subject to the approval of the Government of India and other consent from regulatory authorities.
Shares of IOC were trading at Rs 472, down 2.20 per cent on the BSE.
In a filing on the Bombay Stock Exchange, IOC said the board of directors at its meeting on Wednesday approved the scheme of amalgamation for merger of BRPL with the company by recommending a swap of four equity shares of Rs 10 each of IOC for every 37 equity shares of the same value of BRPL.
The above arrangement is subject to the approval of the Government of India and other consent from regulatory authorities.
Shares of IOC were trading at Rs 472, down 2.20 per cent on the BSE.
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