MCA approves BPCL and KRL merger
Kochi Refineries Ltd (KRL) got approval from the Ministry of Company Affairs to merge with petro giant Bharat Petroleum Corporation Ltd (BPCL).
By PTI |
Mumbai: Kochi Refineries Ltd (KRL) got approval from the Ministry of Company Affairs to merge with petro giant Bharat Petroleum Corporation Ltd (BPCL).
Informing the stock exchanges today, KRL said the Ministry of Company Affairs, on August 18, sanctioned its proposed amalgamation with BPCL.
Under the Companies Act, 1956, which contains provisions for reconstruction and amalgamations, any amalgamation could be given effect only after its prior approval.
In January 2005, boards of directors of BPCL and KRL had approved, the latter's merger with BPCL with a swap ratio of 4:9.
At present, BPCL holds 54.68 per cent stake in KRL.
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