New Delhi: Mangalore Refinery and Petrochemicals Ltd has increased its stake in ONGC Mangalore Petrochemicals Ltd (OMPL) to 46 percent from current 3 percent by buying out individual shareholders for about Rs 2.5-3.5 lakh.
"MRPL was holding 3 percent of the paid up equity of OMPL, which has been increased to 46 percent by purchasing fully paid up equity shares from individual shareholders," the company said in a regulatory filing.
The company, a subsidiary of Oil and Natural Gas Corp (ONGC), bought some 25,000 equity shares of Rs 10 each from mostly employees.
ONGC holds 46 percent stake in OMPL while the remaining 8 percent is yet to be alloted.
"Consequent upon the approval of the Board of Directors of MRPL (a subsidiary of ONGC) in its 193rd meeting held on February 9, 2015, MRPL has acquired 43 percent stake in OMPL by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3 percent to 46 percent of the paid up share capital of OMPL," ONGC said in a separate regulatory filing.
ONGC already holds 46 percent of paid up share capital of OMPL. "Consequently, subsequent to the acquisition of 43 percent stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Section 2(87) of the Companies Act, 2013," it added.
