Mangalore Refinery and Petrochemicals Ltd (MRPL) has acquired ONGC’s shares in ONGC Mangalore Petrochemicals Ltd (OMPL), making OMPL a wholly-owned subsidiary of MRPL.

In a regulatory filing to the stock exchanges on May 20, MRPL said that while it had acquired majority shares held by ONGC in the company earlier in January this year, it completed the purchase of balance shares, taking its total shareholding in OMPL to 100 percent.

MRPL informed the bourses that its Board of Directors had approved the acquisition of 124,66,53,746 equity shares of Rs 10 each in OMPL from ONGC at a board meeting on October 19, 2020.

“Accordingly, a Share Purchase Agreement (SPA) was executed with ONGC for acquisition of 124,66,53,746 equity shares of Rs.10/- each of OMPL from ONGC. An amount of Rs 1216,73,40,561/- was paid to ONGC towards consideration for acquisition of 124,66,53,746 equity shares at a price of Rs. 9.76 per share. As per the SPA, ONGC transferred 124,66,53,746 shares of OMPL to MRPL’s demat Account on 01/01/2021. With this, shareholding of MRPL in OMPL has increased to 99.9998%,” said MRPL.