Shares of HPCL, however, settled 3.55% lower to Rs401.75. ONGC shares closed 3.28% higher at Rs199.95 on BSE, while the Sensex ended 0.81% to 35,798.01 points. ONGC on Saturday signed a deal with the President of India to acquire 51.11% stake in HPCL for Rs36,915 crore, ONGC said in a statement. The ONGC board cleared the proposal on Friday to buy 778,845,375 equity shares in HPCL at a cash purchase consideration of Rs473.97 per share. The purchase price is at a premium compared to HPCL’s closing price of Rs416.55 on BSE on Friday.

Source: Mint January 22, 2018 05:48 UTC