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. Photo: MintNew Delhi: State-owned explorer Oil and Natural Gas Corp. Ltd (ONGC) on Saturday signed a deal with the President of India to acquire 51.11% stake in Hindustan Petroleum Corp. Ltd (HPCL), a state-run refiner, 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. On Wednesday, the finance ministry had said that it has pared its additional borrowing requirement for the current fiscal to Rs20,000 crore from Rs50,000 crore as had been estimated earlier.

Source: Mint January 20, 2018 11:37 UTC