Oil India Limited increases stake in Numaligarh Refinery Limited to 80.16%

Oil India Limited ("OIL") has on 26 March, 2021, completed the acquisition of and acquired 39,84,36,929 (Thirty-Nine Crore Eighty-Four Lakh Thirty-Six Thousand Nine Hundred and Twenty-Nine) equity shares in the share capital of Numaligarh Refinery Limited (NRL) (a Company primarily engaged in the business of refining of petroleum products) from Bharat Petroleum Corporation Limited ("BPCL"), pursuant to the Share Purchase Agreement ("SPA") dated 25 March, 2021.

Also, Engineers India Limited ("EIL") which is also a party to the SPA, has independently acquired 3,21,46,957 (Three Crore Twenty-One Lakh Forty-Six Thousand Nine Hundred and Fifty-Seven) equity shares of NRL from BPCL pursuant to the SPA.

Post these acquisition OIL's cumulative equity shareholding in NRL (including pre-acquisition 26% shareholding) is 80.16%.

Shares of OIL AND NATURAL GAS CORPORATION LTD. was last trading in BSE at Rs.102.3 as compared to the previous close of Rs. 101.95. The total number of shares traded during the day was 1125532 in over 5849 trades.

The stock hit an intraday high of Rs. 104.1 and intraday low of 100.3. The net turnover during the day was Rs. 114722531.

Source : Equity Bulls

Keywords