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ONGC to buy FIs stake in MRPL

NEW DELHI JUNE 13. The Oil and Natural Gas Corporation will buy 20.9 per cent stake held by banks and financial institutions in its subsidiary Mangalore Refinery and Petrochemicals Ltd. for around Rs. 370 crores.

"The board of ONGC at its meeting on June 10 decided to exercise the call option for MRPL shares held by lenders under the debt restructuring package,'' company sources said.

The ONGC, which has a 51.25 per cent stake in the loss-making firm, also plans to buy out Hindustan Petroleum Corporation's remaining 16.97 per cent stake in MRPL before making an open offer to acquire the remaining 11 per cent public stake. ``Ultimately, MRPL would be merged with ONGC to avail of the tax benefits,'' they said.

In MRPL, Canara Bank holds 1.09 per cent stake, Bank of India 1.28 per cent, Bank of Baroda 1.83, State Bank of India 2.56 per cent, IDBI 4.34 per cent and ICICI 4 per cent stake. — PTI

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