IOC: IBP merger at 125:100

The board of directors of Indian Oil Corporation (IOC) today cleared the merger of IBP Company with IOC.

According to a release issued to the BSE today, the merger ratio has been recommended as 125:100 i.e. 125 equity shares of Rs 10/- each of IOC for every 100 equity shares of Rs 10/- each of IBP.

"The above is, however, subject to the approval of the central government, and all other consents or approvals from regulatory authorities," the release added.