Oil and Natural Gas Corporation (ONGC) has moved higher by nearly 5% to Rs 313 after the company said its subsidiary ONGC Videsh (OVL) along with Oil India has signed definitive agreements with Videocon Mauritius Energy to acquire an interest in giant gas field in Mozambique for $2.475 billion (Rs 14,900 crore).
Videocon Mauritius Energy holds a 10% participating interest in the Rovuma Area 1 offshore block in Mozambique area.
“The acquisition is expected to be implemented via a newly incorporated entity, in which OVL and Oil India expected to hold 60% stake and 40% stake respectively,” ONGC said in a statement.
Bank of America Merrill Lynch is acting as the exclusive financial advisor.
The stock opened at Rs 302 and hit a high of Rs 314 on BSE. A combined 3.01 million shares have changed hands on the counter till 1410 hours on BSE and NSE.
Videocon Mauritius Energy holds a 10% participating interest in the Rovuma Area 1 offshore block in Mozambique area.
“The acquisition is expected to be implemented via a newly incorporated entity, in which OVL and Oil India expected to hold 60% stake and 40% stake respectively,” ONGC said in a statement.
Bank of America Merrill Lynch is acting as the exclusive financial advisor.
The stock opened at Rs 302 and hit a high of Rs 314 on BSE. A combined 3.01 million shares have changed hands on the counter till 1410 hours on BSE and NSE.
