ONGC surges 6% on acquisition of 51.11% stake in HPCL

ONGC surged 6% to Rs 206, while HPCL was down nearly 4% to 402 on BSE in early morning trade.

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The idea was to familiarise the independent directors, most of whom are new to the oil and gas exploration and production business

SI Reporter Mumbai

Last Updated : Jan 22 2018 | 9:51 AM IST

Oil and Natural Gas Corporation (ONGC) has surged 6% to Rs 206 on BSE in early morning trade after the state-owned oil exploration company announced that it will acquire the 51.1% government stake in Hindustan Petroleum Corporation (HPCL) at a cost of Rs 369.15 billion.

ONGC will acquire the government stake in HPCL by paying Rs 473.97 per share which works out to a 14% premium to HPCL’s closing market price of Rs 417 on Friday, 19 January. ONGC is likely to be exempt from issuing an open offer and expects to complete this deal by the end of

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