Mangalore Refinery and Petrochemicals (MRPL) rose 0.87% to Rs 29.10 after the company said its shareholders approved the proposal to raise upto Rs 5,000 crore through issue of unsecured non-convertible debentures (NCDs)/bonds.
MRPL said it received shareholders' approval in the 32th Annual General Meeting held on 18 September 2020.Shares of MRPL lost 4% in the previous six trading sessions. The stock has risen 37% from its 52-week low of Rs 21.25 on 25 March 2020.
MRPL posted a consolidated net loss of Rs 755.65 crore in Q1 June 2020, higher than the net loss of Rs 547.85 crore reported in the same period last year. Consolidated net sales dropped nearly 53% to Rs 4382.76 crore in Q1 June 2020 over Q1 June 2019.
Mangalore Refinery & Petrochemicals is a subsidiary of ONGC and schedule 'A' Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas.
As of 30 June 2020, ONGC holds 71.63% and HPCL holds 16.96% stake in MRPL.
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