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INDIAN COS GET BOARD APPROVAL FOR 10 PCT OIL INDIA STAKE.
MUMBAI, Dec 3 Asia Pulse - The board of directors of three of India's state-run companies-HPCL, BPCL and IOC, have approved the acquisition of a 10 per cent stake in Oil India Ltd.
Hindustan Petroleum Corporation Ltd (BSE:500104) said it has received approval for acquiring 2.5 per cent stake in Oil India Ltd (OIL) from the government.
The Indian Oil Corporation has also given consent for the share purchase scheme.
Further, the board of Bharat Petroleum Corporation (BSE:500547) had given its nod for the proposal to acquire 2.5 per cent of OIL's pre-issued paid up capital.
The paid up capital at a price equivalent to its initial public offer's (IPO) issue price.
In a filing to the Bombay Stock Exchange, the firms said they would acquire shares totalling to 10 per cent of OIL's paid up capital at a price equivalent to its initial public offer's (IPO) issue price.
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Source: HighBeam Research, INDIAN COS GET BOARD APPROVAL FOR 10 PCT OIL INDIA STAKE.