ONGC to acquire govt stake in HPCL for Rs 36,915 crore

ONGC will pay govt Rs 473.97 per share, a premium of over 10 pc of 60-days weighted average of HPCL's scrip.

Update: 2018-01-20 11:51 GMT

In an important step toward country's energy security, state-owned oil explorer ONGC plans to double its gas production in the next 5-6 years.

Mumbai: State-owned ONGC on Saturday will acquire the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore.

ONGC will pay the government Rs 473.97 per share, a premium of over 10 per cent of the 60-days weighted average of HPCL's scrip.

In a stock exchange filing, ONGC said "shares will be acquired against cash" and the transaction will be closed before month-end.

ONGC's share had closed at Rs 193.60 on BSE on Friday, down 0.23 per cent over its previous close.

HPCL shares traded last at Rs 416.55, up 1.34 per cent.