NEW DELHI: Mangalore Refinery and Petrochemicals Ltd has increased its stake in ONGC Mangalore Petrochemicals Ltd (OMPL) to 46 per cent from current 3 per cent by buying out individual shareholders for about Rs 2.5-3.5 lakh.
"MRPL was holding 3 per cent of the paid up equity of OMPL, which has been increased to 46 per cent by purchasing fully paid up equity shares from individual shareholders," the company said in a regulatory filing.
The company, a subsidiary of Oil and Natural Gas Corp (ONGC), bought some 25,000 equity shares of Rs 10 each from mostly employees.
ONGC holds 46 per cent stake in OMPL while the remaining 8 per cent is yet to be alloted.
"Consequent upon the approval of the Board of Directors of MRPL (a subsidiary of ONGC) in its 193rd meeting held on February 9, 2015, MRPL has acquired 43 per cent stake in OMPL by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3 per cent to 46 per cent of the paid up share capital of OMPL," ONGC said in a separate regulatory filing.
ONGC already holds 46 per cent of paid up share capital of OMPL. "Consequently, subsequent to the acquisition of 43 per cent stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Section 2(87) of the Companies Act, 2013," it added.