State-owned ONGC on January 20 said it will acquire the government’s entire 51.11% stake in HPCL for ₹36,915 crore.
ONGC will pay the government ₹473.97 per share, a premium of over 10% of the 60-day 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 ₹193.60 on BSE on January 19, down 0.23% over its previous close. HPCL shares traded last at ₹416.55, up 1.34%
