Indian Oil Corporation to amalgamate BRPL
25 Mar 2009
Indian Oil Corporation (IOC) has received government approval for its proposal to merge its subsidiary Bongaigaon Refinery and Petrochemicals (BRPL) with itself, the state-run refiner and retailer said today.
IOC, which owns about 74 per cent in BRPL, said the merger would be effective today.
The ministry of corporate affairs sanctioned the scheme of amalgamation for merger of Bongaigaon Refinery & Petrochemicals, IOC said in a filing with the Bombay Stock Exchange (BSE).
Indian Oil has fixed the share transfer ratio at four shares of IOC for every 37 shares held in BRPL, it said in its regulatory statement on Wednesday.
BRPL board of directors had approved the merger with IOC as far back as November 2006 and BRPL shareholders had, last year, approved the company's merger with the parent company.
IOC said the board of Bongaigaon Refinery stands dissolved and the merger becomes effective March 25 following the filing of the amalgamation order with the Registrar of Companies (ROCs) in Shillong and Mumbai.
The merger follows the government's decision to sell its stake in BRPL and Chennai Petroleum Corp Ltd to IOC. BRPL owns a 2.35 million tonnes a year oil refinery in Assam.
