IOC fixes April 28 as record date for BRPL merger

State-run refiner Indian Oil Corp today said it has fixed April 28 as the record date for the transfer of shares for merger of Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself.

In a filing to the Bombay Stock Exchange IOC said it has fixed April 28, 2009, as the record date for the purpose of ascertaining the eligibility of BRPL shareholders, who would be entitled to receive the shares of IndianOil.

Under the scheme of arrangement, the shareholders of BRPL would get four shares of IOC for every 37 shares they held.

IOC had approved the merger of BRPL, which owns a 2.35- million-tonne a year oil refinery in Assam, in November 2006. At present IOC holds 74 per cent in BRPL.

The IOC-BRPL merger is effective from March 25. The merger follows the government's decision to sell its stake in BRPL and Chennai Petroleum Corp Ltd to IOC.

Shares of IOC were trading at Rs 400, up 1.06 per cent, while BRPL was quoting with a gain of 1.20 per cent at Rs 42.25 on the BSE.