Oil and Natural Gas Corporation (ONGC) has dipped nearly 4% at Rs 267 after the company’s overseas arm ONGC Videsh signs definitive agreements with Anadarko Petroleum Co to acquire a 10% stake in a gas field offshore Mozambique for $2,640 million (approx Rs 17,000 crore) in cash.
The deal for Mozambique's offshore Area 1 is expected to close around the end of this year, ONGC said.
Bank of America Merrill Lynch is acting as exclusive financial adviser, Simmons & Simmons as legal adviser, Ernst & Young as tax and accounting adviser and Robertson (UK) Ltd – a CGG company, as technical adviser to OVL, it added.
The stock opened at Rs 279 and hit a low of Rs 266 on NSE. A combined 2.45 million shares have change hands on the counter so far on NSE and BSE.
The deal for Mozambique's offshore Area 1 is expected to close around the end of this year, ONGC said.
Bank of America Merrill Lynch is acting as exclusive financial adviser, Simmons & Simmons as legal adviser, Ernst & Young as tax and accounting adviser and Robertson (UK) Ltd – a CGG company, as technical adviser to OVL, it added.
The stock opened at Rs 279 and hit a low of Rs 266 on NSE. A combined 2.45 million shares have change hands on the counter so far on NSE and BSE.