OMPL becomes subsidiary of ONGC
Oil & Natural Gas Corporation announced that:(i) Consequent upon the approval of the Board of Directors of MRPL (a subsidiary of ONGC) in its 193rd meeting held on February 09, 2015, MRPL has acquired 43% stake in OMPL by way of purchase of fully paid up equity shares from individual shareholders, resulting in increase of its holding from 3% to 46% of the paid up share capital of OMPL.
(ii) ONGC already holds 46% of paid up share capital of OMPL.
Consequently, subsequent to the acquisition of 43% stake by MRPL as above, OMPL has now become a subsidiary of ONGC in terms of Section 2(87) of the Companies Act, 2013.
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