BPCL, Kochi Refineries merger at 4:9

The board of directors of Bharat Petroleum Corporation (BPCL), which met today, has cleared a merger proposal of Kochi Refineries with the company.

According to a release issued to the BSE today, the merger ratio has been fixed at 1:2.25 i.e four shares of BPCL for nine shares of Kochi Refineries.

"The above proposal is, however, subject to the necessary approvals," the release added.