Dinesh K Sarraf, the chairman and managing director of the Oil and Natural Gas Corporation (ONGC), said that the firm is hoping to complete the selling of its existing stakes in other public sector undertakings (PSUs) to partly fund the acquisition of the Hindustan Petroleum (HPCL), by the end of December.
"There are many funding options available. We can look at market borrowings; we have some stocks we can sell," Sarraf said at a media conference.
"Today, we had an annual general meeting of the shareholders and we have taken their approval that we can at least borrow Rs 25,000 crore from the market. We have about Rs 10,000 crore of ready cash, and we will see further whether we need to dispose of the shares or not," he said.
"So with the same profit, we will be valued higher by the market and our profits, in any case, will increase because of this energy," he had said.
Sarraf had said that the HPCL would remain a separate-listed entity even after the completion of the acquisition, but will become a subsidiary of the ONGC.