ONGC dips ahead of Anadarko stake buy
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.
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.
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Aug 26 2013 | 11:30 AM IST