ONGC to acquire government's 51.1% stake in HPCL for Rs 369.15 billion

State-owned ONGC today said it will acquire the government's entire 51.11 per cent stake in HPCL for Rs 369.15 billion (Rs 36,915 crore).

ONGC will pay the government Rs 473.97 per share, a premium of over 10 per cent of the 60-days weighted average of HPCL's scrip.

In a stock exchange filing, ONGC said "shares will be acquired against cash" and the transaction will be closed before month-end.

ONGC's share had closed at Rs 193.60 on BSE on Friday, down 0.23 per cent over its previous close.

HPCL shares traded last at Rs 416.55, up 1.34 per cent.