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INDIA BUSINESS WORLD - 16th March To 31st March - 2009
GOVERNMENT APPROVES MERGER OF BONGAIGAON REFINERY & PETROCHEMICALS LTD (BRPL) WITH INDIAN OIL CORP (IOC)
The government has approved merger of Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with Indian Oil Corp (IOC), the country’s largest public sector fuel retailer in terms of turnover. The merger was approved by IOC in November 2006. Shareholders of BRPL will get four equity shares of IOC for every 37 shares held, the company told the Bombay Stock Exchange (BSE). The record date for merger would be announced in due course, it said. IOC holds 74.46% equity stake in BRPL. Balance equity shares in the company are held by financial institutions and its employees.
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