IOCL acquires 100% equity stake in Mercator Petroleum Limited under Corporate Insolvency Resolution
The objective of the acquisition is to expand Indian Oil’s Oil & Gas limited business in India.
State-owned Indian Oil Corporation Limited has acquired Mercator Petroleum Limited (MPL) under corporate insolvency resolution for a consideration of Rs. 154 crore. The company has provided the information through exchange filing on BSE.
The objective of the acquisition is to expand Indian Oil’s Oil & Gas Limited business in India.
The listed governmental authority has approved the acquisition, of NITI Aayog, DIPAM, and NCLT. The cost of acquisition is a total Consideration of Rs. 154 Crore shares with (Equity Share Capital: Rs. 10 Lakhs and Debt: Rs. 153.90 crore).
Read Also : Indian Railways reduces advance ticket booking period from 120 to 60 days
The Percentage of shareholding is 100% Share Capital of Mercator Petroleum Limited with Rs. 10 Lakhs i.e. 1,00,000 equity Shares of Rs. 10 each.
The MPL had been in the business of exploration of Oil and Gas and was a subsidiary of Mercator Ltd. MPL went under CIRP on 31.08.2020. NCLT had passed an order dated 02.11.2023 in favor of Indian Oil as the Successful Resolution Applicant.
Read Also : India extends its first-ever rupee-denominated Line of Credit under IDEASNews Must Read
- Metro Services Extended for Sunday's Vedanta Delhi Half Marathon
- TCIL celebrates 46th Foundation Day on 15th Oct 2024
- SECL Becomes First Coal Company to Open Four AMRIT Pharmacies
- RVNL wins contract for Nagpur Metro Phase-2 Project
- Ircon International shares gains 4% amid signing MoU with Patel Engineering
- RailTel shares surge 10% amid bagging Rs 79 crore order from MHADA
- Larsen & Toubro Wins Order for Agra Metro Network
- Noida airport completes calibration flight to test navigation system
- RBI imposes monetary penalty on SG Finserve limited
- RECPDCL Hands Over Rajasthan-IV H-1 Power Transmission Limited to PowerGrid