Mumbai: Bongaigaon Refinery & Petrochemicals Ltd (BRPL) said on 11 March its shareholders have approved the company’s merger with parent India Oil Corp.
The scheme of amalgamation of the company with the country’s largest oil firm, IOC, was approved by the shareholders, secured and unsecured creditors at their meeting held on 5 March.
In a filing to the Bombay Stock Exchange, BRPL said the Ministry of Corporate Affairs, a competent authority which approves amalgamation of government companies, had fixed the meeting of shareholders and creditors of the firm.
Earlier in November 2006, the board of directors of BRPL had approved the merger of IOC with itself. The board had also recommended a swap ratio of four equity shares of Rs10 each of IOC for every 37 equity shares of the same value of BRPL.
Shares of BRPL were trading at Rs56.05, up 1.82% late afternoon on the BSE.