The board of Mangalore Refinery and Petrochemicals Limited (MRPL) has, in its 232nd meeting held on 19/10/2020, approved acquisition of 1,24,66,53,746 equity shares of Rs. 10 each of ONGC Mangalore Petrochemicals Limited (OMPL), a subsidiary of MRPL from Oil and Natural Gas Corporation Limited (ONGC) (an existing shareholder of OMPL).

Accordingly, a Share Purchase Agreement (SPA) was executed with ONGC for acquisition of 124,66,53,746 equity shares of Rs. 10/-. each of OMPL from ONGC. An amount of Rs. 1216,73,40,561/- was paid to ONGC towards consideration for acquisition of 124,66,53,746 equity shares at a price of Rs. 9.76 per share.

As per the SPA, ONGC transferred 124,66,53,746 shares of OMPL to MRPL's demat Account on 01/01/2021. With this, shareholding of MRPL in OMPL has increased to 99.9998%.