M&A

M&A

MRPL invests Rs.47-Cr to hike stake in Mangalore SEZ to 28%

Business Line  

Mangalore Refinery and Petrochemicals Ltd (MRPL) has acquired 1,34,80,000 equity shares of Mangalore SEZ Ltd (MSEZ) from IL&FS. After this acquisition, the equity stake of MRPL in MSEZ will increase from 0.96 % to 27.92 %. MRPL acquired the shares at INR 35 per share, aggregating to INR 47.18 crore.IL&FS has offered its equity stake in MSEZ to ONGC/MRPL as a right to first refusal. ONGC (Oil and Natural Gas Corporation) is a promoter for MRPL and MSEZ.