Oil & Natural Gas Corporation Acquires Shares in Joint Ventures with Mitsui O.S.K. Lines
Oil & Natural Gas Corporation Limited has strengthened its partnership status in two joint venture entities through a recent rights-based equity share issuance by both partner companies. The acquisition maintains ONGC's 50% shareholding in Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, both registered in Gift City, Gandhinagar.The company has successfully acquired shares in both joint venture entities after the rights-based allotment process was completed. These ventures were established as a 50% joint venture between Oil & Natural Gas Corporation and M/s Mitsui O.S.K. Lines Ltd. (MOL).
Upon the successful completion of the share allotments, ONGC’s cumulative holding in both Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited now stands at 1,43,87,861 equity shares of ₹ 100 each in each respective joint venture company.
The details of the equity shares issued to Oil & Natural Gas Corporation are summarized below:
| Joint Venture Company | Shares Issued (Equity) | Issue Price per Share |
|---|---|---|
| Bharat Ethane One IFSC Private Limited | 71,57,185 | ₹ 100/- |
| Bharat Ethane Two IFSC Private Limited | 71,57,185 | ₹ 100/- |
The transaction ensures that Oil & Natural Gas Corporation maintains its 50% partnership stake in both joint venture entities.
ONGC Stock Price Movement
Oil & Natural Gas Corporation Limited shares closed higher today, gaining 0.29% to settle at ₹242.53 in the post-market session. The stock traded within a range of ₹238.17 and ₹242.96 throughout the trading day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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