HPCL to make Prize Petroleum Co a wholly owned subsidiary
State-owned Hindustan Petroleum Corp Ltd (HPCL) will buyout shares of financial institutions ICICI Bank, ICICI Venture and HDFC in Prize Petroleum Co Ltd to make the oil exploration firm its wholly owned subsidiary.
State-owned Hindustan Petroleum Corp Ltd (HPCL) will buyout shares of financial institutions ICICI Bank, ICICI Venture and HDFC in Prize Petroleum Co Ltd to make the oil exploration firm its wholly owned subsidiary.
HPCL and its partners had floated Prize Petroleum in 1998 to explore and produce oil and gas in India and abroad. HPCL owns 50% stake in the company, while ICICI Bank held 35% interest. ICICI Venture had 10% stake in and HDFC the remaining 5%."The Board of HPCL on April 15 approved acquisition of balance 50% shares held by other joint venture partners in Prize Petroleum Company Limited," a top company official said.HPCL will acquire 70 lakh shares held by ICICI Bank Ltd in Prize Petroleum at par value of Rs 10 each amounting to Rs 7 crore. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
