IOC-BRPL merger may be approved soon

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IOC-BRPL merger may be approved soon

After IBP it is now the turn of the Assam-based Bongaigaon Refinery & Petrochemicals Ltd (BRPL) to be merged with parent company IndianOil. According to senior officials of both the companies, the Department of Company Affairs has concluded all the proceedings in this regard and the approval is expected in December-January.

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Kolkata, Dec. 7

After IBP it is now the turn of the Assam-based Bongaigaon Refinery & Petrochemicals Ltd (BRPL) to be merged with parent company IndianOil . According to senior officials of both the companies, the Department of Company Affairs has concluded all the proceedings in this regard and the approval is expected in December-January.

According to officials, DCA has also kept the swap ratio unchanged at four equity shares of Rs 10 each of IOC for every 37 shares of Rs 10 each of BRPL, according to the original proposal forwarded by the boards of both the companies in November 2006.

IOC holds 74 per cent stake in BRPL. Once the order is available it would be up to the two companies to decide on the date of effecting the merger within a stipulated timeframe.

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