Govt Tweaks HPCL Stake Sale Terms

The Economic Times - - Companies: Pursuit Of Profit -

The gov­ern­ment has tweaked the terms of sale of its 51.11% stake in HPCL to ONGC by in­clud­ing phrases that will help avoid trig­ger an open of­fer, an of­fi­cial said. The CCEA had on July 19 granted ‘in-prin­ci­ple’ ap­proval for strate­gic sale of the gov­ern­ment’s ex­ist­ing 51.11% stake in HPCL to ONGC “along with the trans­fer of man­age­ment con­trol, which will re­sult in HPCL be­com­ing a sub­sidiary com­pany of ONGC”. The De­part­ment of In­vest­ment and Pub­lic As­set Man­age­ment (DIPAM) had on July 21 used the same for­mu­la­tion to in­vite ex­pres­sion of in­ter­est from in­vest­ment and mer­chant bankers to man­age the trans­ac­tion. — PTI

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