Indian Oil seeks permission to merge with BRPL

Indian Oil has approached the Union Department of Company Affairs (DCA) to seek permission to take shareholders approval on its proposed merger with Bongaigaon Refinery and Petrochemicals (BRPL). The shareholders approval will be sought at an extra-ordinary general meeting held by IOC, subject to receiving the DCA approval. After getting the shareholders` approval, DCA will hold a public hearing before clearing the proposal. The swap ratio will be of 4:37 (four equity shares of Rs 10 each of IOC for every 37 shares of Rs 10 each of BRPL).
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