August 22, 2008

IOC gets shareholders nod for merger with BRPL

Indian Oil Corporation has announced that its shareholders have approved the merger of its subsidiary Bongaigaon Refinery & Petrochemicals Limited with itself.

The scheme of amalgamation of merger of Bongaigaon Refinery & Petrochemicals Limited with IOC was approved by shareholders, secured creditors and unsecured creditors during their respective meetings held on February 22nd 2008.

Earlier in November 2006, the board of directors of IOC had approved the merger with Bongaigaon Refinery & Petrochemicals Limited by recommending a swap of 4 equity shares of INR 10 each of IOC for every 37 equity shares of the same value of Bongaigaon Refinery & Petrochemicals Limited.