2017
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Oil India Limited
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Hindustan Lever Corporation
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Bharat Petroleum Gas
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Oil and Natural Gas Corporation (ONGC)
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Detailed explanation-1: -The ONGC Board on Friday had considered the proposal and approved the acquisition of shares at a cash purchase consideration of ₹473.97 per share with a total acquisition cost of ₹36, 915 crore, the statement added.
Detailed explanation-2: -ONGC Board on 19th January, 2018 considered the proposal and approved acquisition of the entire 51.11% shareholding (778, 845, 375 equity shares) of the President of India, at a cash purchase consideration of INR 473.97 per share with a total acquisition cost of Rs. 36, 915 Crore.
Detailed explanation-3: -The government of India holds 51.11% stake in HPCL and that stake will be hived off to ONGC.
Detailed explanation-4: -ONGC, India’s biggest oil and gas producer, in 2018 completed the acquisition of HPCL for Rs 36, 915 crore. After this takeover, it has two refining subsidiaries–HPCL and MRPL.
Detailed explanation-5: -The reason ONGC took on debt was for purchasing Hindustan Petroleum Corporation (HPCL) from the government. The government owns both ONGC and HPCL, but it needed money, so it forced ONGC to buy its ownership of HPCL for a whopping Rs 36, 000 crore, for which ONGC borrowed about Rs 24, 000 crore.