(PTI)
State-owned Oil and Natural Gas Corp (ONGC) will hire investment bankers to assist it in acquiring government’s 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL). The investment or merchant banker to be hired will be separate from the one the government is hiring to manage its disinvestment, a senior official said here.
The board of ONGC yesterday gave ‘in principle approval’ for acquisition of the government stake in HPCL, which at today trading price is worth about Rs 34,800 crore. He said a six-member Committee of Directors has been constituted to examine various aspects of the acquisition and to provide its recommendations to the board. The panel includes Chairman and Managing Director Dinesh K Sarraf and Director (Finance) A K Srinivasan as also independent directors K M Padmanabhan, Sumit Bose and Vivek Mallya. Director (Technology & Field Services) Shashi Shanker, who has been selected to succeed Sarraf as the chairman of ONGC at the end of September, will also be part of the panel.
