(ET)
State-owned oil explorer Oil and Natural Gas Corporation (ONGC) is likely to acquire Hindustan Petroleum Corporation (HPCL) in a bulk or block deal in November or December, according to media reports.
Shares of ONGC ended Monday’s session flat at Rs 164.45, while HPCL settled at Rs 425.30, down 3.01 per cent. Benchmark BSE Sensex closed 0.93 per cent or 296 points down at 31,627.
According to the report, ONGC has appointed SBI Caps and the Citi Group as its merchant bankers for the deal and the government’s 51.92 crore shares could be sold to ONGC using either the bulk or block deal.
Shares of ONGC had hit 52-week high of Rs 212 on January 31, 2017 and 52-week low of Rs 155.30 on June 27, 2017.
