The Board of Mangalore Refinery And Petrochemicals will meet on 29 October 2020 to consider fund raising of up to Rs 5000 crore through issue of Non-convertible Debentures (NCDs).

Powered by Capital Market - Live News

Mangalore Refinery And Petrochemicals will hold a meeting of the Board of Directors of the Company on 29 October 2020.

Powered by Capital Market - Live News

The board of MRPL on 19 October 2020, approved the acquisition of 1,24,66,53,746 equity shares of ONGC Mangalore Petrochemicals (OMPL) from ONGC, an existing shareholder of OMPL. Such acquisition is subject to customary consents and approvals, MRPL said.

MRPL held 51.0017% of the paid-up equity of OMPL, which has been increased to 99.9998% pursuant to the acquisition of equity shares from ONGC, it said.

OMPL, a subsidiary of MRPL, is a joint venture between ONGC and MRPL, set up for value addition of excess naphtha and aromatic streams available from MRPL refinery. The complex is the largest single stream unit in Asia to produce 914 KTPA Para-xylene and 283 KTPA Benzene.

MRPL is a subsidiary of ONGC and schedule 'A' Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas. As of 30 September 2020, ONGC held 71.63% and HPCL held 16.96% stake in MRPL.

Shares of ONGC were down 1.66% at Rs 68.1 on BSE.

Powered by Capital Market - Live News

MRPL said it received shareholders' approval in the 32th Annual General Meeting held on 18 September 2020.

Shares of MRPL lost 4% in the previous six trading sessions. The stock has risen 37% from its 52-week low of Rs 21.25 on 25 March 2020.

MRPL posted a consolidated net loss of Rs 755.65 crore in Q1 June 2020, higher than the net loss of Rs 547.85 crore reported in the same period last year. Consolidated net sales dropped nearly 53% to Rs 4382.76 crore in Q1 June 2020 over Q1 June 2019.

Mangalore Refinery & Petrochemicals is a subsidiary of ONGC and schedule 'A' Miniratna, Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas.

As of 30 June 2020, ONGC holds 71.63% and HPCL holds 16.96% stake in MRPL.

Powered by Capital Market - Live News