BRPL to merge with IndianOil
Mumbai   26-Mar-2009
The government has approved merger of Bongaigaon Refinery & Petrochemicals Ltd {BRPL) with IndianOil, the country's largest public sector fuel retailer in terms of turnover. The merger was approved by IndianOil in November 2006. Shareholders of BRPL will get four equity shares of IndianOil every 37 shares held, the company told the Bombay Stock Exchange (BSE) on Wednesday. The record date for merger would be announced in due course, it said. IndianOil holds 74.46% equity stake in BRPL. Financial institutions and its employees hold Balance equity shares in the company.