IndianOil’s record date for BRPL merger
Mumbai   29-Mar-2009
State-run refiner IndianOil said it has fixed April 28 as the record date for the transfer of shares for merger of Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself. In a filing to the Bombay Stock Exchange, IndianOil said it has fixed April 28, as the record date for the purpose of ascertaining the eligibility of BRPL shareholders, who would be entitled to receive the shares of IndianOil. Under the scheme of arrangement, the shareholders of BRPL would get four shares of IndianOil for every 37 shares they held. IndianOil had approved the merger of BRPL, which owns a 2.35 million-tonne a year oil refinery in Assam, in November 2006. At present, IndianOil holds 74 per cent in BRPL. The IndianOil-BRPL merger is effective from March 21 The merger follows the Government's decision to sell its stake in BRPL and Chennai Petroleum Corp Ltd to IndianOil.