Mangalore Refinery to acquire bonds worth up to Rs one,000 cr of subsidiary

New Delhi: Mangalore Refinery and Petrochemicals Limited on Friday claimed it has received table approval to acquire compulsory convertible debentures worth up to Rs 1,000 crore issued by way of its subsidiary ONGC Mangalore Petrochemicals Restricted (OMPL). “…typically the Board has authorized…acquisition of up to 100% of CCD issued by way of OMPL, a wholly had subsidiary of the corporation, from the debenture cases, for an aggregate concern of up to INR 1,000 crores,” MRPL said in a company filing.

The corporation board also reviewed raising of cash by issuance of perpetual bonds and even advised the managing to have additional consultations with the offered investors.

“Accordingly, no decision was initially taken in respect of issuance of continuous bonds,” this added.