IOCL acquires 100% equity stake in Mercator Petroleum Limited under Corporate Insolvency Resolution
The objective of the acquisition is to expand Indian Oil’s Oil & Gas limited business in India.
State-owned Indian Oil Corporation Limited has acquired Mercator Petroleum Limited (MPL) under corporate insolvency resolution for a consideration of Rs. 154 crore. The company has provided the information through exchange filing on BSE.
The objective of the acquisition is to expand Indian Oil’s Oil & Gas Limited business in India.
The listed governmental authority has approved the acquisition, of NITI Aayog, DIPAM, and NCLT. The cost of acquisition is a total Consideration of Rs. 154 Crore shares with (Equity Share Capital: Rs. 10 Lakhs and Debt: Rs. 153.90 crore).
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The Percentage of shareholding is 100% Share Capital of Mercator Petroleum Limited with Rs. 10 Lakhs i.e. 1,00,000 equity Shares of Rs. 10 each.
The MPL had been in the business of exploration of Oil and Gas and was a subsidiary of Mercator Ltd. MPL went under CIRP on 31.08.2020. NCLT had passed an order dated 02.11.2023 in favor of Indian Oil as the Successful Resolution Applicant.
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