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Shares of HPCLBSE 3.60 % jumped nearly 4 percent after the board of ONGCBSE 0.60 % gave 'in-principle' approval to acquire government's 51.11 percent stake in the oil marketing company (OMC). Shares of ONGC inched up after the announcement.
Following the announcement, shares of HPCL rose 3.92 percent to Rs 451.20 on BSE. Shares of ONGC were trading 0.19 percent higher at Rs 157.85.
The board constituted a committee of directors to "examine various aspects" of the acquisition and "to provide its recommendations to the board of directors", ONGC said.
HPCL will become a subsidiary of ONGC and will remain a listed company post the acquisition, the source told PTI adding that the board of the refining and marketing company will continue to remain in place.
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