Mangalore Refinery to acquire bonds worth up to Rs 1,000 cr of subsidiary

Mangalore Refinery and Petrochemicals Ltd on Friday said it has received board approval to acquire compulsory convertible debentures worth up to Rs 1,000 crore issued by its subsidiary ONGC Mangalore Petrochemicals Limited (OMPL).

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"...The Board has approved...Acquisition of up to 100% of CCD issued by OMPL, a wholly owned subsidiary of the Company, from the debenture holders, for an aggregate consideration of up to INR 1,000 crores," MRPL said in a regulatory filing.

The company board also discussed raising of funds by issuance of perpetual bonds and advised the management to have further consultations with the proposed investors.

"Accordingly, no decision was taken in respect of issuance of perpetual bonds," it added.