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IOC shareholders okay IBP merger

Mumbai, May 30: The shareholders of Indian Oil Corporation Ltd(IOC) have approved the merger plan of its subsidiary IBP Ltd with the company.

Informing the BSE, the company said its stakeholders gave their consent to the proposal at a meeting convened by the ministry of company affairs (The competent authority to approve amalgamation in government companies) on May 29, 2006 Indian Oil Corporation Ltd (IOC), the petroleum refining and marketing major planned the merger earlier this year. In April, the IOC board met and gave an in-principle approval to the proposal.

It was susbequently sent to the Ministry of Company Affairs for its approval. Following the approval, the ministry convened the meeting of IOC shareholders.

As per the proposal approved by the board, IOC, which has a 51 per cent market share for petroleum products in the country, is to merge IBP with itself. IOC holds a 53.58 per cent equity stake in IBP following disinvestment and open offer of the oil retailing company in 2002.

UNI

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