The Oil and Natural Gas Corporation (ONGC) has ruled out a share swap deal for the planned acquisition of Mangalore Refinery and Petrochemicals Limited (MRPL) by Hindustan Petroleum Corporation Limited (HPCL). ONGC prefers an all-cash deal. Earlier, the acquisition deal was planned to be some combination of cash and share swap. However, HPCL has not yet drawn a concrete proposal for the acquisition. Reportedly, ONGC and HPCL hold 71.63 per cent and 16.96 per cent stake in MRPL respectively.
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