The Oil and Natural Gas Corporation (ONGC) bought the government’s entire 51.11 per cent stake in oil refiner Hindustan Petroleum Corporation Limited (HPCL) for Rs 369.15 billion on January 31, 2018. ONGC bought 778.8 million shares in HPCL at Rs 473.97 per share which was higher than the Rs 396.50 closing price of HPCL on the Bombay Stock Exchange (BSE) on that day. The acquisition was done in an off-market deal.
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