{"id":119694,"date":"2019-04-28T12:00:10","date_gmt":"2019-04-28T12:00:10","guid":{"rendered":"https:\/\/www.bnreport.com\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/"},"modified":"2019-04-28T12:00:10","modified_gmt":"2019-04-28T12:00:10","slug":"hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/","title":{"rendered":"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap"},"content":{"rendered":"

NEW DELHI: Hindustan Petroleum Corp's plans to acquire Mangalore Refinery and Petrochemicals (MRPL) has hit a cash hurdle, with parent ONGC<\/a> preferring a cash deal rather than a share-swap, sources aware of the development said.<\/p>\n

Oil and Natural Gas Corp (ONGC), India's biggest oil and gas producer, last year completed acquisition of Hindustan Petroleum Corp (HPCL) for Rs 36,915 crore.<\/p>\n

After this takeover, ONGC has two refining subsidiaries \u2014 HPCL and MRPL.<\/p>\n

Since then, HPCL is keen to get MRPL in its fold citing operational synergies. It has been talking of a combination of cash and share-swap for the deal that will make it India's third-largest oil refiner.<\/p>\n

But now, ONGC wants only cash as HPCL shares are on the slide.<\/p>\n

ONGC acquired the government's 51.11 per cent stake in HPCL in January 2018 at Rs 473.97 per share. The same share of HPCL on Friday closed at Rs 282.60, a massive 40 per cent loss in value in 15 months.<\/p>\n

Sources said HPCL has not yet come up with a concrete proposal for acquiring MRPL and has been talking about the deal mostly through the Oil Ministry and the media.<\/p>\n

ONGC, they said, wants HPCL to make a compelling offer to it for the merger talks to begin.<\/p>\n

ONGC holds 71.63 per cent stake in MRPL.<\/p>\n

HPCL can acquire MRPL by buying out ONGC's shares, which at Friday's trading price is worth about Rs 9,300 crore.<\/p>\n

The other option is share-swap, wherein ONGC will get more shares in HPCL in lieu of it giving up control in MRPL. A third option and more preferable is a combination of the two.<\/p>\n

Sources said ONGC feels it does not want to end up with more shares of HPCL whose value has been on the decline on the stock market.<\/p>\n

HPCL currently holds 16.96 per cent stake in MRPL.<\/p>\n

HPCL Chairman and Managing Director Mukesh Kumar Surana has been since January 2018 talking of the synergy MRPL acquisition will bring to the company.<\/p>\n

For one, HPCL sells more petroleum products than it produces and bringing MRPL's 15 million tonne a year refinery under the fold would help Read More \u2013 Source<\/strong><\/a>
\n[contf]
\n[contfnew]
\n <\/p>\n

ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..<\/p>\n","protected":false},"author":1,"featured_media":119696,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-119694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nHPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap - Business News Report<\/title>\n<meta name=\"description\" content=\"NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap - Business News Report\" \/>\n<meta property=\"og:description\" content=\"NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/\" \/>\n<meta property=\"og:site_name\" content=\"Business News Report\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-04-28T12:00:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/04\/photo-16-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1070\" \/>\n\t<meta property=\"og:image:height\" content=\"580\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"infopal11\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@BNReport\" \/>\n<meta name=\"twitter:site\" content=\"@BNReport\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"infopal11\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/\"},\"author\":{\"name\":\"infopal11\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\"},\"headline\":\"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap\",\"datePublished\":\"2019-04-28T12:00:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/\"},\"wordCount\":367,\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/photo-16-1.jpg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/\",\"name\":\"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap - Business News Report\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/photo-16-1.jpg\",\"datePublished\":\"2019-04-28T12:00:10+00:00\",\"description\":\"NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/photo-16-1.jpg\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2019\\\/04\\\/photo-16-1.jpg\",\"width\":1070,\"height\":580},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629\",\"item\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"name\":\"Business News Report\",\"description\":\"Latest News on the World of Politics & Business\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#organization\",\"name\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"contentUrl\":\"https:\\\/\\\/www.bnreport.com\\\/wp-content\\\/uploads\\\/2020\\\/12\\\/LOGO2.png\",\"width\":200,\"height\":50,\"caption\":\"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a\"},\"image\":{\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/Business-NewsReport-328225811095934\\\/\",\"https:\\\/\\\/x.com\\\/BNReport\",\"https:\\\/\\\/www.instagram.com\\\/business.newsreport\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/#\\\/schema\\\/person\\\/19d1c5a2dd7f60584a09de4a7805d68f\",\"name\":\"infopal11\",\"url\":\"https:\\\/\\\/www.bnreport.com\\\/en\\\/author\\\/infopal11\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap - Business News Report","description":"NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/","og_locale":"en_US","og_type":"article","og_title":"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap - Business News Report","og_description":"NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..","og_url":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/","og_site_name":"Business News Report","article_publisher":"https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","article_published_time":"2019-04-28T12:00:10+00:00","og_image":[{"width":1070,"height":580,"url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/04\/photo-16-1.jpg","type":"image\/jpeg"}],"author":"infopal11","twitter_card":"summary_large_image","twitter_creator":"@BNReport","twitter_site":"@BNReport","twitter_misc":{"Written by":"infopal11","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#article","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/"},"author":{"name":"infopal11","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f"},"headline":"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap","datePublished":"2019-04-28T12:00:10+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/"},"wordCount":367,"publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/04\/photo-16-1.jpg","articleSection":["Finance"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/","url":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/","name":"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap - Business News Report","isPartOf":{"@id":"https:\/\/www.bnreport.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#primaryimage"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#primaryimage"},"thumbnailUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/04\/photo-16-1.jpg","datePublished":"2019-04-28T12:00:10+00:00","description":"NEW DELHI: Hindustan Petroleum Corp's plans to acquire ..","breadcrumb":{"@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#primaryimage","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/04\/photo-16-1.jpg","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2019\/04\/photo-16-1.jpg","width":1070,"height":580},{"@type":"BreadcrumbList","@id":"https:\/\/www.bnreport.com\/en\/hpcl-mrpl-merger-hits-cash-hurdle-ongc-rules-out-share-swap\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629","item":"https:\/\/www.bnreport.com\/en\/"},{"@type":"ListItem","position":2,"name":"HPCL-MRPL merger hits cash hurdle; ONGC rules out share-swap"}]},{"@type":"WebSite","@id":"https:\/\/www.bnreport.com\/en\/#website","url":"https:\/\/www.bnreport.com\/en\/","name":"Business News Report","description":"Latest News on the World of Politics & Business","publisher":{"@id":"https:\/\/www.bnreport.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bnreport.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bnreport.com\/en\/#organization","name":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a","url":"https:\/\/www.bnreport.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","contentUrl":"https:\/\/www.bnreport.com\/wp-content\/uploads\/2020\/12\/LOGO2.png","width":200,"height":50,"caption":"\u0628\u0632\u0646\u0633 \u0631\u064a\u0628\u0648\u0631\u062a \u0627\u0644\u0627\u062e\u0628\u0627\u0631\u064a"},"image":{"@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Business-NewsReport-328225811095934\/","https:\/\/x.com\/BNReport","https:\/\/www.instagram.com\/business.newsreport"]},{"@type":"Person","@id":"https:\/\/www.bnreport.com\/en\/#\/schema\/person\/19d1c5a2dd7f60584a09de4a7805d68f","name":"infopal11","url":"https:\/\/www.bnreport.com\/en\/author\/infopal11\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/119694","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/comments?post=119694"}],"version-history":[{"count":0,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/posts\/119694\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media\/119696"}],"wp:attachment":[{"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/media?parent=119694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/categories?post=119694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bnreport.com\/en\/wp-json\/wp\/v2\/tags?post=119694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}