Oil and Natural Gas Corporation Limited (ONGC) has announced the allotment of equity shares on a rights basis in two joint venture entities: Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited. The company has been issued 71,57,185 equity shares in each entity, thereby increasing its cumulative holding to 1,43,87,861 equity shares of ₹100 each in each company, maintaining its 50% stake.
ONGC Expands Joint Venture Holdings
Oil and Natural Gas Corporation Limited (ONGC) has confirmed the allotment of equity shares on a rights basis in two of its joint venture companies. This development pertains to Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited, entities registered in Gift City, Gandhinagar.
Share Allotment Details
ONGC has been issued 71,57,185 equity shares, each with a face value of ₹100, by Bharat Ethane One IFSC Private Limited. Similarly, an equal number of shares, 71,57,185 equity shares of ₹100 each, have been allotted to ONGC by Bharat Ethane Two IFSC Private Limited. These allotments reinforce ONGC’s position as a 50% Joint Venture Partner with M/s Mitsui O.S.K. Lines Ltd., Japan (MOL).
Increased Cumulative Holding
Following the allotment of these shares, ONGC’s cumulative shareholding in each of the joint venture entities will now stand at 1,43,87,861 equity shares of ₹100 each. This strategic increase in holdings solidifies ONGC’s investment and partnership in these critical joint ventures, maintaining its 50% ownership in both companies.
Source: BSE
