Kochi Refineries

Bharat Petroleum Corporation Ltd, BPCL informed the Bombay Stock Exchange, BSE, that the company's board, at its meeting held on January 17 has approved the scheme of amalgamation of Kochi Refineries Ltd, KRL, with the company.

The board has also recommended a swap ratio of 1:2.25, that is four fully paid up equity shares of Rs 10 each of the company, for every nine fully paid up equity shares of KRL, newswires reported.

Kochi refineries plunged as the price had to correct itself to this unfavourable swap ratio.

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