ONGC JV Companies Allot Equity Shares; Holding Remains 50%

Oil and Natural Gas Corporation Ltd (ONGC) has announced the allotment of equity shares by its joint venture companies, Bharat Ethane One IFSC Private Limited and Bharat Ethane Two IFSC Private Limited. The company received 71,57,185 equity shares of ₹100 each in each of these two entities. This allotment was on a rights basis. Following the allotment, ONGC's shareholding in each joint venture remains at 50%. The cumulative holding in each company will now be 1,43,87,861 equity shares of ₹100 each. These joint ventures are registered in Gift City, Gandhinagar, with Mitsui O.S.K. Lines Ltd., Japan (MOL) as the other 50% partner.