Mangalore Refinery and Petrochemicals Limited agreed to acquire additional 26.96% stake in Mangalore Sez Limited from Infrastructure Leasing & Financial Services Limited for approximately INR 470 million.

Mangalore Refinery and Petrochemicals Limited (BSE:500109) agreed to acquire additional 26.96% stake in Mangalore Sez Limited from Infrastructure Leasing & Financial Services Limited for approximately INR 470 million on March 22, 2024. Prior to the transaction, Mangalore Refinery and Petrochemicals Limited (BSE:500109) held 0.96%. Under the terms of agreement, Mangalore Refinery and Petrochemicals will acquire 13.48 million shares at 1NR 35 per share.

The transaction has been approved by board of Mangalore Refinery and Petrochemicals and is expected to close within a year.