The Indian Petroleum Sector.

Upstream Sector Oil & Gas Exploration

Downstream Sector

Refining & Marketing

ONGC, OIL, RIL

Natural Gas Distributio n GAIL, RIL

IOC, BPCL, HPCL, RIL, CPCL, KRL, NRL, MRPL

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Pre Acquisition Share holding pattern of MRPL

25 % 37.50% A.V. Birla HPC Other L Click to edit Master subtitle style s 37.50 %

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Current Shareholding Pattern

11 % 17 %

ONGC HPCL Others

72 %

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VALUATIONS

HPCL had 1st right to refusal HPCL was offered at Rs. 14-16 per share HPCL refused to sell its stake Then Aditya Birla the co promoter decided to sell its stake

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VALUATIONS

ONGC infused some Rs. 600 crore Bought it at Rs. 2 per share MRPL Debt:Equity ratio was as high as 15:1 (pre acquition) Debt:Equity ratio reduced to 2.5:1 Price/Book value per share was only 4.3 EBITDA Margin 2.4 times
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VALUATIONS

ONGC further introduced some Rs. 1000 crore and converted debt to equity ONGC increased its stake to 51% by converting debt to equity Further ONGC went on buying up to 72% shares by open market offers and HPCL also
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