NAGARJUNA OIL REFINERY LTD. - Nagarjuna Oil Refinery Ltd reply to clarification sought by the exchange
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| 30 Jun 2015 | |
| The Exchange had sought clarification from Nagarjuna Oil Refinery Ltd with respect to news article appearing in Free Press Journal on June 27, 2015 titled "Netoil to buy Nagarajuna share in NOCL"<BR><BR>Nagarjuna Oil Refinery Ltd replied stating "The company hereby has to state that Netoil (Singapore) (PTE) Limited (Netoil), Singapore, is undertaking Due Diligence towards the acquisition of the entire Equity Capital held by the company in Nagarjuna Oil Corporation Limited (NOCL). <BR><BR>The acquisition is subject to Due Diligence, approval by the existing Promoters and other shareholders, approval of lenders and the Board of Netoil.<BR><BR>On the completion of Due Diligence and confirmation by Netoil and finality on the matter, the company shall enter into definitive agreements and inform the Stock Exchanges.<BR><BR>In relation to the other matters referred to in the news report, it is clarified that<BR><BR>a. Netoil is having its Registered Office at No.1 Raffles Place, Tower 1, Level 24, Singapore - 048616 and not Oman as stated in the newspaper report<BR><BR>b. There is no matter pending with Reserve Bank of India on Promoters reclassification.<BR><BR>c. It is correct to state that the Banks have sought RBIs dispensation in view of the assets likely to be classified by RBI as non-performing.<BR><BR>d. Netoil proposes to also take over entire debt of NOCL. NORL holds 46.78% in NOCL." | |
| View all announcements for NAGARJUNA OIL REFINERY LTD. | Source: BSE India |
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