ONGC Videsh Ltd. (OVL), the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), is pleased to announce that OVL and Imperial Energy Corporation plc, United Kingdom (Imperial Energy) have reached an agreement on the terms of recommended pre-conditional cash offers for the entire, issued and to-be-issued ordinary share capital, of Imperial Energy, and for Imperial Energy’s outstanding convertible bonds. Under the terms of the share offer, Imperial Energy shareholders will be entitled to receive 1250 pence in cash for each Imperial Energy share held. The offers together value Imperial Energy at approximately 1.4 billion pounds.
The All Assam Students Union (AASU) has assured unconditional support to Oil and Natural Gas Corporation Ltd. (ONGC) and has said that it will partner the Oil major in the latter’s drive to enhance productivity in the north-eastern state, by ensuring uninterrupted operations there.
