State-run Hindustan Petroleum Corporation (HPCL) has completed the deal to acquire 100 per cent stake in its exploration and production venture Prize Petroleum Company Ltd. HPCL, which earlier held 50 per cent stake in the company, has now picked up the remaining shares from private equity firm ICICI Venture, ICICI Bank and Housing Development Finance Corp. (HDFC).
Prize Petroleum was set up in 1998 to pursue opportunities in exploration and production of oil and gas sector in India and abroad.
While ICICI Bank held 35 per cent stake in Prize Petroleum, ICICI Venture and HDFC held 10 per cent and 5 per cent, respectively. According to VCCedge, the financial research platform of VCCircle, the three investors picked up the stake in early 1998.
The deal size was not disclosed. A report last year said that the stake is being acquired at par value of shares, with the entire 50 per cent being sold for Rs 10 crore.
With this deal, Prize has become a wholly owned subsidiary of HPCL. HPCL shares last traded at Rs 252.40 on BSE, down 0.41 per cent on Tuesday, in a strong Mumbai market.
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