The Hindu Business Line : EGM votes on KRL-BPCL merger, results next week

THE extraordinary general body meeting (EGM) of the shareholders and creditors of Kochi Refineries Ltd (KRL) and Bharat Petroleum Corporation Ltd (BPCL) convened by the Department of Company Affairs (DCA) was held here on Saturday.

After the discussions at the meeting chaired by Mr Justice (Retired) Santhosh Hegde on the swap ratio of 2.25:1 (for nine KRL shares four BPCL shares), voting was held.

The ballot papers, after the casting of votes, were sealed in a box and would be counted by two officials selected by the judge next week. The results would be officially announced by January 26/27, a senior official source told Business Line after the voting.

KRL has a paid-up capital of Rs 138.47 crore of an authorised capital of Rs 150 crore. BPCL is the major shareholder with 54.81 per cent, followed by LIC 8.51 per cent, Kerala Government 5.06 per cent, corporate bodies 5.28 per cent, other insurance companies and Foreign Institutional Investors (FIIs) 4.19 per cent each and Mutual Funds 1.53 per cent. Less than 1 per cent is held by Balmer and Lawrie and Company Ltd, UTI, nationalised and other banks, KSIDC andNRIs. The Indian public (70,000 shareholders) holds 15.19 per cent.

Shareholders' nod

MUMBAI: Bharat Petroleum Corporation Ltd (BPCL) said here on Friday that its extraordinary general meeting had approved the scheme of amalgamation of Kochi Refineries Ltd (KRL) with BPCL.

Pursuant to the directions of the Department of Company Affairs (DCA) in the order dated 28.11.2005, a meeting of the equity shareholders of BPCL was convened on January 16 here to consider the scheme of amalgamation of KRL with BPCL.

Mr Ashok Sinha, Chairman and Managing Director, BPCL, was appointed by the DCA as the Chairman of the meeting.

According to the release, 99 per cent of the total number of shareholders present in person/ proxy, representing 99.98 per cent of the total value of the votes cast, voted in favour of the scheme.

Those voted against the scheme were 10 shareholders present in person/proxy, representing 0.02 per cent of the total value of the votes cast. Accordingly, the equity shareholders of BPCL approved the scheme.

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