Oil and Natural Gas Corp. jumped to an over-nine-year high on Tuesday after shareholders of Imperial Energy Ltd., its Cyprus unit, approved merging five of its step-down businesses with itself.
Imperial Energy Ltd., a subsidiary of ONGC Videsh Ltd., has a total of seven step-down subsidiary businesses in Cyprus and Russia. Out of the seven, five will be merged, ONGC said in an exchange filing on Monday.
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The approval was granted on February 19, and is subject to approval of the competent court of Cyprus, where IEL and its step-down subsidiaries are registered.