Oil & Natural Gas Corporation Limited has informed the Exchange about Shareholders meeting
ONGC · price
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ONGC shareholders approved all three ordinary resolutions in a postal ballot that concluded on May 2, 2025. The resolutions relate to ONGC's overseas LNG investments in Mozambique through its subsidiary ONGC Videsh Limited (OVL). Resolution 1 covers advancing funds by OVL to Beas Rovuma Energy Mozambique Limited and converting them into Redeemable Preference Shares, Resolution 2 is for a Sponsor Senior Loan by OVL Overseas IFSC Ltd. to Moz LNG1 Financing Company Ltd., and Resolution 3 is for ONGC's guarantee support against the same loan. Each resolution received over 4.09 billion votes, with overwhelming approval ranging from 99.61% to 99.96% in favor and negligible votes against. The voting was conducted electronically via NSDL between April 3 and May 2, 2025.
Strong shareholder backing enables ONGC to proceed with its Mozambique LNG project financing through OVL, supporting the company's overseas expansion strategy. The near-unanimous approval reflects confidence in management's international investment plans and removes a key governance hurdle for these transactions.