State-run Indian Oil Corp said the administration had endorsed a proposition to retain its backup Bongaigaon Refinery and Petrochemicals.

Indian Oil will issue four offers for each 37 partakes in BRPL, it said in an announcement.

State-run refiner Indian Oil Corp said it has settled April 28 as the record date for the exchange of offers for merger of Bongaigaon Refinery and Petrochemicals Ltd (BRPL) with itself.

In a documenting to the Bombay Stock Exchange IOC said it has settled April 28, 2009, as the record date with the end goal of finding out the qualification of BRPL investors, who might be qualified for get the offers of IndianOil.

Under the plan of course of action, the investors of BRPL would get four offers of IOC for each 37 shares they held.

IOC had endorsed the merger of BRPL, which possesses a 2.35-million-ton a year oil refinery in Assam, in November 2006. At display IOC holds 74 for every penny in BRPL.

The IOC-BRPL merger is powerful from March 25. The merger takes after the administration's choice to offer its stake in BRPL and Chennai Petroleum Corp Ltd to IOC.