Oil company ONGC said 97% of Imperial Energy shareholders had accepted its £1.3 billion ($1.89 billion) takeover offer and that it would now move forward with the deal which Imperial feared would fail.

Assam Company has extended its discovery and production asset portfolio by adding one more Block — AA-ONN-2005/1, which was won by the company along with Oil and Natural Gas Corporation (ONGC) and Oil India (OIL).

State-owned Hindustan Petroleum Corporation (HPCL) is expected to significantly raise its stake in Mangalore Refinery and Petrochemicals (MRPL) from the present level of 16.97%.

Oil and Natural Gas Corporation (ONGC)’s overseas financing arm, ONGC Videsh (OVL), which lately received government’s sanction for the Imperial bid is expected to borrow a rupee equivalent of $1 billion to part-fund the buyout of the UK-headquartered Imperial Energy.

ONGC’s shares got higher in the morning trades after the company announced that it has submitted a US$2.1bn bid to obtain the U.K.’s Imperial Energy Plc.

Due to a fall in crude prices that has significantly dipped down the return prospects of the 1.4 billion pound investment, oil major Oil and Natural Gas Corporation (ONGC) may require a fresh Cabinet sanction for acquiring UK-listed Imperial Energy Plc.