The Industrial Development Bank of India has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore (Rs 815 million).

ONGC, the promoter of MRPL, has purchased 7,56,82,935 shares at Rs 10.77 each based on the option agreement executed by both the companies (IDBI and ONGC), IDBI said in a release on Monday.

The sale transaction, which constituted over one per cent of MRPL's paid up capital, was part of the deal struck last week, in which ONGC had acquired 35.60 crore shares of MRPL from banks and financial institutions as part of the debt restructuring package, taking its holding to 71.49 per cent.

These shares were allotted to the banks and FIs in conversion of part of their loans to MRPL in terms of the restructuring package.