An unknown buyer agreed to acquire 46.78% stake in Nagarjuna Oil Corporation Ltd. from Nagarjuna Oil Refinery Ltd. (BSE:534184) for INR 1.9 billion on November 8, 2016. The buyer will acquire 776.2 million shares and will pay INR 2.5 per share for each share of Nagarjuna Oil Corporation. The transaction has been approved by the Board of Nagarjuna Oil Refinery and is subject to approval of the members and lenders of Nagarjuna Oil Corporation. As announced on November 15, 2016, the result of the voting of members which shall commence on November 28, 2016 and end on December 28, 2016 would be announced on December 29, 2016. As announced on August 9, 2017, the members of Nagarjuna Oil Corporation have approved the transaction. As of April 21, 2018, committee of creditors of Nagarjuna Oil Corporation Ltd recommended to liquidate it. An intimation has been filed to Honorable National Company Law Tribunal. An unknown buyer cancelled the acquisition of 46.78% stake in Nagarjuna Oil Corporation Ltd. from Nagarjuna Oil Refinery Ltd. (BSE:534184) on November 8, 2017.