Oil and Natural Gas Corporation (ONGC) has received an in-principle approval to acquire the government's 51.11% stake in Hindustan Petroleum Corporation (HPCL). The board of directors of the company at its meeting held on August 21, 2017 has approved for the same.

Last month, the government had approved sale of its 51.11% stake in oil refiner HPCL to India's largest oil producer ONGC.

Further, the board has constituted a Committee of Directors to examine various aspects of the said proposal and to provide its recommendations to the Board of Director.

Shares of the company gained Rs 1.15, or 0.73%, to trade at Rs 158.70. The total volume of shares traded was 97,865 at the BSE (10.07 a.m., Tuesday).