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Fullstream company, Baker Hughes has concluded its demerger with GE, closing a secondary offering of 132.25 million shares of BHGE Class A common stock. With Baker completing the share repurchase, GE and its affiliates lost ownership of more than 50% of the voting power of all classes of BHGE’s voting stock. BHGE aims to revise its corporate name to Baker Hughes Company, known as Baker Hughes.
The demerger scheme for Ratnagiri Gas and Power and Konkan LNG has been approved by the National Company Law Appellate Tribunal (NCLAT). The ‘Long Stop Date’ for the demerger of companies has been extended to March 31, 2018. Ratnagiri Gas was incorporated with the aim to take over and revamp the assets of Dabhol Power Company Project. The demerging is expected to expand the business growth prospects.