State-run Oil and Natural Gas Corporation has said it had sought to "optimise" the bid price for Imperial Energy but the UK regulations forbade it from revising the offer. "As part of extra due-diligence process, we had sought to optimise the deal but couldn't," ONGC CMD R S Sharma told reporters in New Delhi.
ONGC was seeking to lower the 1,250 pence per share acquisition price for Imperial Energy, but couldn't achieve it as the UK take-over panel rejected its plea for an extension.
"I think, taking a long-term view of the oil economy, it's a good investment decision," he said adding that the acquisition would be completed as per schedule