ONGC is likely to secure the minimum threshold of shareholder acceptances to acquire the UK-listed Imperial Energy. Final decision by the shareholders would be taken on Tuesday. ONGC can acquire Imperial Energy only after getting nod form 90% shareholders of Imperial Energy. Imperial maintains huge gas and oil reserves in the Russian field and Indian government recently allowed ONGC to go for the acquisition for energy security of the country.

A confidential source said, "If ONGC fails to receive 90% acceptance from Imperial shareholders by Tuesday, ONGC will not seek extension of the deadline as acquirers normally do."  

A report in financial times states, "Imperial has received a flurry of acceptances from shareholders in the past few days in spite of the Christmas holiday and expects to receive more today, the final full day of business available."  

The deal was made when the international crude rates were around $128 a barrel and they currently hover at around $40. ONGC had earlier requested the UK panel to delay the acquisition process to get the necessary approval from Indian government. However, the penal rejected the request of ONGC.  

The shares of ONGC gained 2 per cent on the Bombay Stock Exchange and closed at Rs657.8. However, shares of Imperial Energy surged 6 per cent on the London Stock Exchange.