ONGC, Oil India to buy Indian Oil stake at Rs 220 per share
State-owned ONGC and Oil India (OIL) are likely to buy a 10% stake in Indian Oil Corp (IOC) from the government at R220 per share, aggregating about R5,300 crore. An empowered group of ministers (EGoM) headed by finance minister P Chidambaram had on February 28 decided to sell the stake in IOC, at a discount of 10% through an off-market deal.
LIC hikes stake in Bhel to 15% as part of selloff programme
Life Insurance Corp has increased its stake in Bhel to nearly 15% after it purchased 4.6% shareholding in the power equipment maker as part of government?s disinvestment programme. LIC acquired about 11.41 crore shares in Bharat Heavy Electricals Ltd at a price of R165.55 a piece.
NMDC director NK Nanda gets another three-month extension
NMDC director (technical) NK Nanda has been granted another three-month extension till May 31 by steel minister Beni Prasad Verma on an ad-hoc basis pending vigilance clearance. The first five-year term of Nanda (53) on the board of the country?s largest iron ore miner ended in November. He had been granted a three-month extension in December.
Gail seeks LNG from East African suppliers
GAIL (India) is seeking LNG from East African producers to diversify its supply sources. ?We are trying to spread our portfolio of LNG supplies geographically and indice-wise (and) we are looking at the East African suppliers?, Gail?s marketing director Prabhat Singh said. He said the new supplies were being sought at prices of around $12 per million British thermal units, which would be good for the Indian market.
BPCL raises R1,240 cr from overseas bond sale
Bharat Petroleum has said it has raised 175 million Swiss francs (around R1,240 crore) through an international bond sale at a coupon of 2.988%. ?We raised 175 million Swiss francs through an overseas bond sale programme at a competitive coupon of 2.988%, which is 235 basis points above the Swiss mid-swap rate, in a 5.75-year money,? a BPCL spokesman said.
Minimum investment for CPSE ETF units is R5,000
Retail investors can participate in the government?s PSU stake sale programme by investing a minimum of R5,000 to buy
units of CPSE Exchange Traded Fund that comprises shares of 10 blue-chip companies. As per the draft offer document filed by the finance ministry with the Sebi, individual investors can invest a minimum of R5,000, while the maximum limit is R10 lakh. The CPSE ETF is an open-ended fund and the units would have a face value of R10 per unit.
HMT staff to get revised wages; retirement age raised to 60
The government has approved implementation of the 1997 pay scale along with increase in the retirement age from58 to 60 for the employees of HMT Machine Tools. The decision was taken at a recent meeting of the Cabinet Committee on Economic Affairs.
CIL board gives nod to form JV for reviving Talcher urea plantthe Coal India (CIL) board gave an in-principle approval to form a joint venture for reviving FCIL?s closed urea plant at Talcher in Odisha at a cost of R8,000 crore.
A consortium of Rashtriya Chemicals Fertilisers, GAIL, CIL and FCIL will invest R8,000 crore for the revival of the urea plant with a production capacity of 1.2 million tonnes per annum.
