News Roundup: Government invites bids from banks to sell shares in Indian Oil

21 March, 2016

Government has invited bids to appoint merchant bankers to manage a 10% share sale in the state-run Indian Oil Corporation through a share offer. The government plans to raise Rs 40,000 crore ($7.05 billion) through share sale in state-run companies during the current fiscal year 2013-14. The last date for submitting bids in June 26. ()

RINL to raise Rs 600 crore debt in current fiscal: State-owned Rashtriya Ispat Nigam would raise up to Rs 600 crore ($105.5 million) to fund Rs 1,600 crore ($ 281.53 million) capex programme for the current fiscal. The company would intend to fund around Rs 1,000 crore ($175.96 million) from internal accruals and the remaining would be raised by way of debt. The funds would be raised either through loans from banks or by issuing bonds having a tenure of minimum five years. A final decision on the ways of raising funds would be taken by October and the fund would be raised in the third quarter of the current fiscal. (The Times Of India)

Mukand board approves Rs 160 crore rights issue: Steel maker Mukand Ltd. is looking to raise Rs 160 crore ($28.15 million) through right issue. The board of directors of the company at its meeting held on June 6 has taken the decision to issue further equity shares to existing equity shareholders of the company on rights basis. Currently, the promoters holds 5.59% stake in the company. (The Economic Times)

Courtesy: VCCEdge


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News Roundup: Government invites bids from banks to sell shares in Indian Oil

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