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News Roundup: ONGC eyes $2B deal for Nigeria field to expand international portfolio

22 March, 2013

Oil & Natural Gas Corp is eyeing a producing field in OPEC member Nigeria for up to $2 billion (INR 10,874 crore) as it prepares to expand its international portfolio after striking a $5-billion deal in Kazakhstan in November.  The state-run company’s overseas arm, ONGC Videsh Ltd, has signed a confidentiality agreement for the possible acquisition of 25-30% stake in four blocks in Nigeria from Sterling Energy and Exploration Production Company (SEEPCO), a privately held Indian firm that operates the blocks. OVL has already partnered in two offshore blocks in Nigeria. (Economic Times)

DVC plans to mop up INR 2600 crore through non convertible redeemable bonds: Damodar Valley Corporation (DVC) plans to mobilize INR 2,600 crore ($479 million) through private placement of 15-year non convertible redeemable AAA rated bonds guaranteed by the government of India. The money raised would be used to finance the company’s thermal projects expected to get com-missioned shortly. The bonds would be redeemable in three phases of 30 % each during 13th and 14th year. Balance 40 % would be redeemable during the 15th year. (Economic Times)

Rekhi’s Inventus scouting for startups, bullish on India: US-based Kanwal Rekhi is back in India scouting for innovative start-ups for his company Inventus Capital to invest in. The Indian-American founder of Inventus capital has just tied up USD 71million out of the targeted USD 100 million for his second fund and plans to raise the remaining USD 29million by June this year. From its first fund, Inventus Capital had invested USD 52million in 18 companies. Two of which has already exited successfully and now with the second fund, the VC firm plans to invest ticket sizes of around USD 1-2million each in 20-25 startups across India and the US over the next 5 yrs. The firm invests in tech startups, companies that use internet, ecommerce, software as services. Infact, Rekhi has already signed term sheets with two Indian companies and expects to ink these deals by end of April. (MoneyControl)

Indian Railway Finance Corp invites bids to raise at least Rs 5B via bonds: Indian Railway Finance Corp, the financing arm of Indian Railways, has invited quotes to raise at least INR 500 crore ($92.04 million) through 10-year bonds. The firm’s borrowing programme is rated AAA by Crisil and Care, as per the document. Bids have been invited on Friday and the pay-in date has been scheduled for Monday. ()

Promoters of Polylink Polymers plans to sell stake: J. Boseck & Co. Pvt. Ltd. and Ajay Commercial Co. Pvt. Ltd., which forms a part of the Promoter Group of Polylink Polymers (India) Ltd. are looking to sell stake in the company. The promoters would sell 0.6 million equity shares of the face value of INR 5 each of the company, by Promoter through a sale on the separate window provided by the BSE Ltd. for this purpose. The Sale shall take place on the separate window of the Stock Exchange and shall commence on March 26, 2013 and shall close on the same day. (BSE)

DS Kulkarni Developers plans stake sale: DS Kulkarni Developers Ltd. is looking to sell 1.6 million equity shares, from a holding of 2.5 million equity shares, held in its subsidiary, DSK Global Education & Research Pvt. Ltd. Post this disinvestment, DSK Global Education & Research Pvt. Ltd. will cease to be a subsidiary of the company. The company has already received the approval from its board for the proposed stake sale. The Board also approved disinvestment of balance 0.95 million equity shares in tranches, subject to compliance with conditions. (BSE)

HDFC plans to raise up to Rs 5B via bonds: Housing Development Finance Corp. Ltd. plans to raise up to INR 500 crore ($92.04 million) through 15-month bonds at 9.09%. The issue has a base size of INR 150 crore ($27.58 million) and is scheduled to open and close on Monday. Barclays Capital is the sole arranger to the bond sale. ()

Canaan to invest $100M in India: US venture capitalist Canaan Partners would invest $100 million (542.79 crore) in India over the next four years. The Valley-based investor would set aside the amount from its $600 million Canaan IX fund, which was raised last year. Canaan manages assets worth $3.5 billion globally, and has invested $150 million in India till date. The firm is looking to deploy the money in technology companies focused on consumer internet, enterprise, mobile, analytics and applications around cloud and big data. (Times of India)

Courtesy: VCCEdge


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News Roundup: ONGC eyes $2B deal for Nigeria field to expand international portfolio

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