BP and Reliance Industries Ltd (RIL) are leading the race to pick up a 25 per cent stake in Gujarat State Petronet Corporation (GSPC) and the Adani group’s five million tonnes per annum (mtpa) liquefied natural gas (LNG) terminal at Mundra, Gujarat. India Gas Solutions (IGS), the equal joint venture formed by the two companies, is one among the eight bidders who bid for a 25 per cent stake in the Mundra terminal early this year. GSPC and Adani have zeroed in on three players – IGS, Oil and Natural Gas Corporation (ONGC) and IndianOil Corporation (IOC). IGS was formed as a 50:50 joint venture between BP and RIL after BP bought a 30% stake for $7.2 billion in 21 oil and gas production sharing contracts in India, including the KG-D6 block. (Business Standard)
ONGC gets nod to offer 10% stake in Tripura Power Company to Bangladesh: The government has given an in-principle approval to state-run Oil & Natural Gas Corporation’s (ONGC) proposal to offer 10% equity stake to Bangladesh in ONGC Tripura Power Company and supply 250 mw electricity to the energy-deficient neighbour. The move is expected to strengthen the Sheikh Hasina government ahead of the crucial general elections in Bangladesh next month. The 726.6 mw project is currently producing just 180 mw because the company has been unable to lay transmission lines between the Palatana plant and Bongaigaon to connect to the national grid for want of green clearance. The second phase of the project, which was expected to be commissioned by July this year, has, therefore, been delayed until March 2014. (The Economic Times)
Canara Bank plans to raise Rs 1,500 cr through bonds: The state-owned Canara Bank Ltd. is planning to raise Rs 1,500 crore ($242 million) through the issue of Basel-III complaint Tier-II bonds. This capital raising would be over and above Rs 500 crore that the government has decided to infuse in the bank before March 2014. In order to take shareholders approval for issuance of preference shares to the government, the bank will hold an extraordinary general meeting on 30 December. (Live Mint)
NHB plans to seek government permit to issue Rs 5,000 crore tax-free bonds next fiscal: National Housing Bank (NHB), the regulator for housing finance companies, is planning to request government to grant permission for issuance of tax-free bonds worth Rs 5,000 crore ($807 million) in the next fiscal. NHB is in the process of preparing budget demands for the next fiscal and will shortly submit its demands, chairman and managing director R.V. Verma said. The bonds are proposed to be listed on the National Stock Exchange. NHB, was permitted to issue tax-free bonds of up to Rs 3,000 crore during the current financial year. Of this, NHB had already raised Rs 900 crore through a private placement in August. (Live Mint)
MCX scouts for new anchor investor: The board of the Multi Commodity Exchange of India Limited (MCX) has decided to bring in a new anchor investor, a move that could curtail the influence of the promoter, Jignesh Shah-promoted Financial Technologies India Limited (FTIL). The new investor could be brought in even before the courts take a call on the Forward Markets Commission (FMC)’s fit-and-proper order, if the plan is executed. Now, FTIL is the anchor investor in MCX. The board has set up a committee to look for a new investor,” said a senior official familiar with the development. MCX might issue fresh shares on a preferential basis to the investor. Such a move would expand the capital base of the bourse and was likely to dilute the holdings of existing shareholders, unless they subscribe to new shares. (Business Standard)
IFC plans to pick up equity stake in Delta Partners: Dubai-based Delta Partners Group is planning to raise $350 million for its private equity fund, in which the World Bank’s investment arm, International Finance Corporation (IFC) is planning to take an equity stake. The fund invests in telecom, media, and related technology (TMT) companies in markets like Southeast Asia, Africa and West Asia. The fund might also invest in debt securities that have equity-like returns or an equity component, or are related to its equity investments. According to project disclosure, IFC is planning to invest up to $10 million in equity, not to exceed 20 per cent of total fund commitments, in a second closing for Delta Partners’ Emerging Markets TMT Growth Fund II, LP, a private equity fund sponsored by Delta Partners Group (Delta). (Business Standard)
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