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News Roundup: Shiv Vani Oil to Raise Rs 600 Crore

12 June, 2009

GMR’s Kakinada Project to See Rs 400 Crore Investment – GMR Energy Ltd, the subsidiary of Bangalore-based infrastructure major, GMR Infrastructure Ltd, has finalised a Rs 400 crore investment plan to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra Pradesh. The new plant, which will use natural gas as basic fuel, will be operationalised by March 2010. (Business Standard)

Novartis Rules Out Delisting, Completes Open Offer – Novartis has successfully managed to close an open offer to buy shares in its Indian unit from other minority shareholders, but the Swiss-based drugmaker rejected suggestions it could soon join a growing list of multinational drugmakers opting to delist their local arms. The open offer, which closed on June 8, received a good response from investors, with 90% of the investors holding more than 1% of the firm’s equity tendering their shares. (The Economic Times)

Shiv Vani Oil to Raise Rs 600 Crore Through Various Routes – Shiv Vani Oil & Gas Exploration Services today said it will raise Rs 600 crore through various domestic and international fund raising routes.  The board of directors of the company at its meeting has approved the raising of Rs 600 crore through Global Depositary Receipt, American Depository Receipt and Foreign Currency Convertible Bond. From the domestic market, the company would raise money through preferential issue of shares and qualified institutional placement. (Business Standard)

ONGC to Raise Rs 27,000 Crore for Funding Projects – State-run ONGC will borrow about Rs 27,000 crore over next three to four years to fund its projects. The company has already received a Rs 8,500 crore commitment for the petro chemical project at Dahej in Gujarat and another Rs 3,500 crore have been tied up for the power plant at Tripura. The company will meet another Rs 6,000 crore for expansion of its Mangalore Refinery and additional Rs 4,000 crore for Mangalore SEZ. (Business Standard)

Nadathur Buys into Thai Hotel Group – Nadathur Holdings, the investment firm of Infosys co-founder NS Raghavan, has acquired majority stake in Bangkok-based BMC Management Corp, which operates a chain of boutique hotels and resorts in Thailand and Cambodia. Nadathur, a $500 million fund, has acquired the stake through a group firm, Ativa Hospitality, marking its foray into the leisure business. Ativa Hospitality, which is focused on hotel development and management, will now look for similar buyouts in India, as well. (The Economic Times)

 


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News Roundup: Shiv Vani Oil to Raise Rs 600 Crore

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