BPCL, IOC and Oil India may gain after their consortium acquires stake in Russian oil & gas company

BPCL said on Saturday, 18 June 2016 that Bharat PetroResources (BPRL), a 100% subsidiary of BPCL, and its exploration and production arm, along with Oil India and Indian Oil Corporation (IOCL), acting jointly as the Indian consortium, signed definitive agreements to acquire, through a joint venture company formed by their wholly owned subsidiaries in Singapore, upto 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016.

Rosneft Oil Company holds about 85% shares while ONGC Videsh (through its subsidiary) holds about 15% shares in JSC Vankorneft. Vankor field, located in East Siberia is Russia's second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tons of oil and 8.71 BCM of gas.

Axis Bank said after market hours on Friday, 17 June 2016 that it has kept its lending rates based on marginal cost of funds unchanged effective from 18 June 2016. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.95%, the rate for one month will be 9.05% and for three months it will be 9.25%. The MCLR on 6-month loans will be 9.3% and for one-year loans the rate will be 9.35%, the bank said. MCLR on two-year loans will be 9.45% and for three-year loans the rate will be 9.5%.

All rupee loans sanctioned and credit limits renewed with effect from 1 April 2016 are priced with reference to the Marginal Cost of Funds based Lending Rate (MCLR) which is the internal benchmark of the concerned bank. Actual lending rates are determined by adding the components of spread to the MCLR.

Coal India said after market hours on Friday, 17 June 2016 that the board of directors of Central Coalfields (CCL), the company's subsidiary approved the buyback of 23.50 lakh fully paid equity shares of face value of Rs 1000 each from the members of CCL on a proportionate basis through tender offer, representing 25% of the total number of equity shares in the paid-up share capita! of the company for an aggregate amount not exceeding Rs 1128 crore (maximum buyback size) being upto 25% of the paid-up equity share capital and free reserves as on financial year ended 31 March 2016, at a price of Rs 4800 per equity share payable in cash.

Tata Chemicals said after market hours on Friday, 17 June 2016 that due to emerging market conditions with effect from 19 June 2016, the company has decided to supply Di-ammonium Phosphate (DAP) to its customers from inventory in hand and imports, and consequently production of complex fertilisers, including DAP, is being temporarily suspended at Haldia, West Bengal. Production of Single Super Phosphate (SSP) remains unaffected. The company will notify the exchange as and when production of DAP resumes.

Subros said on Saturday, 18 June 2016 that it has reinstated full supplies to its customer Maruti Suzuki India from the company's other plants at Noida, Pune and Chennai. Further, the company is working on fast-track basis to re-build the Manesar facilities so as to commence production in phased manner.

UCO Bank said on Saturday, 18 June 2016 that the board of directors of the bank approved the proposal for raising of tier I capital to the tune of Rs 4243 crore through issue of AT-1 bonds, issue of equity shares through FPO/Preferential Issue/ESOPs/QIP etc., The board has also approved the proposal for raising Tier II capital to the tune of Rs 1500 crore through issue of tier II bonds during the year financial years ending 31 March 2017 (FY 2017) and FY 2018 depending upon the market conditions.

MEP Infrastructure Developers said before market hours today, 20 June 2016 that the Securities and Exchange Board of India (SEBI) has granted the Certificate of Registration as an Infrastructure Investment Trust to MEP Infrastructure Investment Trust (MEP InvIT). MEP Infrastructure Developers is the Sponsor for the MEP InvIT.

Andrew Yule & Company said on Saturday, 18 June 2016 that the Board of Directors of the company have approved allotment of 1.24 crore shares of the company in favour of Bank of Baroda, against conversion of working capital term loan availed of by the company, as approved by the Cabinet Committee on Economic Affairs.

Aptech said on Saturday, 18 June 2016 that the company has on 18 June 2016 come across an order of SEBI dated 16 June 2016 on the website of SEBI wherein SEBI has notified that they are investigating 59 GDR issues of various companies including the GDR issue of the company in November 2003.

Bafna Pharmaceuticals said after market hours on Friday, 17 June 2016 that the board of directors approved the proposal for allotment of shares of 10 lakh shares to Promoters and 30 lakh shares to external investors (Non-Promoter) under preferential allotment basis through postal ballot process.

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