ICICI Prudential Life Insurance Company debuts on the secondary equity market today, 29 September 2016. The company had priced the initial public offer (IPO) at the top end of the Rs 300 to Rs 334 price band. The bidding for the IPO concluded on 21 September 2016. The issue received bids for 138.77 crore shares and it was subscribed 10.48 times.
Hindustan Copper said the government will sell a 7% stake in the company through a two-day offer for sale (OFS) beginning today, 29 September 2016. The government has set a floor price of Rs 62 per share, a 5.12% discount to Wednesday's closing share price. The secondary market transaction, comprising 6.47 crore shares, will help the government raise Rs 401.54 crore. The government's stake will decline to 82.95% following the sale. The government holds an 89.95% stake in the copper producing company as on 30 June 2016. The announcement was made after market hours yesterday, 28 September 2016.
Corporation Bank said that the securities allotment committee of the board of the bank at its meeting held on 28 September 2016 allotted 12.45 crore equity shares at an issue price of Rs 40.78 per share to Government of India on a preferential basis. Consequently, Government of India holding gets increased from 67.20% to 70.76%. The announcement was made after market hours yesterday, 28 September 2016.
Manappuram Finance said that financial resources and management committee of board of directors of the company allotted 1500 secured redeemable non-convertible debentures by way of private placement, having face value of Rs 10 lakh each aggregating to Rs 150 crore on 27 September 2016. The announcement was made after market hours yesterday, 28 September 2016.
Pidilite Industries announced its sales and distribution tie-up with WD-40 Company. In India, WD-40 Company has joined with Pidilite Industries to distribute and sell WD-40 Multi-Use Product. WD-40 Multi-Use Product is a multi-purpose maintenance product with more than 2000 uses. It protects metal from rust and corrosion, penetrates stuck parts, displaces moisture, lubricates moving parts, and removes grease and grime from most surfaces. The announcement was made after market hours yesterday, 28 September 2016.
Oil India, Indian Oil Corporation and BPCL will be in focus. The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, yesterday, 28 September 2016 gave its approval to an Indian consortium comprising Oil India (OIL), Indian Oil Corporation (IOCL) and Bharat Petro Resources (BPRL), a subsidiary of BPCL for acquiring 23.9% stake in JSC Vankorneft and 29.9% stake in LLC Taas-Yuryakh from Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.
The acquisition of stake in Vankorneft will provide 6.56 million metric ton of oil equivalent (MMTOE) and 29.9% stake in Taas-Yuryakh will provide 0.5 MMTOE initially and 1.5 MMTOE by 2019. The acquisition is in line with India's stated objective of adding high quality international assets to its exploration & production portfolio and thereby augmenting India's energy security. The consortium will be paying $2.02 billion for acquiring stake in Vankorneft and $1.2 billion for acquiring stake in Taas-Yuryakh. Earlier in May 2016 ONGC Videsh (OVL) completed the formalities of acquiring 15% stake in Vankorneft at the cost of $1.284 billion which gave OVL 4.11 MMTOE.
The acquisition will add 8.06 MMTOE to India's overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft and British Petroleum (BP). BP acquired 20% stake in Taas-Yuryakh from Rosneft last year.
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