Cairn India said before market hours today, 9 April 2013 that it has made its latest oil discovery, the 26th discovery so far in the RJ-ON-90/1 block, following recent policy clarity by Government of India (GoI) to conduct exploration activity in development blocks.
The Management Committee approved the exploration work programme for the RJON-90/1 block on 14 February, 2013, post which Cairn India, the Operator of the block, commenced the drilling of its first Exploration well, Raageshwari-South-1, on 25 February, 2013 located in the southern part of the block.
Oil has been discovered and tested for the first time in Dharvi Dungar sands in Raageshwari-Tukaram area, where previous discoveries were in the shallower Thumbli sands. The volumes of oil in place and the potential resource base associated with this discovery are under evaluation.
Mr. Elango P, Member of the Board, Cairn India said: "We are delighted with the 26th discovery in the block. This reaffirms our belief that an aggressive exploration drilling programme will help harness the full potential of the Barmer Basin in Rajasthan. This is a step closer towards reserve accretion through exploration led growth."
Reliance Communications is reportedly in advance stages of talks with Bahrain Telecommunications (Batelco) for selling 80% stake in its step-down subsidiary Reliance Globalcom for around Rs 6000 crore.
Aditya Birla Nuvo said before market hours today, 9 April 2013 that the Scheme of Arrangement between Pantaloons Retail (India) (now known as Future Retail (PRIL)) and Peter England Fashions and Retail (PEFRL), and their respective shareholders and creditors and Indigold Trade and Services as shareholder of PEFRL (Scheme) has been sanctioned by the High Court of Bombay on 1 March 2013 and a certified copy of the order has been filed with the Registrar of Companies, Maharashtra. The board of directors of PEFRL at its meeting held on 8 April 2013, has declared the Scheme effective from 8 April 2013. Accordingly, the Pantaloons Fashion Retail Business of PRIL has been transferred by way of demerger to PEFRL with effect from the effective date.
Mahindra Holidays & Resorts India's institutional placement programme (IPP) opens today, 9 April 2013. The Board of Directors of the company had by a resolution dated on 6 April 2013 fixed the price band at Rs 255 to Rs 265 per share for the proposed issue of up to 41.41 lakh equity shares of the company to qualified institutional buyers.
Maharashtra Seamless' Board of Directors at its meeting held on 8 April 2013, approved the buy-back of fully paid up equity shares of the company at a price not exceeding Rs 300 per share, payable in cash and not exceeding an aggregate amount of Rs 100 crore, which is within 10% of the paid up capital and free reserves of the company as per audited accounts for the financial year ended 31 March 2012. The buy-back shall be from the open market through Stock Exchange(s). The buyback will be implemented with applicable statutory approvals.
Shipping Corporation of India has given physical delivery of its Anchor Handling, Towing & Supply Vessel (AHTSV) "m.v. SCI 05" to its buyer.
Polaris Financial Technology on Monday, 8 April 2013 announced that LANDBANK, the fourth largest bank in Philippines and the largest government bank in the country, has gone live with Polaris' Intellect Trade Finance Solution to reduce operational cost and improve productivity. Polaris' Intellect Trade Platform went live with all its products viz. Documentary Credits, Guarantees, Bills, Collections, Trade Loans, Open Account, Advance Payments and Direct Remittances.
Polaris' Intellect Trade Finance Solution will be LANDBANK's new Trade Finance platform. The web-based solution for Trade Finance Process, not only integrates with multiple systems, but also offers a plethora of value added services such as a fully integrated workflow and imaging solution for processing Trade Finance transactions in real time and in compliance with Central Bank (BSP) regulations.
The implementation of Polaris' multi country solution enhances the existing processing and reporting practice at LANDBANK by offering highly automated web-based trade finance services, complete life cycle processing for Letter of Credits, bills, trade loans and guarantees processing, seamless interfacing with partner systems, reduction in operational costs, higher trade revenues, high productivity and better SLAs.
Info Edge (India) has co-invested an additional amount of Rs 2.5 crore in Etechaces Marketing and Consulting, a company which is in the business of distributing financial products online. With this, the company has invested an aggregate of about Rs 32.5 crore with about 32% stake in Etechaces.
GHCL said that Creditors Committee of SC GHCL Upsom SA, Romania, (GHCL Upsom) in their meeting held on 18 March 2013 has decided to accept the highest bid of Euros 6 million made by Aloref SRL in association with Ascom International SRL. The assets of GHCL Upsom will only become the property of Ascom International when the price has been made in full. As per communication received from legal counsel Anghel Stabb & Partners, GHCL Upsom is under the control of Casa Transilvania Cluj, the official liquidator and hence Indian England NV (subsidiary of GHCL) has no control on GHCL Upsom and henceforth, will continue to stand as a creditor in the insolvency proceeding initiated with effect from 12 November 2012.
Shriram Transport Finance reportedly plans to raise Rs 25000-crore debt this fiscal, including Rs 1000 crore through nonconvertible debentures this quarter, to meet its lending and redemption requirements.
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