Steel Authority of India (Sail) will be in focus as the government has announced an Offer for Sale (OFS) of upto 20.65 crore equity shares, or 5% stake, of Sail through a sale on the separate window provided by the BSE and NSE on Friday, 5 December 2014 at 9:15 IST and shall close on the same date at 15:30 IST. As much as 10% of the offered shares has been reserved for retail investors, who can buy shares worth up to Rs.2 lakh in the share sale. A minimum of 25% of the issue size would be reserved for mutual funds and insurance companies. Retail investors will be allocated shares at a discount of 5% to the bid price entered by them.
ICICI Bank turns ex-split today, 4 December 2014, for 5 for 1 stock split.
Hindoostan Mills turns ex-dividend today, 4 December 2014, for dividend of Rs 10 per share for the year ended 31 March 2014 (FY 2014).
Reliance Industries (RIL) will be in focus after the Minister of State for Petroleum & Natural Gas Dharmendra Pradhan informed the Rajya Sabha in a written reply yesterday, 3 December 2014, that the possible alternatives for affecting the recovery of additional profit petroleum for the government from the contractor of the D6 Block are being worked out. He said that the government had disallowed development cost based on the cumulative shortfall in production of gas vis-vis production estimates under the approved AIDP (Addendum to Initial Development Plan). The total disallowed development costs as on 31 March 2014 amount to $2.376 billion. RIL is the operator of the D6 Block, off the eastern coast of India with 60% stake. Niko owns 10% and BP Plc has a 30% stake in the block. As a result of disallowance of a portion of contract cost, the contractor is liable to pay additional profit petroleum of $195.34 million to the government for period up to 2013-14, Pradhan said. The contractor of the block has invoked arbitration on this issue, he said.
Shares of oil exploration & production (E&P) companies will be in focus after the Minister of State for Petroleum & Natural Gas Dharmendra Pradhan informed Rajya Sabha in a written reply yesterday, 3 December 2014, that the Kelkar Committee has recommended the Production Sharing Contract (PSC) model as the preferred contractual model for Indian basins. The Kelkar Committee has proposed two fiscal regimes either of which could be deployed. As per one suggestion, the PSC should be linked to investment multiple, with modified contract administration including self-certification costs by the contractors. The other alternative is PSC with biddable supernormal profits tax. The government has not finalized its response to the Kelkar Committee report, Pradhan said.
Indian Oil Corporation announced after market hours yesterday, 3 December 2014, that company alongwith Mangalore Refinery and Petrochemicals (MRPL) have signed a non-binding Memorandum of Understanding (MoU) with State Trading Corporation (STC), a Government entity of Mauritius for exploring the possibilities for setting up oil storage terminal(s) in Mauritius through a joint venture company. For this purpose, a detailed feasibility study and market study would be carried out. The MoU executed on 27 November 2014 does not have any material impact on the financials of IndianOil at present.
Strides Arcolab after market hours on Wednesday, 3 December 2014, said that its wholly owned subsidiary -- STELIS Biopharma -- announced the ground-breaking for construction of its customized, multi-product, biopharmaceutical manufacturing facility at Bio-Xcell Biotechnology Park in Nusajaya, Johor, Malaysia's premier park and ecosystem for industrial and healthcare biotechnology. STELIS Biopharma and Bio-XCell had previously announced the signing of a build and lease agreement with Bio-Xcell for the construction of the building and part of the equipment of STELIS Biopharma's 1.4 lakh square foot biologics facility for a total investment of RM 201 million ($60 million).
With reference to the news item titled "JSW Energy may buy JP Power's Bina, Nigrie assets", JSW Energy has clarified after market hours yesterday, 3 December 2014, that it continues to evaluate various opportunities as part of its growth strategy. However, the company not in any conclusive discussions for any particular project other than which has been already communicated in terms of Clause 36 of the Listing Agreement. Whenever any proposal attains finality, the company will comply with the provisions of the Listing Agreement and make requisite disclosures accordingly. Furthermore, the company is not aware of any information that has been not announced to the stock exchanges under Clause 36 of the Listing Agreement.
Sadbhav Engineering announced after market hours yesterday, 3 December 2014, that Sadbhav Infrastructure Project, a subsidiary of Sadbhav Engineering, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI) on 3 December 2014 in order to undertake an initial public offering of its equity shares. The issue consists of a fresh issue of equity shares of Rs. 10 each aggregating up to Rs 600 crore and an offer for sale of up to 1.6 crore shares by Xander Investment Holding XVII and up to 1.6 crore shares by Norwest Venture Partners VII-A-Mauritius.
SRS announced after market hours yesterday, 3 December 2014, that the board of directors of the company at its meeting held on 3 December 2014, has decided for future expansion of its Cinema Business, to make 'SRS Talkies' a Group company, as its wholly owned subsidiary by acquiring its entire paid-up shares i.e. 50,000 shares of Rs 10 each at [par. The board has also decided for future expansion of its Retail Business, to make 'SRS e-Retail' a Group company, as its wholly owned subsidiary by acquiring its entire paid-up shares i.e. 50,000 shares of Rs 10 each at par. The decisions have been taken for operational efficiency, better control and specialized management in the business.
Central Bank of India announced after market hours yesterday, 3 December 2014, that the Capital Raising Committee of the Board of Directors of the bank considered and approved raising of additional equity capital by issuance and allotment of, upto 8.28 crore shares of the face value of Rs 10 each at the issue price of Rs 75.55 per share determined as per SEBI (ICDR) Regulations aggregating^ Rs 626.23 crore to Life Insurance Corporation of India on preferential basis, subject to approval of Government of India, Reserve Bank of India, shareholders and other statutory authorities (if any). Capital Raising Committee of the Board of Directors has also decided to hold an Extra-Ordinary General Meeting (EGM) of shareholders on 30 December 2014 to consider and pass the necessary Special Resolution and fixed 28 November 2014 as the relevant date for the purpose of determining the Issue Price as per SEBI (ICDR) Regulations, 2009.
Suven Life Sciences announced after market hours yesterday, 3 December 2014, that the qualified institutional placement (QIP) Committee of the Board of Directors of the company at its meeting held on 3 December 2014, has approved the allotment of 1.04 crore shares of face value of Re 1 each at a premium of Rs 190.32 per share aggregating to Rs 200 crore.
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