Haldia Petrochemicals Ltd, West Bengal's showcase that is in financial ruins, could be headed for the Board for Industrial and Financial Reconstruction, as state-run Indian Oil Corporation appears to have developed cold feet over buying a stake and has asked the state government to refund the earnest money it paid during the bidding process. The flagship refiner-marketer emerged as the sole bidder in October last year during the bidding process for about 40% owned by the state government, including the shares that have also been claimed by co-promoter Purnendu Chatterjee's (TCG) The Chatterjee Group. IndianOil already holds 8.9% in HPL and paid some Rs 20 crore as the bid earnest money. The state government put on the block 67.5 crore making up 40% eqity. TCG has staked claim to 15.5 crore shares from this block on sale. The government's stake would come down to 31% without this block. (The Times of India)
Indian oil PSUs to take stake in LNG plant: Oil India (OIL), ONGC Videsh (OVL) and Bharat Petro Resources (BRPL) are expected to take a 30 per cent stake in the project. Indian companies would also take part in the next round of bidding for oil and gas blocks there, expected to open year-end. Petroleum Minister M Veerappa Moily said a draft agreement for participation in the liquefication project had been sent to our embassy in Mozambique. The signed is likely next month and would include a clause on training. OIL and OVL recently took a 20 per cent stake in the gas block in question, with a 10 per cent stake already held by BPRL. The Indian consortium has become the second-largest shareholder after Anadarko Petroleum, operator of the block. (Business Standard)
MeraEvents to raise up to $5 mn to go global: Versant Online Solutions, a Hyderabad-based technology company focused on the events industry, is in the process of raising a venture capital fund of between $2 million and $5 million (Rs 12.2 crore – Rs 30.6 crore) to take its event promotion and ticket-selling platform MeraEvents.com to the global markets. The company had appointed an investment banker to scout for investors. The firm is currently in initial discussions with a couple of VCs and a deal is likely to be sealed in the next six months. (Business Standard)
Allahabad Bank joins race to acquire Rupee Co-op Bank: Kolkata-based public sector lender Allahabad Bank has evinced interest in acquiring the assets and liabilities of Rupee Cooperative Bank, the ailing Pune-based urban cooperative lender. Shubhlakshmi Panse, chairperson and managing director of Allahabad Bank, said the bank was interested in the proposal, adding it would like to scale up presence in Pune, which had a thriving middle class and immense business opportunities. Currently, Allahabad Bank has just six branches in Pune. In February 2013, the Reserve Bank of India had placed Rupee Bank under an administrator, owing to the lender’s deteriorating financial health and the mounting portfolio of bad loans. (Business Standard)
Tilaknagar Industries plans to sell assets: Tilaknagar Industries Ltd. is planning to sell P.P. caps manufacturing and printing division of the company. The Board of Directors had given approval for the divestment of the entire stake held by the Company in P.P. Caps Pvt. Ltd., wholly owned subsidiary. (BSE)
Courtesy: VCCEdge