Sunday, 24 May 2020

RCOM Raises Rs 6,100 Crore

Updated: July 19, 2014 5:19 pm

Reliance Communications (RCom) has raised about Rs 4,800 crore through Qualified Institutional Placement (QIP). Besides the QIP, promoters of the company will invest Rs 1,300 crore to buy preferential shares at a five per cent premium to the QIP offer price. Currently, RCom’s promoters have 68 per cent stake in the company. RCom’s total equity proceeds will be Rs 6,100 crore. RCom’s qualified institutional placement (QIP), initially aimed at raising Rs 3,000 crore, was priced at Rs 142.2 a share, a six per cent discount to the company stock’s closing price of Rs 151.4. In a stock filing on Tuesday, the Anil Ambani-led telecom company had said the proceeds would be “used primarily for repayment of debt and de-leveraging the balance sheet of the company”.



 

EXIM Bank To Raise $3 Billion In Fy’15


 

The Export Import Bank of India said it would raise US $ 3 billion from overseas market during the current fiscal to fund business growth. “We intend to raise US $ 2-3 billion from overseas market in tranches during 2014-15,” Exim Bank Chairman and Managing Director Yaduvendra Mathur told PTI. Exim Bank signed a Memorandum of Understanding with Indian Council of Cultural Relations for setting up an ICCR-Exim Bank chair in Lagos Business School in the Nigerian capital to promote Indian financial management. “This will help in spreading information about India’s capability in financial management, which would also serve to enhance and strengthen economic relations with Nigeria,” ICCR Director General Satish C Mehta said.



 

Ashok Leyland To Raise Rs 700 Cr Through QIP


 

Ashok Leyland is planning to raise about Rs 700 crore through a qualified institutional placement (QIP). In an announcement, the company said its fund-raising committee had passed a resolution authorising the QIP be opened on June 26. A preliminary placement document in this regard had been filed with the regulator. The floor price for the QIP, based on the Securities and Exchange Board of India’s pricing formula, was Rs 34.3 an equity share. When contacted, a company spokesperson said, “At this point, we don’t have anything to share. When we are ready, we will inform.” Citigroup Global Markets India is the joint global coordinator and book running lead manager for the proposed QIP.



 

SIDBI To MOP Up Rs 18,000 Crore


 

Small Industries and Development Bank of India (SIDBI) is planning to raise about Rs 18,000 crore from the market through various financial instruments to fuel its growth. SIDBI, which disbursed Rs 51,891 crore during 2013-14 against Rs 40,520 crore during 2012-13, is eyeing growth of 20-25 percent in its direct finance portfolio during the current financial year. “We are working towards creating an ecosystem for the MSMEs, wherein securing finances is more easy for the sector, which contributes greatly in terms of giving employment to 100 million people and accounting for a significant portion of our industrial production and Gross Domestic Product (GDP),” SIDBI Deputy Managing Director N K Maini told reporters at a event.



 

ONGC TO Invest Rs 5,700 Crore In Mumbai High North


 

State-owned Oil and Natural Gas Corp (ONGC) said it will invest over Rs 5,700 crore in re-development of its giant Mumbai High (North) oil and gas field off the west coast. The project will yield an incremental 6.997 million tonnes of crude oil and 5.253 billion cubic metres of gas by 2030, the company said in a statement. “The board of ONGC approved the proposal for redevelopment of its giant offshore field – Mumbai High (North) involving a capital investment of Rs 5,706.47 crore, including foreign exchange component of Rs 4,421.76 crore (USD 743.15 million at exchange rate of Rs 59.50 to a US dollar),” it said.



 

AXIS BANK Elevates Sanjeev Gupta As Executive Director


 

Axis Bank said it has elevated Sanjeev Kumar Gupta as Executive Director with effect from September 1, a position where he will look after key corporate functions of the lender. Gupta is currently President and CFO of the leading private bank. He will take over from Somnath Sengupta, Executive Director (Corporate Centre), who has opted for early retirement, a bank release said here. “As Executive Director, Gupta will be actively involved in the bank’s overall strategy and have the specific responsibility for key corporate functions of the bank,” Axis Bank Managing Director and CEO Shikha Sharma said.



 

CIAL POSTS 11.68% RISE IN PROFIT


 

The profit after tax of Cochin International Airport Ltd (CIAL), the first airport to be built in the public-private partnership mode, has increased by 11.68 per cent to touch Rs 124.42 crore in 2013-14. The company’s total revenue stood at Rs 361.39 crore and gross profit touched Rs 157.46 crore. The total revenue stood at Rs 306.5 crore and profit after tax at Rs 111.41 crore in the previous fiscal. The airport handled a total traffic of 5.3 million in the last fiscal. A long term plan prepared by the company envisages a revenue growth to Rs 3000 crore in 10 years.


 

 

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