Union government would send a series of proposals to the cabinet. Among the proposals are the plan to launch a public sector undertaking (PSU) ETF (exchange traded fund). The cabinet would also receive a proposal to ease the offer for sale (OFS) norms to facilitate easier trades through this mechanism. The ministry is also moving a cabinet note to use the disinvestment proceeds for capitalisation of state-owned bank
Tag: capital
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GDNL allowed to acquire stake in Gujarat Gas
GSPC Distribution Networks (GDNL) is allowed to acquire 65.12 per cent stake in Gujarat Gas Company by the Competition Commission of India (CCI). The commission approved the acquisition because it feels that the deal may not have any adverse impact on competition in the natural gas distribution market
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IOC plans to raise stake in HPL
Indian Oil Corporation (IOC) plans to raise its shareholding in the cash strapped Haldia Petrochemicals as the firm expects to reap many synergies with HPL. IOC has a big refinery in the area neighbouring HPL. Also, its pipelines are connected with HPL, Indrajit Bose, Exec
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Finance ministry hopes to attain disinvestment target
The union finance ministry hopes to meet the target of raising Rs 30,000 crore through the disinvestment of the government stake in public sector undertakings in 2012-13. But some financial market observers feel that the market may not have the capacity to absorb the huge avalanche of shares in such a short span. They point out that divestment in shares of Oil and Natural Gas Corporation (ONGC) last March had no takers and
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Cabinet to decide on proposed bank holding company
According to government sources, the cabinet would consider the proposal for setting up a bank holding company for state-run banks soon. The holding company is intended to enable state-run banks to raise capital from the market instead of seeking funds
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Grameen Koota in talks to raise capital
Bangalore-based micro-finance company Grameen Financial Services (Grameen Koota) is reportedly in talks with a few financial institutions to raise around $10 million capital. According to media reports, the company may raise the fund through private equity investors. It may be recalled that Grameen Koota raised capital earlier from Aavi
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Promoter firms offload 6.38% stake in JSW Ispat
Through both off and on market transactions, 10 promoter group companies of JSW Ispat Steel offloaded 6.38 per cent stake in the firm for Rs 174.47 crore, according to a communication to the stock exchange. All the 10 promoter firms belong to Pramod and Vinod Mittal or their families, which held less than 20 per cent
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Cabinet clears proposal to inject Rs 125 bn into banks
Union cabinet cleared the proposal to inject Rs 12,517 crore capital into about ten state-run banks during 2012-13. The recapitalisation will help banks maintain their Tier-I capital at a comfortable level, and hence remain compliant with the stricter capital adequacy norms unde
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ADB’s stake in Petronet eyed by IGL
Asian Development Bank (ADB), which is in the process of offloading its 5.2 per cent shareholding in Petronet LNG is set to get a buyer as Indraprastha Gas is interested in picking up the stake. Although Petronet's promoter companies IOC, ONGC, GAIL and BPCL were originally interested in buyi
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Board of Punjab & Sind Bank clears Rs 10 bn capital plan
The board of directors of Punjab & Sind Bank passed an enabling resolution for the bank to raise up to Rs 1,000 crore capital through preferential allotment route. According to media reports, the bank may issue the preferential equity shares to the government during the current quarter. PK Anand, Executive Director of the bank said the capit