Delhi-based Great Eastern Energy Corporation is planning a public issue, part of which will be "sponsored", meaning foreign shareholders will also tender their shares for sale, a first for the Indian markets.
GEECL plans to dilute 10 per cent equity through the public issue. The London-listed company has filed a Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India and is in the final stages of getting necessary approvals.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
These include Great Eastern Energy Corporation and Shemaroo Entertainment.
When people get used to something, they want more of it. But gas will always be short in India. All estimates of gas demand are hugely pessimistic.
GEECL is looking to bid for the fourth round of Coal Bed Methane block auction. It plans to dilute 10 percent of its equity holding through an IPO in India. It plans to raise Rs 400 crore from the market by this year. It plans to develop 100 wells in two years with an estimated investment of Rs 825 crore and aim to invest another Rs 2,000 crore in 5 to 8 years in West Bengal.
The proposals were cleared by Commerce and Industry Minister Arun Shourie on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said.
Yogendra Kumar Modi was on Friday elected as the next president of the Federation of Indian Chambers of Commerce and Industry. He will succeed A C Muthiah.
Three IPO documents were recorded after the new govt took charge - Adlabs, Lavasa Corp and Monte Carlo Fashions.
Several brokerages lifted their outlooks for the BSE Sensex and companies were queuing to ride the wave of political euphoria
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances