Bangladesh has sought revision of a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated electricity appeared too expensive, officials said in Dhaka on Thursday. "We have communicated with the Indian company seeking revision of the agreement," an official of the state-run Bangladesh Power Development Board (BPDC) told PTI on the condition of anonymity and without elaborating on the matter. Media reports suggested that the "high coal price" to be purchased for the Adani plant at India's Jharkhand emerged as the key factor for the dispute.
"What would be your advice for investors?" 'Keep it simple. Don't panic.'
Baba Ramdev-led Patanjali Ayurved Ltd will sell its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
The reforms will help FPOs procure directly from farmers, something that they have been pressing for long.
The government's aim is to ensure it gets to its Rs 40,000-crore (Rs 400-billion) target from disinvestment proceeds before the end of 2010-11.
Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations in its report, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.
The Union cabinet on Wednesday approved the roll-out of the 'PM POSHAN in Schools' scheme that will provide hot cooked meal to students of elementary classes in government and government-aided schools across the country.
Prime Minister Narendra Modi on Friday said the Centre has transferred around Rs 1,35,000 crore so far under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme with the payment of eighth instalment on Friday and is also procuring higher quantity of paddy and wheat at minimum support price to boost farmers' income.
The public offer in which government plans to sell 5 per cent (427.77 million shares) was scheduled to open on July 5 and close on July 8.
The delegation of 20 'progressive farmers' from Haryana, led by Padma Shri awardee Kanwal Singh Chauhan, said the government may amend some provisions of the laws but should not repeal them.
The government plans to sell 5 per cent of its stake in Oil and Natural Gas Corporation through the further or follow-on public offering which at current prices can fetch up to Rs 13,500 crore (Rs 135 billion).
The Cabinet Committee on Economic Affairs is likely to approve the 20 per cent follow-on offer of Shipping Corporation of India next week, which may fetch close to Rs 1,400 crore (Rs 14 billion).
On Tuesday, when the Power Finance Corporation (PFC) follow-on public offer (FPO) had opened for subscription, many investors would have been wondering if it was a good time to enter the stock.
According to sources close to the development, NTPC is likely to hit the capital market with a follow-on public offer to raise nearly Rs 6,000 crore (Rs 60 billion) early next fiscal. The government would divest 10 per cent of its stake and 10 per cent would be the fresh equity offered by NTPC.
A follow-on public offer of the state-run Rural Electrification Corp to raise around Rs 2,900 crore (Rs 29 billion) is likely to come up by the end of the current financial year (2009-10).
Public sector major NTPC's follow-on public offer (FPO) managed to scrape through today, but raised questions about the state of the primary markets and the government's disinvestment programme.
FM may announce a credit guarantee fund for Farmer Producer Organisations.
Continuing efforts to boost the capital market, Sebi on Wednesday decided to tweak the 25 per cent minimum public shareholding requirement for companies undergoing insolvency process, segregate assets as well as liabilities of mutual funds, and ease norms governing promoter participation in follow-on public offers. For the mutual fund segment, the watchdog also relaxed the profitability criteria and mandated minimum Rs 100 crore net worth requirement for entities to become sponsors of mutual funds. The board of Sebi, at its meeting on Wednesday, also cleared amendment regulations pertaining to market intermediaries to avoid duplication of proceedings before the designated authority and the designated member.
The Cabinet Committee on Economic Affairs gave its nod to the 20 per cent follow-on offer by PowerGrid, an official statement said.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
The government holds 89.5 per cent stake in NTPC and it plans to dilute five per cent stake constituting 41.22 crore (412.2 million) shares through its proposed FPO.
Kiran Vissa, co-convenor of National Alliance for Sustainable Agriculture, said that amendments to the EC Act have nothing to do with farmers' welfare but instead meant to please big players and agriculture companies. This is because small and marginal farmers don't have the storage capacity to attract provisions of the EC Act.
ICICI Bank on Sunday priced its Rs 10,062 crore (Rs 100.62 billion) follow-on equity offer at Rs 940 a share.
The government on Thursday approved selling 10 per cent of its stake in EIL through the FPO route and issuing two bonus shares for every share of the company before the launch of the public offer.
The company plans to raise Rs 3,000 crore (Rs 30 billion) through this offer.
Another FPO, that of NMDC, is also likely to be held by end-this fiscal, the official said.
Asserting that the new farm laws are in the interest of the farming community, the government said obstacles do come whenever good things or measures are taken and it is taking longer to resolve the issue as farmers' leaders want a solution their own way.
Don't count too much on the anchor investor quota, as it will provide stability to the stock for only a short period
ICICI Bank, the country's biggest private lender, on Tuesday received bids for over 27 crore shares, nearly three times the shares on offer in its follow-on public issue.
At least 30,000 growers are hedging for their produce through farmer producer organisations
The new agri-infra fund, the duration of which will be 10 years till 2029, aims to provide medium-to-long term debt financing facility for investment in viable projects for post-harvest management infrastructure and community farming assets through interest subvention and financial support.
The company has withdrawn the draft red herring prospectus (DHRP) for a follow-on public offering (FPO) filed with the Securities and Exchange Board of India in September for the disinvestment of the government's five per cent stake in the company.
An investment banker handling the PSU issues said, "When employees pick application forms, these typically have stamps of brokers. But there was no clarity who will bear the cost. Now with this provision, government will pay 25 bps. It is lesser than retail because there is often no marketing effort from the broker, as a lot of it is done by the company itself."
The government has deferred its proposed Rs 12,000 crore (Rs 120 billion) share sale in state oil and gas explorer ONGC by at least two weeks due to unfavourable market conditions.
Steel Authority of India Ltd (SAIL) is looking for ventures into analogous sectors. While the state-run company is going for a follow-on public offer (FPO) in early 2011, it is looking at some aggressive expansion plans, and mergers and acquisitions as well, said Chandra Shekhar Verma, chairman and managing director.
Deutsche Bank bid the lowest--which was promptly matched by five others--according to the sources. They said DB quoted 0.00000000001 per cent of the issue size as bankers' fee. That works out to 80 paise. The banks were apparently willing to waive the fee altogether, but what deterred them was that UBS was recently disqualified on technical grounds from the NTPC FPO as it had quoted nil fee.
ONGC will split equity shares of Rs 10 face value into two shares of Rs 5 face value. Furthermore, the board approved a 1:1 bonus share issue - one new share being issued for every existing equity held by shareholders - as a precursor to the company's planned follow-on public offer (FPO) in March, 2011.
State-run Oil and Natural Gas Corporation is expecting a resolution to the contentious royalty payment issue with Cairn India --for the Barmer oil fields--before it goes for a follow-on public offer (FPO) early next year.
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