IOC debt issue bombs: deferred until March
Indian Oil Corporation's (IOC) Rs 300-crore debt issue has bombed. The private placement programme, scheduled to close on February 6, has been deferred till March. This is perhaps the first instance of a triple-A (AAA) rated company failing to mop up funds from the debt market. The issue opened on January 12.
Yashovardhan Birla undertakes group recast programme
Yashovardhan Birla has taken up a group recast programme through an intra-group sale of the tools division, a planned exit from the synthetic textiles business, and growth in chemicals through a joint venture with Everlite group. Zenith Ltd, the Yash Birla group flagship, is all set to generate a vital cash inflow of Rs 14 crore through a strategic sale of a division, Indian Tools, to associate Dagger Forst.
Indo Gulf plans Rs 300cr equity issue in July
Indo Gulf Fertilisers & Chemicals, an Aditya Birla group company, plans to raise Rs 300 crore as equity through a public issue after its copper smelter plant goes fully on stream late next month. This would help the company command a better premium as the plant would boost earnings. Indo Gulf is setting up a Rs 1,850-crore one-lakh-tonne per annum copper cathode plant at Dahlej in Gujarat.
Birla-AT&T to ring in fresh infusion of Rs 500 crore
Cellular services operator, Birla-AT&T, a 51:49 joint venture between the AV Birla group and AT&T, is looking at a fresh infusion of funds of around Rs 400-500 crore. The proposal was discussed at the company's board meeting held on Thursday. The funds would be a combination of equity and debt. The possibility of a third partner entering the venture is also rumoured.
Ministry likely to route crude oil imports through Transchar
The Union ministry of surface transport is likely to route the crude oil imported by Oil Coordination Committee (OCC) on FoB (freight on board) basis through its shipping agency -- Transchart from April 1. With the `cost plus formula' (CPF) to be discontinued soon, the crude and the petro products will come through the Transchart instead of the Shipping Corporation of India (SCI) which is a government undertaking.