MRPL to offer stake to strategic investors
The promoters of MRPL are looking at offloading between 20% and 25% of the equity held by them to strategic investors. The trigger point for this equity dilution sought by MRPL is the impending conversion of its Rs 726 crore fully convertible bonds.

Indian Oil board clears TN plan with Madras Refineries
The board of Indian Oil Corporation has given the go-ahead to set up a 9-million-tonne refinery along with Madras Refineries at Nagapattinam in Tamil Nadu. The board of directors of Madras Refineries is likely to clear the project some time this week.

New accounting norms may hit CESC profits
RPG flagship CESC Ltd has had to change its accounting policies with retrospective effect for five years from 1990-91 to 1995-96, as advised by government appointed consultant SR Batliboi, and this is likely to affect its profits.

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