MUMBAI, July 31: Reliance Petroleum raised $ 300 million (Rs 1,100 crore) through a syndicated overseas loan deal on Thursday. The facility - with a final maturity of 10 years - was contracted at 200-250 basis points above Libor.

The syndicated project finance loan was arranged by ABN Amro, Bank of America, Bankers Trust and Toronto Dominion. A company release on Thursday said this is the largest project finance loan by an Indian company from the international bank market.

"The loan is without any guarantee from the government, banks or financial institutions," the release states.

The RPL deal was oversubscribed three times. Final allocations are expected to be scaled back substantially because of the large oversubscription. The country's largest project finance loan will be used to fund the world's largest single stream grassroot refinary at Jamnagar with a capacity of 15 million TPA.

SICOM award

MUMBAI: TEMA Exchangers India Ltd has won the prestigious Lalit Doshi Memoraial Award of Rs 50,000 for the year 1995-96 for the best performing SICOM assisted unit.

TEMA Exchangers India designs and manufactures heat exchangers, columns and special process equipments for the oil refineries, fertilisers, petrochemicals, gas processing industries etc. The plant has been established 20 years ago at Talasari in Thane district.The award was instituted in memory of late Lalit Doshi who was Secretary (Ind) of the State.

Sebi bans HFL

MUMBAI: SEBI has completed preliminary investigations into the allegations of creation of false price in the JVG Dept Stores scrip for the period Sept-Oct 1996. The Rs 10 face value stock had been trading at a price of Rs 103. The investigation has revealed that Hoffland Finance Ltd (HFL), a category II merchant banker, was responsible for this. Sebi has passed an order debarring HFL from undertaking any fresh activity as a merchant banker or broker.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.