Thursday, July 9, 1998
Chemplast Sanmar plans novel way to pare funds cost
Chemaplast Sanmar's proposal to get its $16-million foreign currency convertible bonds (FCCB) guaranteed by a domestic financial institution is going to come in handy. The nuclear tests and the resultant sanctions followed by the country's downgrading by Moody's has pushed up international borrowing costs by 200 to 250 basis points.
NTPC may pick up 10% stake in Petronet LNG
National Thermal Power Corporation (NTPC) is exploring the possibility of picking up a 10% equity stake in the $5-billion Petronet LNG consortium. This will lead to a reshuffle in the equity holdings of Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Gas Authority of India (GAIL), which together hold a 50% equity stake in Petronet LNG.
Raasi shareholders spurn India Cements offer
Raasi Cement shareholders have cold-shouldered the whopping Rs 300 a share offer price of India Cements. Retail shareholders, who hold over half the floating stock, chose to shun the offer, even though it assured them a much higher price than otherwise available through market sales.
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