TOP CORPORATE NEWS - 29 SEP 2016

Cabinet clears stake acquisition in Rosneft assets by BPCL, IOC and OIL

Cabinet clears stake acquisition in Rosneft assets by BPCL, IOC & OIL worth $3.14 bn

The Cabinet today gave its nod to a consortium of IOC, Oil India and BPCL buying stakes in two Russian oilfields for a total of $3.14 billion.

Indian Oil Corp, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will buy 29.9 per cent stake in Taas-Yuryakh oilfield in East Siberia for USD 1.12 billion and another 23.9 per cent in Vankor oilfield for $2.02 billion.

Max India receives shareholders' approval for merger

Max India has received shareholders' approval for merger of Max Life Insurance Company with Max Financial Services and also for the demerger of insurance business for transfer to HDFC Standard Life Insurance Company.

OBC plans to raise fund via bonds

State-owned lender Oriental Bank of Commerce (OBC) said that it will raise Rs500 crore on private placement by issuing Basel III compliant additional Tier 1 bonds.

The bank intends to raise Tier 1 capital through private placement of Basel III compliant additional tier 1 bonds of Rs10,00,000 each at par aggregating to Rs500 crore.

The proposed bonds issue has been rated as 'A+' by CARE Ratings and 'A+ (Hyb.) with negative outlook' by ICRA

Delta Corp may buy rummy website ace2three.com for $80-100 million

Delta Corp may buy rummy website ace2three.com for $80-100 million (Rs530-660crore) – positive read through for the stock

Delta Corp is in exploratory talks to buy out a rummy website ace2three.com for approximately $80-100 mn. Delta Corp on its part is keen to structure the buyout via conversion instruments, whereas ace2three.com might insist on a cash component.

The deal talks between both sides are still at an exploratory stage, but sources say both companies would like to announce the proposed transaction by mid-October. Last fiscal, ace2three.com EBITDA stood at around Rs 100 crore.

Crude oil rises as OPEC agrees to cap production

Crude oil futures closed higher in the domestic market on Wednesday following news that the Organization of the Petroleum Exporting Countries had agreed on the need to cap crude production.

Members of the Organization of the Petroleum Exporting Countries and other big oil producers held discussions Wednesday on the sidelines of an energy forum in Algeria on ways to help stabilize the oil market.

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