Bandhan Bank to offer 11.9 crore shares in IPO
Kolkata: Bandhan Bank Limited Monday said it has filed the Draft Red Herring Prospectus with market regulator SEBI for an Initial Public Offer (IPO) next fiscal offering 11.9 crore equity shares. In a statement, the bank said it proposes to offer up to 119,280,494 equity shares of face value of Rs10 each at a price to be determined through a book building process including premium. The IPO will consist of a fresh issue of up to 97,663,910 equity shares and an Offer for Sale of up to 14,050,780 equity shares by International Finance Corporation (IFC) and up to 7,565,804 equity shares by IFC FIG Investment Company, the bank said.
L&T wins Rs2,100-cr HPCL, RIL, contracts
New Delhi: Infrastructure major Larsen & Toubro (L&T) Monday said it has won a Rs2,100-crore contract from Hindustan Petroleum Corporation Ltd (HPCL) and Reliance Industries. L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of L&T, has secured a major EPC (engineering, procurement, construction) contract for crude distillation and vacuum distillation unit (CDU & VDU) from HPCL, Visakhapatnam Refinery, and an extension to an ongoing contract for Reliance Industries, Jamnagar, both adding to approx 2,100 crore, L&T said in a statement. The 9 MMTPA CDU & VDU project is a part of HPCL’s Visakh Refinery Modernisation Project (VRMP) and involves engineering, procurement, construction and commissioning, it said.
Gayatri bags Rs583-cr NHAI project in Odisha
New Delhi: Infrastructure firm Gayatri Projects Monday said it has bagged a Rs583-crore project from the National Highways Authority of India (NHAI) for upgrading Cuttack-Angul section of NH-42 in Odisha. “Gayatri Projects bagged a new order of Rs583 crore contract from the NHAI,” the company said in a regulatory filing to the BSE. It said the project pertains to rehabilitation and upgradation of Cuttack-Angul section of NH-42 in Odisha under the National Highways Development Project (NHDP) phase III. This is in addition to a Rs1,139-crore project awarded December 20 last year in a joint venture with public joint stock company Kyivmetrobud under the Bharatmala project, it added.
ONGC makes oil, gas finds in Arabian Sea
New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has made a significant oil and gas discoveries to the west of its prime Mumbai High fields in the Arabian Sea, Oil Minister Dharmendra Pradhan said Monday. In a written reply to a question in the Lok Sabha, he said the discovery was made in the well WO-24-3 (WO-24-C) drilled west of Mumbai High fields. “Based on the data generated during drilling, 9 objects/zones were identified and on testing all the objects flowed oil/gas,” he said. The discovery has indicated potential in-place reserves of about 29.74 million tonnes of oil and oil equivalent gas, he said.
New Infy CEO to assume charge today
New Delhi: Salil Parekh is all set to take charge as Infosys CEO Tuesday as the over $10 billion company looks to bring back the focus on revenue growth and business strategy under the new leadership. Infosys, which spent most part of 2017 handling the public standoff between its high-profile promoters and the past leadership, will also announce its third quarter financials January 12. Industry watchers say Parekh’s skills in handling multicultural work environment, combined with his strong grip on technology and sales, makes him the perfect choice for leading Infosys during this period of transition. Parekh, 53, is described as a soft-spoken yet determined man by those who know him. He was chosen from over two dozen candidates in a search that lasted about three months and covered a wide canvas of names within Infosys as well as alumni and external aspirants.
Subscription for govt bonds closes
New Delhi: The finance ministry Monday said it will close subscription of 8 per cent Government Savings (Taxable) Bonds, 2003, with effect from Tuesday. In 2003, the government came out with bonds offering 8 per cent interest to encourage retail investors to invest. The bond was open for subscription April 21, 2003, and had a fixed tenure of 6 years. There was no upper limit for investment. The decision to discontinue the bond comes in the backdrop of declining interest rate in other saving instruments, especially the Post Office small saving schemes.
Apple could buy Netflix: Analysts
San Francisco: Analysts from Citi have said that Apple could possibly buy the entertainment company Netflix by taking advantage of US President Donald Trump’s corporate tax cut. According to Citi analysts, Jim Suva and Asiya Merchant, there is a 40 per cent likelihood that Apple will acquire Netflix. Under the new taxing rules, the tech giant will be able to repatriate about $220 billion in cash to the US. “The firm has too much cash — nearly $250 billion — growing at $50 billion a year. This is a good problem to have,” Suva and Merchant were quoted as saying.
