RPL MOPS UP Rs3,000 CR
Article Abstract:
Reliance Petroleum Ltd (RPL) has mobilised Rs3,000 crore in equity funds, out of which Rs800 crore was through cash funds mobilised on warrant conversions and Rs2,200 crore came from the maturity value of triple option convertible debentures (TOCD) being converted into equity. Sources say that almost 75 percent of the company's 22 lakh warrant holders chose to exercise their warrants and get equity shares at Rs20 each while an equal number of TOCD holders chose to convert their debentures into shares. The company's debt equity ratio has now decreased to less than 0.5 to 1. RPL's equity capital will rise to Rs1,316 crore from Rs916 crore after conversion of warrants and will again rise by about Rs275 crore in November 1999 when the first tranche of shares will be issued on conversion of debentures. (khr)
Comment:
Mobilizes Rs3,000 crore in equity funds, out of which Rs800 crore is through cash funds mobilized on warrant conversions
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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IOC FIRE LOSS PUT AT Rs20 CRORE
Article Abstract:
A fire which engulfed seven oil tanks on August 11, 1998, belonging to the Indian Oil Corporation (IOC) is estimated to have caused a loss of about Rs20 crore. The fire broke out at the company's oil depot at Thekeraguri in Nagaon district of Assam. Firefighters have been able to put out the fire in six of the oil tanks. The United Liberation Front of Assam has claimed that it set the tanks ablaze with grenades but an investigation has been started to ascertain the true cause. IOC has requested additional security from the Assam government for its other installations in the state. (khr)
Comment:
Incurred loss of about Rs20 crore in a fire which engulfed 7 of its oil tanks
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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IOC TO HIT MARKET WITH $700-M GDRs IN SEPT
Article Abstract:
The $700 million (Rs2,800 crore) global depository receipt (GDR) issue of the Indian Oil Corporation (IOC) is scheduled to be made in September 1998. The offer document will highlight the reforms following introduction of market- determined price mechanism. IOC holds 55 percent share of the petroleum market in India. It operates 6 refineries. Its equity capital is Rs398.33 crore, of which the Government of India holds 91.14 percent. (uh)
Comment:
Firm's $700 mil global depository receipt issue is scheduled to be made in 9/98
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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