Open offer for IPCL a big draw

Mumbai, Aug. 22: Reliance Petroinvestments Ltd’s open offer to acquire additional 20 per cent stake in Indian Petrochemicals Corporation Ltd (IPCL) at Rs 231 per share has been oversubscribed. About 38 per cent of the equity capital has been tendered by shareholders in response to the offer which closed today, investment banking sources said here. IPCL’s floating stock in the market was 40 per cent of the equity capital of the company, they added. Reliance Petroinvestments had signed a share purchase agreement with the government on May 21 to acquire 26 per cent stake in IPCL at Rs 231 per share, aggregating Rs 1,490.84 crore. The offer, which opened on July 24, was made in accordance with the Securities and Exchange Board of India’s takeover regulations.

ONGC Videsh

New Delhi, Aug. 22: ONGC Videsh Ltd today signed an agreement with Turkish Petroleum Overseas Company to acquire 49 per cent stake in two onland oil and gas exploration blocks in Libya. The agreement was signed in Ankara today, an ONGC statement said.

Tata Finance

Mumbai, Aug. 22: The Securities and Exchange Board of India has launched a fresh probe into the books of Tata Finance Limited on charges of circular trading. Meanwhile, A. F. Ferguson is facing the scrutiny of the department of company affairs for alleged malpractices linked with the finance company.

SEZ clearance

New Delhi, Aug. 22: The government has prepared the first draft of the legislation on special economic zones (SEZs) which will set guidelines for single-window clearance of SEZ projects.