India inc to raise Rs.16,000 crore through public offers

September 4th, 2009 KOLKATA - The state-owned India Infrastructure Finance Co Ltd (IIFCL) will raise Rs.3,000 crore from the domestic market by issuing bonds by March, a top company official said here Friday. "We have already raised Rs.1,000 crore and we intend to raise another Rs.3,000 crore by March 2010," said company chairman and managing director S.S.

September 2nd, 2009 KOLKATA - State-run energy explorer Oil India Ltd (OIL) will start drilling oil blocks in Libya from October for exploring an estimated two trillion cubic metres of reserves, a top company official said Wednesday. "We will drill four wells in Libya by 2010-11.

August 31st, 2009 NEW DELHI - Vijay Mallya-owned Kingfisher Airlines Monday said it planned to raise $100 million (about Rs.500 crore) in Global Depository Receipts (GDRs). In a regulatory statement to the Bombay Stock Exchange (BSE), it said the funds would be raised subject to shareholders' approval.

August 5th, 2009 NEW DELHI - Private carrier Kingfisher Airlines has reported a net loss of Rs.1,608.09 crore ($338.5 million) for 2008-09, but said it has plans to raise Rs.500 crore from the equity market. The airline's expenses on employees cost stood at Rs.823.85 crore last fiscal, while expenses on aviation fuel and aircraft lease rental were respectively at Rs.2,602 crore and Rs.1,185.13 crore, Kingfisher said in a regulatory statement Wednesday.

July 25th, 2009 MUMBAI - State-run gas utility company GAIL India Saturday reported a 26.8 percent dip in its net profit at Rs.655.8 crore ($135.5 million) for the quarter ended June 30, compared to Rs.896.8 crore in the same period last fiscal. However, the total income increased 4.3 percent to Rs.6,101.3 crore from Rs.5,845.5 crore, the company said in a regulatory statement.

July 22nd, 2009 MUMBAI - Listed companies could raise over Rs.159,000 crore if Finance Minister Pranab Mukherjee's proposal to reduce promoter stake in all listed companies to 75 percent becomes a policy, a report released Wednesday said. Of this, state-owned firms alone will contribute as much as Rs.138,000 crore, the report by broking firm SMC Capitals said.

July 22nd, 2009 MUMBAI - Housing Development Finance Corp (HDFC) Wednesday said it will raise Rs.4,000 crore ($826 million) through private placement of securities. The company has sought its shareholders' approval for issuance of warrants with redeemable non-convertible debentures to qualified institutional buyers not exceeding Rs.4,000 crore, HDFC said in a regulatory statement.

July 17th, 2009 NEW DELHI - The government Friday cleared 16 foreign direct investment (FDI) proposals valued at Rs.891.71 crore, the bulk of them for by a power project, the government said Friday. The proposals were cleared on the recommendations of the Foreign Investment Promotion Board (FIPB), which met here July 10, a finance ministry statement said.

July 6th, 2009 NEW DELHI - The government will raise Rs.1,120 crore (Rs.11.2 billion/$224 million) this fiscal from sale of government equity in state-owned units, according to the budget papers Finance Minister Pranab Mukherjee presented in parliament Monday. In 2009-10, "disinvestment proceeds have been estimated at Rs.1,120 crore which includes disinvestment of a small portion of equity in Rail India Technical and Economic Services (RITES), Cochin Ship Yard Ltd, Telecommunications Consultants India Ltd, Manganese Ore India Ltd, Rashtriya Ispat Nigam Ltd, and Satluj Jal Vidyut Nigam Ltd," the Receipts Budget 2009-10 said.

July 2nd, 2009 KOLKATA - State-owned West Bengal State Electricity Distribution Company Limited (WBSEDCL) is planning to raise Rs.5,000 crore in the next three years to fund rural and urban electrification, a top company official said here Thursday. "Around Rs.3,000 crore will be invested for rural electrification, Rs.1,000 crore for enhancement of urban facilities and another Rs.1,000 crore for customer service automation," Malay K.

June 28th, 2009 NEW DELHI - The government can raise about Rs.80,000 crore ($16.6 billion) by divesting stake in public sector units, says an industry lobby report. "Dilution of stake in leading public sector units alone could fetch at least Rs.80,000 crore," the report by Associated Chambers of Commerce and Industry (Assocham) said, adding that this amount could be used to bring down the fiscal deficit burden.

June 15th, 2009 NEW DELHI - State-run gas major GAIL India Monday reported a net profit of Rs.2,804 crore ($585 million) for 2008-09 as against Rs.2,601 crore recorded the year before, an increase of 8 percent. In a regulatory statement, the company said its turnover during the period increased 32 percent to Rs.23,776 crore from Rs.18,008 crore in 2007-08.

June 11th, 2009 CHENNAI - City Union Bank, an old generation private lender based in Tamil Nadu, Thursday said it will raise Rs.250 crore over the next two years to fund its expansion plans. "Our target is to have a net worth of Rs.1,000 crore in two years time.

May 8th, 2009 KOLKATA - State Bank of India (SBI), the country's largest lender, wants to raise Rs.20,000 crore in the current fiscal, a top company official said here Friday. 'SBI wants to raise Rs.20,000 crore this fiscal.

February 18th, 2009 THIRUVANANTHAPURAM - Kerala's 2006 per capita debt stood at over Rs.14,300 - the highest among states in south India - against the national average of around Rs.9,000. This was stated in the Economic Review 2008 tabled in the Kerala Assembly Thursday.