Companies & Sectors
Gujarat Pipavav Port raises Rs350 crore via private placement

Both the QIP and the preferential issues were done at Rs58.45 per share and the funds would be used for repayment of Gujarat Pipavav Port's existing loans

 

Mumbai: Gujarat Pipavav Port on Monday said it raised Rs350 crore through a qualified institutional placement (QIP) of shares and preferential issue to its promoter APM Terminals, reports PTI.

The infusion will be used for repayment of the existing loans which will enable it to tie up funds for its Rs1,097-crore expansion, the company said in a statement.

It raised Rs199.48 crore through a QIP of 3.41 crore shares to a clutch of investors like Bajaj Life Insurance, SBI Life Insurance, Franklin Templeton, Kotak Mahindra, Vanguard International Explorer Fund, Schroder Asia Pacific Fund, Jardine Fleming, the statement said.

Apart from that, 2.58 crore shares were issued to the promoter to raise Rs152.52 crore, it added.

Both the QIP and the preferential issues were done at Rs58.45 per share, which was trading 1.1% up at Rs56.20 apiece on the BSE at 1355 hrs versus the 30-share Sensex's 0.05% slip.

Promoter APM Terminals' shareholding in the company will continue to be maintained at 43.01% after the capital raising, it said.

The company is undertaking a capital expenditure of Rs1,097 crore to increase capacity at the port and enhance operational efficiencies.

"We propose to increase capacity for container cargo to around 1.5 million TEUs and for bulk cargo to around 10 million tonne," its managing director Prakash Tulsiani was quoted as saying.

The plans include constructing a new container berth of 348 metres to provide contiguous berth of 735 metres which will help it handle two post-Panamax vessels simultaneously, dredging, three new cranes, increasing yard capacity, it said.

On the bulk cargo side, it will be constructing a new container berth which will enable the port to dedicate the existing multi-purpose berth exclusively for bulk cargo services and extending the berth by 110 metres, the statement added.

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BOC India gets industrial gas supply contract from Tata Steel

BOC India, a Linde group company, will invest Rs540 crore to construct two large new air separation plants for supplying gaseous oxygen, nitrogen and argon to Tata Steel's new facility in Odisha

 

Mumbai: BOC India, a part of the Linde group, on Monday said it received a contract from Tata Steel for long-term supply of industrial gases and will invest Rs540 crore to meet the production requirements, reports PTI.

 

"BOCI will invest Rs540 crore to construct two large new air separation plants, each with a capacity of 1,200 tonne per day (tpd), to supply gaseous oxygen, nitrogen and argon to meet the production requirements of Tata Steel's new steelworks," the company said in a statment.

 

Tata Steel is progressing with the first phase of its greenfield integrated steelworks in Kalinganagar industrial complex in Odisha, which will come on-stream in 2014.

 

BOCI's new air separation plants, which will also be commissioned in 2014, will produce liquid products to meet the growing demand for gases in the merchant market, it said.

 

"BOCI intends to establish an extensive pipeline network through the Kalinganagar industrial complex to meet the gases demand of the various steel production units operating there, and our latest agreement with Tata Steel will enable us to make further steps forward in this direction," company's managing director SK Menon said.

 

The facility of Tata Steel is the first new major greenfield blast furnace-based steelworks in the country, with a capacity of 3 million tonne per year (mtpy), which can expand to 12 mtpy in the medium term.

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Kotak Mahindra Old Mutual launches new ‘Assured Protection Plan’

Apart from providing death cover under natural circumstances, the plan provides cover against accidental death, a waiver of premium in case of accidental disability and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years

 

Mumbai: Kotak Mahindra Old Mutual Life (Kotak Life Insurance) on Monday launched its 'assured protection plan' that aims to provide long term protection against major eventualities besides lump sum benefit at the end of policy term, reports PTI.

It is a protection cum savings scheme providing cover till the age of 75 years, the company said in a release here.

Apart from providing death cover under natural circumstances, the plan provides cover against accidental death with 200% of sum assured, a waiver of premium in case of accidental disability during the premium paying term and critical illness cover for 12 illnesses with 20% of the basic sum assured prior to the age of 70 years, it said.

The benefits are exclusive of each other like even if critical illness and waiver of premium benefits are availed, the maturity amount (basic sum assured) will still be paid full on survival to maturity, the company said.

The minimum age for the plan is 18 years and the maximum is 50 and the premium begins from Rs5,000 per year.

The plan provides flexibility to pay premiums either up to policy anniversary after attainment of 60 years or for 15 years. For policies with higher sum-assured, it offers discounts depending on the premium band chosen.

Kotak Mahindra Old Mutual Life Insurance is a 74:26 joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual.

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