Companies & Sectors
SBI preferential allotment issue priced at Rs2,312 per share

SBI said the infusion of Rs3,004 crore from the government would enable it to support its national and international banking operations through its subsidiaries and associates

State Bank of India on Monday said it fixed issue price at Rs2,312.78 per share for preferential allotment to the government for raising about Rs3,004 crore as part of its capital infusion plan for FY13.

 

In a filing with the BSE, the state run lender said the infusion will enable it to support national and international banking operations through its subsidiaries and associates.

 

"The executive committee of central board of the bank has fixed issue price at Rs2,312.78 per share including a premium of Rs2,302.78 per share, for the preferential allotment of equity shares to the government," it said.

 

On 23rd February, the board of SBI approved infusion of capital funds in the bank of Rs3,004 crore during 2012-13, the filing said.

 

During FY12, the government had infused Rs7,900 crore in SBI to increase the Tier-I capital of the country's largest bank. Following the infusion in March 2012, the government holding in SBI rose to 61.58% from 59.4%.

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Cairn starts drilling of its first exploration well in Rajasthan block

Cairn believes the Rajasthan block holds an in place resource base of 7.3 billion barrels that can support 300,000 bpd of output

Cairn India on Monday said it began drilling its first exploration well in four years on the Rajasthan block which will help the company to boost its output to 215,000 barrels per day by March 2014.

 

On 14th February, a block oversight committee, headed by the Directorate General of Hydrocarbons (DGH), allowed the oil explorer to drill its three wells to explore new oil pools on Rajasthan block this fiscal. Cairn plans to drill 30 exploration wells by March 2014 and a similar number in the year thereafter.

 

"Following endorsement of the exploration Work Programme for the Rajasthan Block (RJ-ON-90/1) by the Management Committee less than two weeks ago, Cairn India has today commenced drilling of the first exploration well, after a gap of more than four years, in the prolific Barmer Basin," the company said in a statement.

 

The company said, "This (drilling) is pursuant to the clarity in policy by the Government of India, allowing for exploration operations in development blocks."

 

Cairn currently produces 170,000-175,000 bpd from the Rajasthan block and plans to finish 2013-14 with a production of 200,000-215,000 bpd from the block.

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Taliban calls Pakistani minister Rehman Malik a 'comedian'

Over the past few days, Malik has repeatedly ridiculed the Taliban’s offer of peace talks, saying a dialogue can be held only if the banned group lays down arms and declares a month-long ceasefire

The Taliban in Pakistan Taliban has labelled the county's Interior Minister Rehman Malik as 'comedian', with a spokesman for the terrorist organisation saying some 'serious person' should replace him for any dialogue between the two sides.

 

Tehrik-e-Taliban Pakistan spokesman Ihsanullah Ihsan compared Malik to Pashto comedian Ismail Shahid and said the group did not take the minister’s statements seriously.

 

“Our central shura (consultative council) believes that if Rehman Malik keeps on churning out statements about our offer (of talks), it’ll indicate the government is not serious in pursuing peace talks,” Ihsan told The Express Tribune.

 

Over the past few days, Malik has repeatedly ridiculed the Taliban’s offer of peace talks, saying a dialogue can be held only if the banned group lays down arms and declares a month-long ceasefire.

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