Shares of Chennai Petroleum noticed sharp shopping for right this moment after non-public sector lenders ICICI Financial institution and Axis Financial institution picked up stake within the proposed three way partnership between Indian Oil Company and Chennai Petroleum Company.
Indian Oil Company additionally took good shopping for assist.
In a regulatory submitting with BSE, ICICI Financial institution mentioned that the three way partnership will probably be included by an preliminary capital of Rs 5 lakh. ICICI Financial institution will contribute 10 per cent of the full paid-up capital of the JV at a value of Rs 50,000.
The three way partnership is proposed to be included by a seed capital of Rs 5 lakh.
“ICICI Financial institution as a seed fairness investor has no obligation to fund the longer term fairness requirement of the venture past the preliminary seed capital contribution of Rs 50,000,” the submitting mentioned.
Indian Oil and Chennai Petroleum may have 25 per cent stake every within the three way partnership that can implement the 9-MMTPA refinery at Nagapattinam in Tamil Nadu.
In the same submitting with BSE, Axis Financial institution mentioned it is going to purchase 10 per cent stake of the proposed three way partnership at a value of Rs 50,000.
The insurance coverage arm of ICICI group ICICI, Prudential Life Insurance coverage additionally knowledgeable the inventory exchanges that it’s going to choose up 9 per cent stake at a value of Rs 45,000.
Shares of Indian Oil and Chennai Petroleum rose on the participation of personal sector gamers as seed buyers.
Indian Oil closed at Rs 72.05, up over 3 per cent, on the BSE, whereas Chennai Petroleum was up 3.76 per cent at Rs 198.70. Chennai Petroleum rose over 5 per cent intraday.
Shares of ICICI Financial institution, Axis Financial institution and ICICI Prudential additionally gained 0-1 per cent.
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