ICICI Bank to acquire 10% stake in proposed JV of IOCL & CPCL
The Target entity is initially proposed to be incorporated through seed capital of 5 lakh, in which the Acquirer, ICICI Bank Limited (“ICICI Bank”), will subscribe 10% of the total paid-up capital of the Target entity.
New Delhi: The ICICI Bank on November 24, 2022, announced that the bank has entered into an agreement dated November 23, 2022, in relation to an initial investment in the seed equity capital of the proposed Joint Venture (JV) of Indian Oil Corporation Limited (IOCL) and Chennai Petroleum Corporation Limited (CPCL) (“Target entity”).
The Target entity will be a proposed Joint Venture Company of IOCL and CPCL (“the Promoters”) for implementing a 9 MMTPA refinery at Nagapattinam, Tamil Nadu in which IOCL and CPCL shall together hold a 50% equity stake (25% each) and balance would be held by other JV partners. Refinery shall produce petroleum products including MS (Petrol), HSD (Diesel), LPG, etc. and petrochemical products such as polypropylene.
The Target entity is initially proposed to be incorporated through seed capital of 5 lakh, in which the Acquirer, ICICI Bank Limited (“ICICI Bank”), will subscribe 10% of the total paid-up capital of the Target entity.
Post investment, ICICI Bank will hold 10% shareholding in the Target entity through the acquisition of 5,000 equity shares of face value 10 each.
Read Also : Air Chief Marshal VR Chaudhari, CAS presented Presidential Awards to 51 IAF personnelNews Must Read
- NCL General Manager (Finance) D Sunil Kumar recommended for SECL Director (Finance)
- Bank of Maharashtra Q4 results, Net Profit increased by 44.95 percent to Rs 1,218 crore
- Axis Bank Overtakes Kotak Mahindra Bank to Become India's Fourth Most Valued Lender
- LIC cuts stakes in major PSU stocks
- SJVN CMD Geeta Kapur Inaugurates Construction Works at Sunni Dam Project in Himachal Pradesh
- PESB Selects R Veerabahu as Director (Finance) for Braithwaite & Co. Limited
- Grew Energy bags largest order of 200 MW Contract of SECI's Auction
- CPCL Reports 39% YoY Drop in Q4 Net Profit, Declares Rs 55 per Share Dividend
- SJVN Limited inaugurates India's first Multi-purpose Green Hydrogen Pilot Project
- KRDCL, RVNL JV emerges as the Lowest Bidder for Redevelopment of Thiruvananthapuram Central Railway Station