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Bank of Baroda in spotlight after nod for fund raising

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of Baroda (BOB) said that its board on 5 August 2017, approved issuance of AT-1 Capital Bonds compliant with Basel III Capital Regulations of the Reserve of for minimum amount of Rs 500 crore with Green Shoe Option of total issuance not to exceed Rs 1500 crore. This is within overall Board approved limit of Rs 3000 crore for AT-1 Bonds, filed with the stock exchanges on 27 May 2017. The announcement was made on Saturday, 5 August 2017.

Separately, BOB announced on Saturday, 5 August 2017 that it has decided to keep its marginal cost of funds based lending rate (MCLR) at the existing level in between 8.1% and 8.65% for tenors ranging from overnight to five years with effect from 7 August 2017.

IndusInd said it has recently inaugurated its first branch in Faridkot, Punjab. With the inauguration of this branch, the now has 101 branches in the state of Punjab. The announcement was made after market hours on Friday, 4 August 2017.

Wipro announced the availability of Data Discovery Platform, its big data analytics-as-a-service solution on Microsoft Azure. The solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing. The announcement was made before market hours today, 7 August 2017.

Maruti Suzuki announced that its total production rose 14.78% to 1.56 lakh units in July 2017 over July 2016. The announcement was made after market hours on Friday, 4 August 2017.

ONGC said it has bought 80% Participating Interest (PI) and operatorship in NELP-III Block KG-OSN-2001/3 (Block) of Gujarat State Petroleum Corporation (GSPC) in Krishna Godavari Basin offshore. GSPC remains in the Block holding 10% PI which it acquired from the outgoing partner Geo Global Resources and other partner in the block is Jubilant Offshore Drilling with 10% PI. The announcement was made after market hours on Friday, 4 August 2017.

ONGC and GSPC had entered into a Farm-in- Farm-out Agreement (FIFO) on 10 March 2017 to firm up the methodology and modus operandi to give effect to this transaction.

Following approval of Government of for transfer of PI and Operatorship as per provisions of the Production Sharing Contract, ONGC on Friday, 4 August 2017 has taken over the Block against a purchase consideration of $995.26 million for Deen Dayal West Field in the Block. ONGC has also made an advance payment of $200 million to GSPC in respect of future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval of their Field Development Plan by Management Committee of the Block.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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