ICICI Bank, Axis Bank Pick Up Stake In Indian Oil’s Joint Venture Refinery

Indian Oil and Chennai Petroleum will maintain 25 per cent every within the three way partnership.(Representational)

New Delhi:

Shares of Chennai Petroleum witnessed brisk shopping for at present after personal sector lenders ICICI Bank and Axis Bank stated they’d picked up a stake within the proposed three way partnership between Indian Oil Corporation and Chennai Petroleum Corporation.

Shares of Indian Oil Corporation additionally attracted good shopping for help.

In a regulatory submitting with the BSE, ICICI Bank stated the three way partnership will likely be included by means of a seed capital of Rs 5 lakh. ICICI Bank will subscribe to 10 per cent of whole paid-up capital of the three way partnership at a value of Rs 50,000.

The three way partnership is proposed to be included by means of seed capital of Rs 5 lakh.

“ICICI Bank as seed equity investor does not have any obligation to fund the future equity requirement of the project, beyond initial seed capital contribution of Rs 50,000,” the submitting added.

Indian Oil and Chennai Petroleum will maintain 25 per cent every within the three way partnership which can implement a 9-MMTPA refinery at Nagapattinam in Tamil Nadu.

In an identical submitting with BSE, Axis Bank stated it would purchase 10 per cent shareholding of the proposed three way partnership at a value of Rs 50,000.

The insurance coverage arm of ICICI group ICICI, Prudential Life Insurance, additionally knowledgeable inventory exchanges that it’s going to choose up a 9 per cent stake at a value of Rs 45,000.

The participation of personal sector gamers as seed traders led to the shares of Indian Oil and Chennai Petroleum rising.

Indian Oil closed the day with over 3 per cent good points at Rs 72.05 on BSE, whereas Chennai Petroleum was up 3.76 per cent at Rs 198.70. Chennai Petroleum rose over 5 per cent intraday.

Shares of the ICICI Bank, Axis Bank and ICICI Prudential additionally gained within the vary of 0-1 per cent.

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