Contango Oil & Gas Company Announces Investment in Alaskan Mineral Exploration
Houston–(Business Wire)–Contango Oil & Gas Company (NYSE Amex: MCF) announced today that its wholly-owned subsidiary, Contango ORE Company (“CORE”), has agreed to invest up to $3.0 million to conduct mineral exploration activities on approximately 580,000 acres of Alaska Native and State of Alaska lands located in interior Alaska (“Mineral Exploration Lands”). CORE purchased a 50% ownership from a private company for $1.0 million, together with our commitment to invest the next $2.0 million of capex to fund the expenses associated with the initial mineral exploration phase on this acreage. CORE and its partner will share expenses on a 50/50 basis thereafter and each will own a 50% working interest burdened by an approximate 5% overriding royalty interest. Read more
NPCIL and L&T Flag off Venture for Special Steels and Ultra Heavy Forgings
Filed under: Asia-Pacific, Energy, Manufacturing, Technology
One of World’s Biggest High Tech Forging Facilities
Surat, India, January 09, 2010: The Nuclear Power Corporation of India Limited (NPCIL), a Government of India Company responsible for design, construction, commissioning and operation of nuclear power plants and Larsen & Toubro (L&T), India’s leading engineering, manufacturing & construction major have laid the foundation stone for their world class steel manufacturing & heavy forging plant.
On 30th November 2009, L&T and NPCIL had announced the formation of a joint venture company to produce special steels and ultra heavy forgings. Read more
ACPhoenix Offers Heat Pump Installation To Benefit Consumers With Efficient Energy Grants
Phoenix, October 30, 2009: AC Phoenix – the Phoenix based air conditioning, heating, and electrical contractor- is now offering a sale on Heat Pump Installations, using which consumers can benefit from the Efficient Energy Grants available currently. These grants are in the form of attractive Federal Tax Credits to promote Energy Efficiency in America.
As per the new federal bill passed, you can avail tax credit on all purchases, installations and improvements of energy efficient systems between January 1, 2009 and December 31, 2010. You can spend up to $5000 during this two year period on single or multiple energy efficiency projects and get 30% or up to $1500 back as the tax credit. Read more
India and China To Boost LNG Demand in 2010
Incessant rising energy demand from emerging markets, especially China and India, will boost the global LNG industry in coming year.
(EMAILWIRE.COM, October 29, 2009 ) New Delhi, India – RNCOS has recently published a research report “Global LNG Market Analysis” which states that the global LNG market is expected to grow at robust pace in coming years on rising demand from both developed and developing countries. Statistics show that 2008 financial crisis has failed to make any major impact on LNG demand since countries worldwide have understood the significance of incorporating LNG in their energy bag in view of growing environmental concerns and depleting traditional energy resources. Thus, the global LNG demand is projected to grow at a CAGR of around 5% during 2009-2030. Read more
Reliance Power IPO: Reliance Energy, Anil Ambani Bring In Their Contribution
Filed under: Asia-Pacific, Business, Capital Markets, Energy, Finance, People
Reliance Energy, Anil Ambani brings in Rs 1440 crore as part of the promoters’ contribution in the Reliance Power IPO
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Investment @Rs 450 per share, top end of the band.
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The IPO opens tomorrow.
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Rs 20 discount for retail investors.
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Retail investors have option to pay only Rs 115 per share on application.
Mumbai, January 14: One day prior to the opening of the Reliance Power initial public offer (IPO), its promoters Anil Dhirubhai Ambani and Reliance Energy Limited have brought in their (promoters) contribution of Rs 1,440 crore at Rs 450 per share.
The subscription price for these shares has been determined at the upper end of the price band of Rs 405-450 per share. The issue opens for public subscription tomorrow (January 15), and will close on January 18.
The Reliance Power IPO, the country’s largest IPO so far, is expected to raise an amount in the range of Rs 10,700 crore-11,700 crore, with a net issue to the public of 228 million shares. The total issue size is of 260 million shares, including the promoters’ contribution of 32 million shares.
The Reliance Power issue has already being rated 4/5 by rating agencies CRISIL and ICRA, indicating above average fundamentals.
Retail investors have been offered a discount of Rs 20 per share, which implies their net cost of subscription will be Rs 430 per share, if they choose to bid at Rs 450 per share. Retail investors also have the option of making part payment of the application monies, wherein they will have to put in only Rs 115 per share upon application. The balance will be called upon, post the allotment of partly paid shares.
With a combined planned installed capacity of 28,200 MW, Reliance Power has one of the largest portfolios of power generation assets under development in India
Kotak Mahindra Capital Company Limited, UBS Securities India Private Limited, ABN AMRO Securities (India) Private Limited, Deutsche Equities India Private Limited, Enam Securities Private Limited, ICICI Securities Limited, JM Financial Consultants Private Limited and J.P. Morgan India Private Limited are acting as the Book Running Lead Managers to the Issue whilst Macquarie India Advisory Services Private Limited and SBI Capital Markets Limited are acting as Co-Book Running Lead Managers. Amarchand & Mangaldas & Suresh A. Shroff & Co. is advising the Company whilst Cleary Gottlieb Steen & Hamilton and J. Sagar and Associates are advising the BRLMs and CBRLMs in relation to the Issue.
NOTE:
The Company is proposing, subject to market conditions and other considerations, an initial public offering (“IPO”) of its equity shares and has filed its Red Herring Prospectus (“RHP”) with the Registrar of Companies (“ROC”), Maharashtra, in Mumbai. The RHP is available on the website of the SEBI at www.sebi.gov.in; on the respective websites of the BRLMs at www.kotak.com, www.ibb.ubs.com/Corporates/indianipo, www.abnamroindia.com, www.db.com/India, www.enam.com, www.icicisecurities.com, www.jmfinancial.com and www.jpmipl.com; and that on the CBRLMs at www.macquarie.com/in and www.sbicaps.com. This RHP does not, however, constitute an offer to sell or an invitation to subscribe to or purchase Equity Shares offered hereby in any other jurisdiction to any Person to whom it is unlawful to make an offer or invitation in such jurisdiction. This press release is restricted and not for publication or distribution in or into the United States. This press release is not for offer or sale in the United States of any securities of the Company. The securities of the Company have not been and will not be registered under the US Securities Act of 1933, as amended, and may not be sold in the United States absent registration under the US Securities Act or an exemption from such registration. There will be no public offering of any securities of the Company in the United States. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of RHP.
For further details contact:
Venkatesh Somayaji
Tel :9312 782480
venkatesh.somayaji@relianceada.com
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