Reliance closes Marcellus shale assets in US sale for USD126 mn

Indian oil-to-telecoms conglomerate, Reliance Industries Limited announced that a subsidiary of its Reliance Holding-USA has closed the sale of its upstream Marcellus shale assets in America to BKV Chelsea for 126 million dollar. Moreover, Reliance added, under the definitive docs, a contingent amount of up to USD 11.25 million may be paid to Reliance between periods 2018 to 2020 based on certain gas price thresholds being achieved.

In 2010, Reliance invested in the US shale gas business, which started incurring losses due to the extended global crude oil price slump. Prior to making a revival this year, oil prices had earlier slumped by more than 50% in less than 2-years on account of a supply glut, from levels of over USD 120 per barrel.

BSE to auction investment limits for Rs 8,300-cr corp bonds

Leading bourse Bombay Stock Exchange (BSE) has said it will auction investment limits on Friday, to enable foreign investors to purchase corporate bonds worth over Rs 8,300 cr. The auction will be carried out on the BSE’s e-bidXchange platform from 3.30 pm to 5.30 pm, after the close of market hours.

The debt auction quota gives overseas investors the right to invest in the debt up to the limit purchased. A mock bidding session will be carried out on Thursday after the end hours of market to check the performance of the system.

Earlier, in this month, the corporate debt had attracted bids for Rs 12,005 cr from FPIs in an auction of investment limits for such securities, much higher than Rs 9,018 cr that was on offer.

Indian Oil Corpn’s shares fall after gaining 1% intraday

Shares of Indian Oil Corporation (IOC) spurted nearly 1 percent intraday on company’s announcement that it launches nation’s first electric vehicle charging station at a petrol pump in Nagpur. IOC shares were trading down by 0.05% at Rs. 395.80 at the mid-noon hours, on Wednesday.

The scrip touched an intraday high and a low of Rs. 399.10 and Rs. 392 respectively. In terms of equity volume, there were 1.81 lakh shares exchanged hands on the BSE. India's largest commercial enterprise, IOC, in collaboration with OLA, has launched the country’s first electric charging station at one of its petrol-diesel stations in Nagpur.