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India Digest: GIC ups SBI Life stake; Welspun One Logistics raises $41m
Photo: Pixabay
March 16, 2021
GIC Private Limited has picked up an additional stake in SBI Life Insurance through a secondary market transaction. Separately, Welspun One Logistics Parks has raised about $41 million (Rs 300 crore) from a set of investors.
GIC ups SBI Life stake
Singapore’s sovereign wealth fund GIC Private Limited has picked up an additional stake in SBI Life Insurance through a secondary market transaction.
According to BSE bulk deal data, GIC has bought over 1.67 crore shares of SBI Life at Rs 915 apiece, for a total consideration of nearly $211 million (Rs 1,533.5 crore). The shares – purchased from BNP Paribas – represent a 1.675 % stake in the company. BNP Paribas Arbitrage has, too, bought shares in SBI Life.
Synopsis
Spread across 714.6 square kilometers, the block is located in the prolific gas-prone Tapti-Daman sector of the Mumbai Offshore basin where production is already underway by other operators.
Agencies
Out of the three potential zones identified during drilling, two objects tested by Drill Stem Testing (DST) flowed substantial gas and condensate to the surface.
A joint venture of Adani Group and Welspun Enterprises Ltd has discovered natural gas reserves in an area off the Mumbai coast, the two firms said in a statement Monday.
The first-ever gas discovery was made in the NELP-VII block MB-OSN-2005/2, Adani Welspun Exploration Ltd (AWEL) said.
Synopsis
Launched early this year, this is the first warehousing AIF for domestic investors, the company said in a statement, adding Sanctum Wealth Management, Edelweiss and Incred Wealth will be the key distributors of the fund.
Welspun One Logistics Parks has raised over Rs 300 crore from a set of investors comprising domestic high-net-worth investors and family offices. The category II alternative investment fund is an integrated funding, development and asset management platform and is backed by the Welspun Group and has set a target of investing Rs 1,900 crore over the next three-four years. Launched early this year, this is the first warehousing AIF for domestic investors, the company said in a statement, adding Sanctum Wealth Management,
Adani Welspun Exploration (AWEL), a joint venture between the Adani Group and Welspun Enterprises, announced its first ever gas discovery in the NELP-VII block MB-OSN-2005/2.AWEL holds 100% participative interest (PI) and is the operator of this block. Spread across 714.6 square km, the block is located in the prolific gas-prone Tapti-Daman sector of Mumbai Offshore basin where production is already underway by another operator/other operators.
The pay zones and flow rates encountered have exceeded the company s initial estimates. With the information gleaned from adjoining fields/areas, this discovery is of substantial significance for both the company and the nation.
AWEL was awarded the block under the New Exploration Licensing Policy VII bid round. Early indications pointed to the occurrence of gas-bearing reservoirs within the sand stone reservoirs of the Mahuva and Daman formations.