Essar eyeing oil and gas blocks in Africa: Report

Essar Oil, India's second-largest private refiner, is eyeing oil and gas exploration blocks in Africa to secure crude oil supplies for its refineries in India and Kenya, the Economic Times reported on Thursday, citing the company's managing director.

"The company is evaluating all prospects and will soon finalise few of them," Naresh Nayyar told the newspaper.

He did not give details of the properties Essar may acquire, but the paper cited unnamed people familiar with the development as saying Essar had identified at least six blocks in countries such as Nigeria, Libya and Madagascar where it may buy stakes or entire assets.

Essar Oil already has interests in some oil and gas blocks in Africa, India and Vietnam, the paper said.

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SEBI unlikely to go for 100% open offer: Report

The Securities and Exchange Board of India (SEBI) is unlikely to accept a proposal to lift the size of mandatory open offer arising from mergers and acquisitions to 100 % from 20%,  the Economic Times reported on Thursday.

A panel set up by the SEBI had proposed changes to takeover rules, including raising the open offer size to make it easier for minority shareholders to participate in open offers.

The SEBI board is scheduled to meet on Monday, the newspaper said, and cited an unnamed SEBI official as saying that the regulator would have to take a "hard look" at the proposal considering the resistance from industry bodies, merchant bankers and corporate lawyers.

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