29
Tuesday
September 2020
7:28 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | Health   | About Deepika 
Business News
Saudi Aramco raises USD 25.6 bn in largest-ever IPO
 
New York: Saudi Arabia''s state oil company Aramco launched its initial stock offering on Thursday, pricing at the high end of the target range and raising USD 25.6 billion, two sources told AFP. The sum raised by the oil giant surpasses the USD 25 billion garnered by the Chinese online trading group Alibaba in 2014 when it entered Wall Street.

The market debut also puts the Saudi oil behemoth''s value at USD 1.7 trillion, far ahead of other corporate giants in the trillion-dollar club: Apple (USD 1.2 trillion), Microsoft and Alibaba (USD 1.1 trillion). Aramco is expected to begin trading December 12 on the Tadawul exchange in Riyadh at 32 riyals, or USD 8.53, the sources said.

That is on the upper end of the range of 30-32 riyals the company set last month even though major banks advising it called for caution to reduce volatility in the first days of trading. The IPO has been underwritten mainly by the Saudis themselves, as major foreign investors raised questions about corporate governance, the company''s ability to protect its oil installations and its profit outlook as global climate policies become stricter.

Aramco''s market debut is intended to help diversify Saudi Arabia''s economy away from its overwhelming reliance on petroleum. The company expects to sell 1.5 per cent of its capital during the initial public offering.


BPCL pays for defaulting Videocon in Brazil oil block
Temporary retention of GST cess pending reconciliation not diversion: FinMin sources
Trai drops probe against Voda Idea on priority plan issue after telco tweaks offer
Sensex climbs nearly 400 points in early trade; Nifty above 10,900
Rupee depreciates 26 paise to 73.83 against US dollar in early trade
STL strengthens global leadership team to drive the next phase of growth
HCL Technologies shares jump 5 pc after DWS deal
Sensex, Nifty start on cautious note; HCL Tech rallies over 4 pc
TCS sets up 11 COVID-19 isolation centres for staff, their dependents
Over Rs 70K crore worth of loans sanctioned to discoms under liquidity package: Govt
US stocks fall as market decline extends for third week
No decision to discontinue printing of Rs 2000 note: FinMin
More Indians in Singapore returning home due to job losses: Envoy
Rupee drops 13 paise to 73.73 against US dollar in early trade
Trai grants Voda Idea time till Sep 8 to respond to priority plan show-cause notice
PVR defers capex plans to control costs amid COVID-19 disruptions
India's commitment to reform being taken seriously by foreign investors: FM
Air India to resume Mumbai-Aurangabad flights from Sep 15
Paytm FY'20 revenue rises to Rs 3,629 cr, loss narrows by 40 pc
Sensex tanks over 600 pts on global selloff; Nifty below 11,400
KERALA NEWS
COVID-19 tally in Kerala racing towards 1.50 lakh mark
 Thiruvananthapuram: The COVID-19 tally in Kerala is racingtowards the 1.50 lakh mark as 4,125 cases  
Take steps to attach properties of pvt financial institution; HC to govt
Kerala logs single-day highest spike of 3,830 COVID-19 cases
Jaleel has committed no wrong, says Kerala CM
INTERNATIONAL NEWS
Leaders to UN: If virus doesn't kill us, climate change will
 Johannesburg: In a year of cataclysm, some world leaders at this week's annual United Nations meetin
Swiss vote on limiting jobs, residency for EU citizens
Trump expected to announce conservative Barrett for court
US moves to restrict stay of Chinese journalists to 90 days
NATIONAL NEWS
Jaswant Singh dies, PM Modi pays tribute
 New Delhi: Former Union minister Jaswant Singh, a close associate of ex-prime minister Atal Bihari V
India-Pak troops exchange fire along IB in JK's Samba
ICMR’s second sero survey shows that India far from achieving herd immunity: Health Min
BJP's oldest ally SAD quits NDA
Untitled Page
Rashtra Deepika LTD
Copyright @ 2020 , Rashtra Deepika Ltd.