ONGC and GAIL are planning to outbid Royal Dutch Shell and Thailand's PTTEP with a $2Bn offer for UK's Cove Energy.
Royal Dutch Shell has offered to buy Cove Energy Plc for $1.6Bn. Shell is offering 195 pence for each Cove share, read this.
Cove put itself up for sale last month after reporting one of the world’s largest gas discoveries in a decade off Mozambique. Standard Chartered Bank and Cenkos Securities Plc are advising Cove on the sale.
UTI Ventures Funds Management Company Private Limited, the private equity investment subsidiary of UTI Asset Management Co Pvt Ltd, has sold its stake in Ascent Capital Pvt Ltd to the management of the firm, which is headed by Raja Kumar.