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UPDATE 1-India to raise $1.4 bln from top oil refiner stake sale

* Indian Oil share sale subscribed 1.18 times despite market slump

UK shares set for worst day since 2011

* Only 2 stocks on the FTSE 350 rise (Updates prices, analysts)

UPDATE 3-Freely floating Kazakh tenge jumps on monthly tax fillip

ALMATY, Aug 24 (Reuters) - Kazakhstan's tenge jumped 10 percent on Monday, the third session after authorities abandoned the currency's trading band, as companies sold dollars to meet monthly tax payments.

LNG company Cheniere appoints two Icahn Capital directors to board

Aug 24 (Reuters) - Liquefied natural gas company Cheniere Energy Inc named two Icahn Capital LP managing directors to its board, days after activist investor Carl Icahn reported a stake in the company.

India ONGC submits revised development plan for Iran gas field

NEW DELHI, Aug 24 (Reuters) - India's ONGC Videsh, the overseas investment arm of explorer Oil and Natural Gas Corp , this month submitted a revised proposal seeking the development rights of Iran's giant gas field Farzad B, its managing director said on Monday.

UPDATE 2-RWE replaces top management at UK unit after operations problems

* Npower cut outlook earlier this month (Recasts, adds CEO quote, shares)

UPDATE 9-Oil sinks 4 percent, hits 6-1/2 year low on China concerns

* Iran says will defend market share "at any cost" (Updates stock markets reaction, prices)

UPDATE 1-Power producer Southern Co to buy AGL Resources for $8 bln

Aug 24 (Reuters) - Power producer Southern Co said it would buy AGL Resources Inc for about $8 billion in cash, making it the No. 2 U.S. utility by customers after Exelon Corp.

CORRECTED-Angola's Sonangol to buy Cobalt's stake in two offshore blocks

Aug 24 (Reuters) - Angolan state oil company Sonangol said it would buy oil and gas producer Cobalt International Energy Inc's 40 percent stake in two oil blocks offshore Angola for $1.75 billion.

COLUMN-Oil market loses faith in Saudi oil strategy: Kemp

LONDON, Aug 24 (Reuters) - Saudi Arabia's strategy for rebalancing the oil market through a period of lower prices shows few signs of working so far - with rival producers claiming they will raise output even as prices slide to new lows.

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