Promoters of companies which have pledged their shares will be in a bind following the government's mandate that all listed companies must have a minimum 25 per cent public float. Although the government yesterday indicated it was open to a review of this rule, many companies will have to re-work their funding strategy if the norms are not amended.
Top names in the power and infrastructure sector, including Reliance Power, Lanco Kondapalli and Spanish firm Isolux Corsan, have evinced interest in setting up two power plants in Uttar Pradesh's Allahabad district.
Bid date for Allahabad project postponed on fears of higher tariff quotes.
Power generation and distribution is the most indebted sector
Rebound in IT majors TCS and Infosys in late trades helped markets end higher.
Eight Sensex biggies such as Reliance, L&T, BHEL, SBI and ICICI Bank are among the worst hit.
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Since April 1, promoters of Jaiprakash Associates have released more than 225 million Jaiprakash Power Ventures shares (valued at Rs 425 crore) pledged with lenders.
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