As many as six merchant bankers are vying to handle and manage the sale of the government's 29.53 per cent residual stake in Hindustan Zinc Ltd (HZL), according to an official notice. ICICI Securities, SBI Capital Markets, HDFC Bank, IIFL Securities, Axis Capital and Citigroup Global Markets will make their presentations via video conferencing before the government officials on Friday, highlighting their plans in managing the offer for sale. The bankers to manage the sale process would be finalised after the presentation and opening of financial bids on August 12, as per the notice.
The year 2014 is likely to be a "slow recovery year" for India, with economic growth rising, inflation easing and currency and rates largely stable, Citigroup said.
2nd time within a few days RIL has hit the forex debt market.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
PB Fintech, the parent of Policybazaar and Paisabazaar, has set a price band of Rs 940-950 apiece for its initial public offering (IPO), which will open on November 1 and close on November 3. The company may be valued at around Rs 44,000 crore, and looking to raise an amount of around Rs 5,826 crore. The IPO comprises a fresh issue of Rs 3,750 crore, along with an offer for sale (OFS) of Rs 1959.72 crore by existing promoters and shareholders.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
Investment bankers handling the IPO had said marquee global investors made big-ticket applications.
Citigroup, apart from grappling with the write-offs and losses in its consumer banking business in the US, will also have to get its act right in other markets as well, particularly, India and Mexico.
The North-West is expected to be hit the most.
Even after this sale, the founder group will continue to have a substantial shareholding in the company.
The Bombay Stock Exchange's 30 share benchmark Sensex is trading 5.69 per cent lower so far this year.
According to the global financial services major, following two years of sub 5 per cent growth, India's GDP is expected to be around 5.6 per cent in 2014-15 and around 6.5 per cent in 2015-16.
Food ordering platform Zomato, whose Rs 9,375 crore IPO opens on July 14, is planning to launch a grocery section on its app soon, a senior company official said. The company recently invested USD 100 million (around Rs 745 crore) for acquiring a minority stake in grocery delivery platform Grofers. "It (grocery) is a large opportunity. The online grocery is nascent right now but is growing rapidly not just in India but across the world... "We are actively experimenting in that space and recently invested $100 million for a minority stake in Grofers, with the idea of getting more exposure to that space and building our strategies and plan around that business," Zomato CFO Akshant Goyal said.
Similarly, the wide-based 50-issue CNX Nifty of the NSE jumped 109.30 points, or 1.46 per cent, to end above 7,500-mark for the first time at 7,583.40.
The global universal banking concept doesn't work and the Citigroup colossus ought to be dismantled as quickly as possible. But the dismantling needs to be done by someone who believes that it's the right strategy for recovering shareholder value.
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
Online auto classified platform CarTrade Tech on Tuesday said it fixed a price band of Rs 1,585-1,618 a share for its nearly Rs 2,999-crore initial public offer. The initial public offering (IPO) will open for subscription on August 9 and conclude on August 11. The bidding for anchor investors will open on August 6, the company announced. The initial share-sale will be entirely an offer for sale (OFS) of 18,532,216 equity shares.
The largest component in computing CAD is trade deficit. India's trade deficit widened to $13.35 billion in October as exports contracted 5.04 per cent and gold imports surged
FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa, has filed preliminary papers with markets regulator Sebi to raise Rs 3,500-4,000 crore through an initial share-sale.
'MNCs now recognise India's capacity for innovation and its pivotal role in substantive contributions to global product development.'
Billionaire Mukesh Ambani's Reliance Industries Ltd has sold its stake in the shale gas asset in the US to Northern Oil and Gas Inc for USD 250 million, the firm said on Thursday.
InterGlobe Aviation has already raised Rs 832 crore from anchor investors.
Top no-frills carrier IndiGo on Tuesday approached capital markets regulator Sebi with Initial Public Offer.
It has been one of the weakest starts to the year since 1970 as concerns over undercapitalised financials sector companies, earnings risks, accelerated inflation and higher interest rates kept investors cautious, the world's biggest bank said. It further added that valuations indicate equities are cheap relative to history and especially cheap relative to other assets.
Citibank on Wednesday joined the list of foreign banks that have exited retail banking business in India. Mumbai-based Axis Bank completed acquisition of Citigroup's consumer business for Rs 11,603 crore. Under the deal, Axis acquired consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.
While Reliance put up a good show, NTPC nosedived on the BSE on Monday.
In the broader market, the BSE Midcap was down 0.2%, while BSE Smallcap fell 0.1%.
Global investment firm Citigroup is bullish on Indian equity markets.
The Indian regulatory framework forced Citi to hibernate -- contrary to the claim that it never sleeps!
Offer size could vary from Rs 1,200 cr to Rs 2,000 cr
Market ended lower for the third straight session led by IT stocks amid downgrade by Citigroup.
Issues Rs 358 crore interim dividend, 1:10 bonus and 10:1 split
About 48.5 million shares, or 20 per cent of the shares on offer, are reserved for retail investors
Telecom operator Reliance Jio Infocomm has arranged credit facilities worth $1.5 billion with lenders, including Bank of America and Barclays, to refinance existing loans.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
These include Goldman Sachs, HSBC, UBS, Deutsche Bank, Barclays, RBS, Citigroup and JP Morgan and they have said in their respective regulatory filings that they are cooperating with the relevant authorities in the investigations.
Citigroup chief executive Vikram Pandit will take home a salary of only $1 this year. He had in January said that he would accept only $1 as pay till the bank turned in profits. He will also not get any stock options this year, even as the beleaguered banking major labours under the burden of a government bailout.
The task force will look at emerging markets, technology, regulatory and monetary policies, loss of trust in financial services, and financial inclusion.
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