Analysts say domestic banks' dependence on local depositors insulates them from the crisis.
The International Financial Services Centres Authority (IFSCA) has proposed key exemptions to the current listing framework and measures for setting up holding companies (holdcos) and special purpose acquisition companies (SPACs) to encourage domestic startups list at GIFT City, the country's only international financial services centre (IFSC). Under the current framework, to be eligible to list on IFSC exchanges, an issuing company should have operating revenue of at least $20 million in the preceding financial year and average pre-tax profits of at least $1 million during the preceding three financial years. An expert committee has noted these conditions have acted as hurdles to listing new-age companies, and they need a relook.
Debt-ridden telecom operator Vodafone Idea on Thursday said its board has approved raising of up to Rs 14,500 crore, including Rs 4,500 crore from promoter entities. An amount of Rs 10,000 crore would be raised by way of sale of equity or through debt instruments such as ADR, GDR and FCCBs. In a regulatory filing, the company said the board has cleared issuance of up to 338.3 crore equity shares of face value of Rs 10 each at an issue price of Rs 13.30 per equity share for an aggregate consideration of up to Rs 4,500 crore.
With Housing Development Finance Corporation's (HDFC's) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country's most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13. At present, RIL has a weighting of close to 12 per cent in the Sensex and 10.3 per cent in the broad-based Nifty. Meanwhile, HDFC Bank and HDFC have weights of 9.9 per cent and 6.8 per cent in the Sensex and 8.8 per cent and 6 per cent in the Nifty, respectively.
Tata Motors Ltd has completed the public filing for listing the American Depository Receipts on the New York Stock Exchange.
US stock market indices may be performing better than India's popular benchmark Sensex, but individual Indian stocks have outshined their own American Depositary Receipts by up to 25 per cent in the past one year.
The role of foreign investors in the Indian capital market is gaining significant momentum, as foreign stake in Indian companies has shown a sharp upturn in the quarter ended September 30, which saw net inflows of $12 billion.
ICICI Bank has emerged as the single Indian entity considered worth investing by Libyan dictator Muammar Gaddafi and the investment has given an impressive return of over 25 per cent in past one year alone.
The government has decided to do away with the various classifications of foreign investments for the purpose of calculating foreign investment in downstream companies.
Just as investors abroad can participate in Indian companies' issues through the American Depository Receipt and Global Depository Receipt route, Indian investors can now invest in foreign companies through the IDR. Standard Chartered Bank will be the first IDR issue, opening May 25.
The move, which requires approvals from the finance ministry and the Reserve Bank, will ensure that managements do not gain undue control over companies.
IDRs are rupee-denominated and created by a domestic depository against the underlying equity shares of a foreign company.
Patni Computer Systems Ltd on Monday said it would raise up to $150 million additional capital by the issue of American Depository Receipts.
Anil Ambani group company Reliance Communication Ventures Ltd on Friday decided to offer stake worth up to Rs 4500 crore (Rs 45 billion) to international financial and strategic investors.
Indian firms, including Tata Steel, in the past have formed SPVs to acquire foreign companies to protect local operations and also to avoid legal hindrances. The SPV may be registered in a tax-haven country, like Mauritius or Bahamas, the sources said. The move to float an SPV will help Bharti Airtel to continue being listed on Indian stock exchanges, while MTN's promoters will be given a stake in the SPV.
Reports say that law firms in the US have begun filing class-action suits against Satyam and its beleaguered executives for fraud. Two such class action lawsuits -- one by a US law firm Izard Nobel LLP and the other by an investor in Satyam ADS -- have been filed in a district court in New York.
In a move to allow US investors to directly participate in India's equity markets, Chicago-based US Futures Exchange (USFE) will exclusively license the Bombay Stock Exchange's Sensex for US dollar-denominated futures trading beginning February 22 next year. At present, US investors can buy only a handful of Indian stocks listed on the New York and Nasdaq exchanges through an American Depository Receipt (ADR) authorisation.
India topped the global chart for total amount raised through American depository receipts (ADRs) this year (January-July), beating China and Taiwan.
Anil Ambani Group company, Reliance Communication Ventures Ltd said on Monday it will raise upto $1 billion through its Sponsored Global Depository Receipts and American Depository Receipts programme.
IBM's exit leaves the field open for engineering giant Larsen & Toubro, which owns 12 per cent in Satyam, Tech Mahindra, Cognizant Technology and private equity firm Wilbur L Ross. Satyam currently faces 13 class action suits by holders of the company's ADRs in the US. An investment banker close to the deal said IBM was a big name and could, therefore, be vulnerable to more lawsuits.
In a circular issued recently, the RBI has directed all banks that have issued GDRs or ADRs to take prior consent of the RBI before amending any agreement
Indian shares listed on the American bourses settled mostly in the red, while Infosys defied the trend, after the New York Stock Exchange halted trading in Satyam Computer at its bourses.
W L Ross & Co has acquired 1.8 million American Depository Receipts (ADRs) of Satyam (Mahindra Satyam) from NYSE Euronext for $4.6 million (over Rs 20 crore) at an average price of $2.5 per share, the parent firm of W L Ross, Invesco, said in a Securities and Exchange Commissions (SEC) filing.
Shares of Tata Motors, which surged over eight per cent in morning trade, shed gains to settle up three per cent on the Bombay Stock Exchange and National Stock Exchange as the company launched the world's cheapest car 'Nano'.
Securities and Exchange Board of India on Tuesday said it would introduce Indian depository receipts (on the lines of American Depository Receipts or Global Depository Receipts
HDFC Bank proposes to raise Rs 4,200 crore (Rs 42 billion) through a mix of preference shares to its promoters and domestic and overseas equity issues.
The Nasdaq 100 index comprises the largest non-financial stocks on the exchange. In November 2006, Infosys went in for issue of $1.65 billion American Depository Receipts.
The proposal for American Depository Receipts by Nasdaq-listed Internet and eCommerce major Sify is aimed at creating "liquidity" for its Indian shareholders, according to a top company official.
India now has three companies in the global top 100 list in terms of market value: Reliance Industries (RIL) ranks 72, Tata Consultancy Services (TCS) is at 86 and HDFC Bank at 99.
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