Global equity research firm Standard & Poor's has projected a significant jump in the American Depository Receipts
State-run gas firm Gas Authority (India) Ltd may list on the New York Stock Exchange or the Nasdaq by converting its global depository receipts into American depository receipts.
Citi Group on Wednesday clarified that it owns 2.1 per cent equity stake in Tata-controlled Videsh Sanchar Nigam Ltd, which is less than 4.2 per cent that it had earlier reported with the US Securities and Exchange Commission.
The sponsored ADR issue, which is equivalent to 4 million to 6 million ADRs, was approved at an extraordinary general meeting held in Bangalore.\n\n\n\n
The government is likely to sell 20 per cent of its equity in Bharat Petroleum Corporation Ltd in the overseas market while another 15 per cent stake would be offloaded in the domestic markets.
The Reserve Bank of India said on Sunday it would allow investors who sell their local shares to companies for conversion into ADRs and GDRs to keep the money from the sale in a foreign currency account.
Kicking-off the process of divestment in Bharat Petroleum Corp, government has invited bids for appointment of a global advisor for sale of 35.2 per cent stake in the oil PSU through public offer.
Software major Infosys Technologies Ltd is not pursuing its American Depository Receipt plans, as it feels the time is not conducive for another offshore listing and would opt for a "wait and watch" approach.
Citing some news reports about alleged unfair business practices, and that the lender had also missed analysts' estimates on profits for the first quarter ended June FY21, Rosen Law Firm said it is preparing a securities lawsuit.
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So far, RBI was granting Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders on a case-to-case basis.
Starting its journey with a gross revenue of $5 million during its stock market debut on June 14, 1993, Infosys has reached dizzying heights, with a revenue of $10.93 billion in 2017-18
The law firm had specifically named the bank's chief executive and managing director of over 25 years, Aditya Puri, his designated successor Sashidhar Jagdishan and company secretary Santosh Haldankar as defendants.
The bank had reported a net profit of Rs 2,325.70 crore in last FY.
The government would take a number of steps to energise and deepen the country's corporate bond as well as currency derivatives market.
The PCA plan covers various suggestions or measures to recover non-performing assets (NPAs), reduce costs, boost capital, downsize risk-weighted assets, and improve profitability, among others. The LVB management is in the process of implementing all of these, said sources.
SBI chief Rajnish Kumar said the focus going forward will be on cost reduction, rationalisation and reskilling of workforce, improving staff productivity and redeployment of workforce from admin offices to sales roles.
As Prime Minister Narendra Modi begins his first ever US visit, India made a pitch for listing by American and other foreign companies on Indian exchanges under the newly proposed Bharat Depository Receipts.
In a bonanza to its shareholders, country's third largest IT firm Wipro on Thursday said it will buyback up to four crore shares worth around Rs 2,500 crore (Rs 25 billion).
In the past few days, many companies, including fashion e-tailer Nykaa, food delivery platform Zomato, logistics and delivery firm Delhivery, insurance discovery platform PolicyBazaar, eyewear retail chain Lenskart, and edtech and online tutoring firm Byju's, have openly spoken about their IPO plans.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
Board has also accepted the resignations of Marans.
Foreign institutional investors (FIIs)' stake in Infosys is nearing historic highs. During the quarter ended September, they bought 6.38 million Infosys shares for Rs 2,236 crore, raising their stake 1.1 per cent, data show.
Budget this year has allowed PSBs to bring down govt stake to 51%
Balakrishnan, head of the BPO, Finacle and India business units at Infosys, is widely seen as a contender for CEO after the incumbent S D Shibulal's term ends in 2015.
While growth metrics for Infosys was skewed to a single vertical and it is struggling to get a handle on costs, TCS has been able to manage growth and keep cost inflation under control.
Budget may bring exemption for those backed by Indian securities other than shares
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