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July 19 (Reuters) – India’s market regulator’s takeover panel on Monday recommended hiking the open offer trigger to 25 percent from 15 percent.
It also recommended raising the minimum open offer size to 100 percent from 20 percent currently.
(Reporting by Prashant Mehra & Aniruddha Basu; editing by Malini Menon)
July 6 (Reuters) – The Spanish market regulator will lift a trading suspension on toll road company Abertis (ABE.MC) at 0630 GMT, it said on Tuesday.
Shares were suspended on Monday after they rose 12 percent ahead of a statement from major shareholders Criteria (CRIT.MC) and ACS (ACS.MC) saying they might sell shares in Abertis to a three-way investment vehicle with private equity firm CVC Partners [CVC.UL].
Over 60 per cent of companies listed on the Bombay Stock Exchange (^BSESN : 17021.85 +236.2
) have seen their share value fall in the last two years, Parliament was informed.
“During the period November 9, 2007, to November 9, 2009, of the 3,405 scrips traded at the BSE, prices of 2,116 scrips (constituting 62.14 per cent of the total scrips) have fallen,” Minister of State for Finance Namo Narain Meena said in a written reply in Lok Sabha.
Replying to a question if the government has any record of how many companies have raised money from the share market illegally in the past two years, the minister said it does not have any such information.
However, Meena said a joint mechanism – Coordination and Monitoring Committee (CMC) — between the Corporate Affairs Ministry and market regulator SEBI has been adopted for identifying vanishing companies and settling policy issue regarding delinquent companies/promoters/directors and monitor progress of actions taken against companies.
“Out of those companies that brought out IPOs during 1992-2005, a total of 238 have been identified as vanishing companies, of which 117 have been tracked back as they have been regular in filing statutory returns etc…no company that had raised funds though public issue during the last two years has been identified as vanishing company,” he said.
Interest Rate Futures – India decides to launch Interest Rate Futures
India decided to introduce exchange-traded interest rate derivatives to help corporates, banks and households guard against interest rates volatility, a move that came nine months after launching of exchange- traded currency futures.
The derivatives would be based on the 10-year government bond yields, according to market regulator Securities and Exchange Board of India (SEBI) and banking watchdog Reserve Bank of India (RBI).
“Eligible exchanges desirous of offering interest rate futures may apply to SEBI after fulfilling the conditions,” SEBI said in a release.
The conditions are given in a report by an RBI-SEBI joint panel and are approved by both the regulators.
The report said those having a networth of Rs one crore would become trading members and those with Rs 10 crore networth would be clearing members in interest rate futures.
The contract would be settled by physical delivery, the panel said. The move will also help to develop the debt markets.
- Economic Times
Mumbai, May 21 (IANS) Foreign inflow of money into Indian equities markets has crossed the $3-billion mark since January, with as much as $2 billion coming in the last five trading sessions, data with the market regulator shows.
Securities and Exchange Board of India (SEBI) data showed foreign funds infused about $3.15 billion ($3,153.9 million) between January 1 and May 21.
The last five trading sessions starting May 14 brought in over $2.03 billion ($2,033.9 million) with the biggest infusion made May 20 ($1,062.3 million) and May 14 ($828 million).
When markets went into a frenzy Monday with two key indices moving up 17 percent each, foreign institutional investors (FIIs) bought $201.9 million during the couple of minutes when trading was possible.
Markets had pulled down shutters around noon Monday following the key indices breaching the upper circuit twice.
‘Confidence among foreign investors seems to be returning but what is important to note is that there are not many options left for foreign funds to invest,’ said SMC Capitals equity head Jagannadham Thunuguntla.
‘But the absorption capacity of Indian markets is a concern, relatively not-so-huge infusions are resulting in big rallies,’ added Thunuguntla.
FIIs had disposed of shares worth $11.83 billion last fiscal, turning net sellers for the first time since 1998-99, as per SEBI data.
Public sector United Bank of India (UBI) is witnessing February 2010 deadline for its proposed maiden public offer, after receiving cabinet nod for the long-awaited capital restructuring.
According to sources, the bank intends to file the red herring prospectus with market regulator, Securities and Exchange Board of India (SEBI) after September 2009.
The IPO size was still pending for finalization by the bank, but reports hinted it would be over Rs 50 crore and the shares will carry a premium.
Presently, UBI is one of the two public sector banks that are not listed. The other lender is Punjab and Sind Bank.
Hyederabad, Jan 31 (ANI): A judge of a trial court in Hyderabad has adjourned to February 9, the hearing of petition of the Securities and Exchange Board of India (SEBI) to grill Ramalinga Raju, the founder of Satyam Computer Services.
The court said it would not pass an order without hearing from Raju and his brother B Rama Raju.
“As far as permission to interrogate in concerned, I pressed for an interim order but the court said it would not like to pass such an order without hearing them. So he said that aspect will also be considered on February 9,” said Goolam E. Vahanvati, Solicitor General and also counsel for SEBI.
On January 7, B Ramalinga Raju confessed to fraudulent manipulation to the tune of rupees 7,136 crores over several years by inflating the company’s profits and assets.
Although the Satyam scandal, India’s biggest corporate fraud, has shattered global confidence in India’s corporate governance, the other IT companies have assured the rest of the world that all relevant services are professionally and ethically in order and as such there should be no room for any doubt about the professional integrity of Indian companies. (ANI)