Mumbai

Bandhan Bank IPO subscribed 14.63 times

Bandhan Bank’s initial public offering got a huge response and was subscribed 14.63 times, as per stock exchange data.

The biggest public offer so far this year that aimed to raise Rs 4,473 crore was lapped up by qualified institutional buyers and high net worth investors while the retail individual investors response was quite low key.

Lemon Tree Hotels sets price band at Rs 54-Rs 56

Lemon Tree Hotels announced a Rs 1,040 crore initial public offering in the price band of Rs 54-Rs 56 per equity share of Rs 10 face value.

The share issue by the largest mid-sized hotel chain opens on March 26 and closes on March 28.

The anchor investor bidding and allotment will take place on Friday, March 23.

Lemon Tree opened its first hotel in 2004 and has since expanded to 45 hotels in 28 cities with 4,697 rooms and over 5,000 employees as on January 31, 2018.

Key indices crack under selling pressure 

Buffetted by heavy selling, benchmark indices Sensex and Nifty cracked below crucial resistance levels, as investors dumped stocks ahead of the crucial US Fed meeting later this week.

Bond rout: Higher FPI limits, a viable solution

With the market reeling under excessive supply of government bonds and April likely to see more issuances of government bonds, experts have suggested raising of foreign portfolio investment limits (FPI) for buying government bonds and 

the central bank’s open market operation as the key measures for creating additional demand to absorb the oversupply.

Airports stretched as passengers reach new heights

India’s airports are struggling to cope with a massive surge in passenger numbers and billions of dollars must be spent to boost their capacity, analysts have warned.

The country is witnessing a huge boom in air travel as its growing middle class increasingly takes to the skies but experts say infrastructure is failing to keep up.

“There’s an urgent need for capacity building in major Indian airports as they are bursting at the seams and close to saturation,” Binit Somaia, South Asia Director at the Centre for Aviation (CAPA), said.

ICICI Securities prices Rs 5 shares at Rs 519-520

ICICI Securities, a pioneer of online equity shares trading and the largest equity broker by brokerage revenue and customers, announced its initial public offering, seeking to raise Rs 4,016 crore in the price band of Rs 519 to Rs 520 per share of Rs 5 face value.

The IPO opens on March 22 and closes on March 26.

ICICI Securities is 100 per cent owned by ICICI Bank and the promoter is divesting a 23.98 per cent stake in the arm through the IPO.

Stocks of debtor cos take a beating

Stocks of companies going through the resolution pro­cess under the Insol­ve­ncy and Bank­ruptcy Code have seen a sharp fall over the past few months as ma­ny of the cases have ran into legal tangles.

Stocks of debt-ridden companies like Monnet Ispat, Bhushan Steel, Electrosteel, Uttam Galva, IVRCL, Orchid Pharma, VISA Steel, Ruchi Soya, Amtek and Videocon, which have been going through the resolution process, have seen huge selling since January this year. These stocks have fallen by 25 to 300 per cent since then.

 

Buying interest

Sale process gets caught in legal tangle

The sale process of some of the high profile NCLT cases like Essar Steel, Bhushan Steel, Jaypee Infra, Amtek Auto and Electrosteel are getting caught in legal tangle as in many cases bidders who lost out in the race are challenging the sale process in the tribunal, while in some cases lenders are not happy with the bid price 

Almost all the 12 large companies identified by the Reserve Bank of India (RBI) with bad debt amounting Ra 2.5 lakh crore for early insolvency resolution are facing legal and procedural hurdles. 

Midhani IPO seeks to raise Rs 438 cr

State-owned Mishra Dhatu Nigam (Midhani), which manufactures strategic materials like special steels, super alloys and titanium alloys for defence services, space research and nuclear power plants, will hit the capital market on March 21 to raise about Rs 438 crore.

The initial public offering in the price band of Rs 87 to Rs 90 per share of Rs 10 face value will close on March 23. The public offer will see divestment of 25 per cent government stake in the PSU through sale of 48,708,400 equity shares.

RBI Guv calls for more powers to regulate state-owned lenders

Hitting back at the government that had criticised the central bank’s role in detecting the fraud at the Punjab National Bank, the Reserve Bank of India governor Urijit Patel said that banking regulatory powers in India ‘are not ownership neutral and called for legal reforms to empower the central bank.

While delivering the inaugural lecture at the Centre for Law and economics, Centre for Banking & Financial Laws Gujarat National Law

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