Marquee foreign funds stack up on Reliance Industries
Major foreign funds, including Euro Pacific and Government of Singapore have upped their stake in Reliance Industries during the March quarter, when the stock rallied 22 per cent. Overall foreign portfolio investors’ holding in the country’s most valuable company jumped from 15.88 per cent to 20.05 per cent in three months to March. Interestingly, Life Insurance Corporation, known to be a contrarian investor, pared its holding in the company by 70 basis points.
CDSL IPO likely this month
Initial public offering (IPO) of Central Depository Services (CDSL) is likely to hit the market by end-May. The BSE will be divesting 26 per cent stake in the depository through the IPO. The Securities and Exchange Board of India has extended the deadline for BSE to divest stake to June 30, from March 31. “Although the BSE has time till June end, the IPO could be launched by end-May or early-June. CDSL has already done some roadshows and would not want to wait till June 30,” said a banker handling the issue.
Wait gets longer for Limaye
The National Stock Exchange (NSE) had set an internal date of May 2 for Vikram Limaye, managing director and CEO-designate to join the exchange. However, with Securities and Exchange Board of India (Sebi) yet to clear the appointment process, Limaye may have to wait longer. In February, NSE’s search panel and the board had approved Limaye’s appointment. Soon after, his name was submitted to Sebi for approval. “The exchange was confident that the approval would come by end of April. Informally, they had set the first week of May as joining date for the new CEO,” said a source. Last week, Sebi Chairman Ajay Tyagi said the regulator was considering responses given by the exchange on Limaye’s appointment and the process would take a couple of weeks to complete.