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Share sales in listed firms at record high of $4.4 billion this month

Companies and shareholders across Asia have been taking advantage of a market rebound since late March to sell shares

investment, investors, stocks, market, shares, shareholders, MF, savings

India was quiet in March and April, when companies and shareholders sold just $299 million and $99 million worth of stock respectively

Two jumbo block trades in India this month have pushed follow-on offerings in the country to a record high. 

A $3.3-billion sell-down of GlaxoSmithKline’s stake in Unilever’s Indian unit, Hindustan Unilever, and a $1.1-billion placement of Bharti Airtel shares by its parent take May’s total follow-on offerings in the country to $4.4 billion, the most for a month on record, data compiled by Bloomberg shows. 

In addition to that, Reliance Industries, the largest company by market capitalisation, kicked off a $7-billion rights offer this month. 

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First Published: May 27 2020 | 2:23 AM IST

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