Tendering shares gets harder for companies amid coronavirus pandemic

'Due to the Covid-19 crisis and subsequent lockdown, the public shareholder's/ seller's broker(s) are finding difficulty in tendering the shares'

Companies are not just finding it difficult to raise money by selling securities to investors in this volatile market, but also facing issues in getting investors to tender them. Even as equity fundraising by issuing securities has come to a virtual halt, at least two firms, which intended to do the opposite, find themselves having to alter plans.

Standard Chartered had announced a termination programme for its Indian depository receipts (IDRs), a kind of security with shares listed abroad as its underlying. The shares were to be