Page 2339 - Business Finance
GMR Infra settles arbitration with PE investors for 5.86% equity in GAL, Rs 3,560 cr cash payment
GMR Infrastructure Ltd (GIL) Monday said it has settled an ongoing arbitration with its private equity investors, including SBI Macquarie and Standard Chartered, giving them 5.86 per cent equity in GMR Airport Ltd (GAL) and a cash payment of Rs 3,560 crore. Private equity (PE) investors - SBI Macquarie, Standard Chartered Private Equity, JM Financial Old Lane and others (investors) - had invested an amount of Rs 1,478 crore in the form of compulsorily convertible preference shares (CCPS) in GMR Airports Ltd (GAL) in FY2011 and FY2012. Arbitration proceedings were administered by the Singapore International Arbitration Centre. "Pursuant to the settlement agreement, all parties decided to withdraw the ongoing arbitration and pursuant to binding agreements giving effect to the terms of the settlement the investors would acquire 5.86 per cent equity of GAL at a 100 per cent valuation of Rs 21,000 crore and receive a payment of Rs 3,560 crore in lieu of their entire CCPS," GMR said in a ...
Gati falls nearly 13 percent as CARE cuts credit rating
(Reuters) - Shares of Gati Ltd fell nearly 13 percent to their lowest in more than a week on Monday, after ratings agency CARE downgraded the logistics company's bank facilities on Friday.
China shares tumble despite central bank's move to aid economy
SHANGHAI (Reuters) - China stocks tumbled when the market reopened on Monday after a long holiday, despite Beijing's weekend move to slash the level of cash banks must hold as reserves, underscoring growing investor anxiety about the escalating Sino-U.S. trade war.
Gold falls as China's policy ease supports dollar
BENGALURU (Reuters) - Gold fell on Monday as the dollar firmed after China's central bank eased its domestic policy to support the economy amid concerns that an escalating trade dispute with the United States could hurt growth.
Benchmarks sharply pare early losses
Key benchmarks sharply pared losses and were trading near flat line in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was almost flat at 34,376.36. The Nifty 50 index was down 5.70 points or 0.06% at 10,310.75. The undertone of the market was still fragile due to negative global cues.
AAVAS Financiers lists at discount
Shares of AAVAS Financiers were trading at Rs 728.75 at 10:31 IST on BSE, a discount of 11.24% over the initial public offer price of Rs 821.
Vedanta Ltd Slips 6.56%, S&P BSE Metal index Shed 2.93%
Vedanta Ltd has lost 6.23% over last one month compared to 9.14% fall in S&P BSE Metal and 11.18% drop in the SENSEX
Aavas Financiers falls 13.5 percent on market debut after $235 million IPO
MUMBAI (Reuters) - Shares of Aavas Financiers Ltd dropped as much as 13.5 percent in early trade on their market debut after the mortgage lender raised 17.34 billion rupees ($235 million) from its initial public offering in late September.
Why are investment banks nervous about Australia's cartel case?
SYDNEY/HONG KONG (Reuters) - Investment bankers are bracing for the start of a landmark legal case about alleged cartel activity in Australia's financial sector, nervous the proceedings could lead to increased scrutiny and tougher measures from regulators worldwide.
Bankruptcy Code to help deepening of corporate bond market: ASSOCHAM-CRISIL study
Reduction in the timeline for resolution of stressed assets under the IBC would not only enhance confidence of investors but would also make them go in for even less than AAA bonds, the study noted. Presently, about 90 per cent of trading is restricted to AAA and AA rated categories. With greater certainty of outcome and expectations of a faster resolution because of the IBC, the interest of both domestic and foreign investors in lower-rated paper will increase over time, it said.
Asian cues, weak rupee subdue equity indices
Asian cues, along with a weak rupee subdued the key domestic equity indices during Monday's morning trade session.
Analysis: Emerging market stocks' descent to 17 month lows entices U.S. investors
NEW YORK (Reuters) - The steep decline in emerging market stocks since early this year are attracting some U.S. fund managers who think they may find long-term bargains amid the sell-off.
Market opens lower on negative global cues
Key benchmark indices were trading with small losses in early trade due to negative global cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 143.29 points or 0.42% at 34,233.70. The Nifty 50 index was down 57.95 points or 0.56% at 10,258.50.
Yes Bank gains as CEO search committee to meet on 11 Oct
The stock was trading higher by 1.67% at Rs 209.65 at 9:31 IST on BSE.
Hindustan Petroleum Corporation Ltd Spikes 3.79%
Hindustan Petroleum Corporation Ltd has lost 32.33% over last one month compared to 18.14% fall in S&P BSE Oil&Gas and 10.78% drop in the SENSEX
Oil drops as U.S. considers granting some waivers on Iran crude sanctions
SINGAPORE (Reuters) - Brent crude oil prices fell more than 1 percent on Monday after Washington said it may grant waivers to sanctions against Iran's oil exports next month, and as Saudi Arabia was said to be replacing any potential shortfall from Iran.
Schroders Plc and Lloyds Banking Group in talks over wealth management alliance
(Reuters) - Asset manager Schroders Plc and Lloyds Banking Group said on Sunday they were in discussions over a wealth management alliance.
Brexit uncertainty is "starting to bite" for UK firms - surveys
LONDON (Reuters) - Britain's businesses are suffering from Brexit-related uncertainty as exports slow, recruitment difficulties mount and investment plans are scaled back, two surveys showed on Monday.
KKR launches $1.2 billion buyout offer for Australia's MYOB Group
SYDNEY (Reuters) - Australian accounting software provider MYOB Group said U.S. private equity firm KKR & Co has launched a conditional A$1.75 billion ($1.24 billion) takeover offer for the company after buying a 19.9 percent stake.
Australia's ANZ takes profit hit as inquiry fallout sweeps banking sector
SYDNEY (Reuters) - Australia and New Zealand Banking Group Ltd said on Monday it would take a A$711 million ($501 million) hit to profit due to higher costs including compensation for customers stung by poor bank practices.