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The Indian government has picked three banks to work on its 15% sell down in construction firm NBCC, according to sources. -
The Specified Undertaking of the Unit Trust of India (Suuti), the government agency looking to sell down its holdings in 51 companies, did the right thing when it recently revised a request for proposals after clashing with potential bidders. But the drama shows that the body should have gotten it right the first time.
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A group of eight firms are to pitch for a place on the Indian government’s stake sale in construction company NBCC on Tuesday.
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Two accelerated bookbuilds lit up the Asian market this week as equity capital market bankers foresaw brightening prospects for block trades. As one banker said that term sheets for potential overnight share sales were “flying around”, the end of the summer could usher in a bumper harvest of deals. John Loh reports.
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Handelsbanken sold its entire 6.8% stake in Industrivärden, the Swedish investment company that owns 25% of the bank, for Skr4.49bn ($536m), unwinding the last significant cross-shareholding between Industrivarden and its portfolio of companies.
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The Indian government has reissued a request for proposals to manage divestments in 51 companies held by its holding company after an initial RFP flagged up problems with conflicts of interest. But with the hitches now fixed, equity capital market bankers are predicting increasing interest from bidders, writes Jonathan Breen.
