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Sfr4.9bn trade is largest European ECM deal since National Grid’s £7bn rights issue in 2024
Offer came as markets recovered and volatility fell
Naturgy and Zurich fall in secondary market after jumbo blocks
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Following an already disappointing week, Asia’s equity markets suffered another brutal sell-off when trading re-opened on Monday. The turmoil is confounding market watchers and turning up the heat on ECM, with bankers saying new issuance may be fighting a losing battle. -
GMR Infrastructure is planning to hit the equity capital market for Rp25bn ($393m) in funding, once shareholders give it the green light. The move comes after the firm raised Rp14bn in a rights issue earlier this year.
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A beauty parade is underway among banks in India for the sell-down of 10% of the government’s holdings in state-controlled Indian Oil Corp, which could net Rp101.6bn ($1.6bn) based on its current share price.
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Alkem Laboratories, a drug manufacturer, has lodged its preliminary prospectus with India’s regulator for a listing that could raise some $200m. The trade will be led by two local and two international banks.
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India threw a lifeline to its state-owned banks last week by pledging to inject more capital into its ailing lenders. While the move gives the banks a short-term reprieve, their ability to tap equity capital markets remains hampered by some deep-seated issues, say market participants.
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UK chancellor of the exchequer George Osborne picked Monday evening to sell a much-hyped 5.4% block of shares in Royal Bank of Scotland.
