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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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HDFC Bank raised Rp98.7bn ($1.6bn) in new equity from a simultaneous follow-on of American Depositary Shares (ADS) and a qualified institutional placement (QIP) on Thursday, as funds bet on the stock as one of the best proxies to India’s growth. -
The Chung family has finally managed to shed some of its shares in South Korean conglomerate Hyundai Glovis, raising W1.16tr ($1.06bn) via a block trade on February 5 that hit the market less than a month after an earlier transaction failed to gain traction among investors. The presence of a domestic bookrunner, longer lock-ups on the selling shareholders and more proactive conversations with investors ahead of launching the trade ensured that this time round there was no room for any botch-up.
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Equity block trade activity picked up in Europe this week, though bankers still think it can get busier, as companies emerge from blackouts in the coming weeks.
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China is considering overhauling regulation of foreign investment into the country. It could tighten the screws on foreign ownership of its booming technology sector and steer more Chinese firms toward dual class shareholdings, if it approves a draft law that addresses the use of the variable interest entity (VIE), writes John Loh.
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Coal India completed one of the country's largest ECM deals on January 30 with a Rp226.13bn ($3.68bn) divestment of part of the government’s stake. Bankers lauded the trade, which had been two years in the making, and believe it will keep the momentum going for several more share sales that are due to hit the market before India ends its fiscal year in March.
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Ho Sha Lam, the wife of Quanta Computer founder and chairman Barry Lam, raised $171.5m by offloading some of the company’s global depository shares (GDSs) through a block trade executed on February 4. The deal was priced at the bottom of guidance, but the tight discount meant this was expected by the placing agent from the beginning.
