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SEBI Eases IPO norms, Tightens Definition of ‘Promoter Group’ and Caps Tenure of MD and CEO of Exchanges et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Jun 22, 2018 1:41 PM 1 min read
Editorial

End of Day Wrap-up (Friday / June 22, 2018) #SEBI #IPO #CEO #IDBI #LIC #JSWSteel #Zomato #Carlyle #Tata #Sodexo #Transfin

Editor's Comment: SEBI eases IPO norms, tightens definition of ‘promoter group’. This allows genuine companies to raise capital through capital markets, and disallow promoter groups to misuse IPOs to evade taxes.

 

Government planning to sell majority stake in IDBI Bank to LIC. This move will reduce the government’s stake to 50% from 81%. The government has been trying to sell IDBI Bank for the last two years.

 

JSW Steel to invest up to $500mn in US-based steel manufacturing unit, Acero Junction Inc based out in Ohio. This investment is targeted to revamp the manufacturing unit, and add additional units.

 

Zomato in talks to raise $400mn at $2bn valuation, largely from existing investors Ant financial and Temasek. They have also announced a partnership with sodexo meals.

 

Carlyle plans to invest $1.3bn in India from its fresh $6.55bn Asia buyout fund. Carlyle already has 5-7% investment in India from its Asia funds, in SBI cards, PNB Housing Finance, Metropolis healthcare and Delhivery logistics.

 

Tata group profit rises 35% under Chandra; importance of TCS, JLR declines. Tata Steel was the star performer with 23% increase in revenue. However, TCS and JLR have slowed down, and haven’t contributed much to the earnings.