Blue Dart Express' 6.03% stake sale issue on Friday received resounding response from investors as it was subscribed 3.5 times at an average price of R1,833.08 per share, garnering an estimated R950 crore. DHL Express (Singapore), the promoter of logistics services provider Blue Dart Express, has fixed the floor price at R1,720 apiece for sale of its 6.03% stake in the company. Blue Dart Express received bids for 51,83,605 shares against 14,31,937 shares on offer, according to data available with stock exchanges. The cumulative value of the bids stands at around R950 crore. In a notice of offer for sale, Blue Dart had earlier said it would allocate shares on a "price-priority" basis and not accept bids below the floor price. Shares of the company, however, dipped by 3.09% on BSE to settle at R1,993.15 apiece.
Pyramid Saimira case: SAT stays order against Gadia
The Securities Appellate Tribunal (SAT) on Friday stayed Sebi's interim order barring one Pramod Gadia, owner of Ekta Shares and Securities, from the capital market in a matter related to Pyramid Saimira Theaters Ltd. Sebi had issued the order against Pramod Gadia in April 2009 prohibiting him from trading in the securities market including initial public offerings, in any manner, till further directions. In its order on Friday, SAT said that there was nothing in record to show as to why no order has been passed against Gadia in pursuance to the interim order dated April 23, 2009 even after three years of granting him personal hearing and the probe been completed in July 2011. Noting that Gadia has been out of the securities market for more than three and half years, SAT said " there seems to be no justification to continue the said ex-parte ad-interim order".
Sebi working to harmonise foreign investment routes
The government said Sebi is in the process of preparing guidelines to harmonise various routes for making foreign investments in the country's stock market. The market regulator is preparing the guidelines in consultations with the Reserve Bank of India and the government, minister of state for finance Namo Narain Meena said in a written reply to the Lok Sabha. "Securities and Exchange Board of India (Sebi) is in the process of preparing guidelines to rationalise/harmonise different routes for foreign portfolio investment in consultation with the RBI and the Centre," Meena said.
The basic aim is to have uniform guidelines in place for various categories of investors such as foreign institutional investors.
Indiabulls opens first overseas office in UAE
Real estate developer Indiabulls Real Estate has announced the launch of its first overseas office in the UAE. Located in Dubai, the local representative office will cater to the rising interest and demands of the UAE-based NRIs in company's projects across India and expand its regional reach, the company said in a statement. "NRIs make up for 25-30% of our overall business and especially Gulf NRIs have always been more inclined towards investing in realty market back home. "With an approximate 45 per cent of the UAE's population comprising Indians, the need to have a local office catering to this segment was vital," Santosh Tandel, Regional Head - Middle East and North Africa region, Indiabulls, said.