ECL Finance, an arm of Edelweiss Financial Services, raised R500 crore by way of issue of debenture. The public issue of the non-convertible debentures (NCDs) was oversubscribed on the second day of issue on Friday, as institutional buyers bid for 1.80 times the debentures on offer, sources said. According to the prospectus filed with Sebi, the company would raise R250 crore with the option of retaining another R250 crore as over-subscription. Retail investors portion was subscribed 83% with total bid amount of R250.41 crore, sources said. The amount subscribed by institutional buyers and corporates were R180 crore and R71 crore, respectively.
IFC doubles global R bond plan on investor demand
International Finance Corporation (IFC) has doubled its already launched R1,000-crore three-year global rupee bond programme to promote capital markets and encourage foreign investment in India. The issue doubles the amount of the first IFC global rupee bond, launched in November last year under the $1-billion global rupee bond programme, the World Bank Group arm said in a release. The bond offering now stands at R2,000 crore. The transaction was upsized from initial R300 crore in response to strong investor demand. Investors included asset managers, private banks, insurance companies and central banks in Asia, Europe and the US, it said.
Indoco Remedies falls 20% over USFDA letter
Mumbai-based Indoco Remedies’ stock fell nearly 20% on Friday after reports of the company's Goa plant getting a warning letter from the US Food and Drug Administration (FDA). The company denied the receipt of a warning letter through a clarification issued to stock exchanges. The company said its Goa plant II (sterile) was first inspected by the overseas regulator in October 2005, with a re-inspection in August 2013. The USFDA issued an adverse inspection report otherwise known as a Form 483 after the re-inspection was concluded on August 30.
RBI allows foreigners to invest in South Indian Bank
The Reserve Bank allowed foreign investors to buy shares in South Indian Bank as the foreign shareholding in the bank has gone below the prescribed limit. “The foreign share holding through Foreign Institutional Investors/Non-Resident Indians)/Persons of Indian Origin/Foreign Direct