$4.4 billion: Total follow-on offerings in India in May so far — the highest for any month on record.

Business Standard
28th May

$4.4 billion: Total follow-on offerings in India in May so far — the highest for any month on record.

  • The country has seen two mega follow-on offers via block deals this month — one each by GlaxoSmithKline (GSK) and Bharti Telecom
  • GSK’s $3.3-billion sell-down in Hindustan Unilever is the largest additional share sale in India this year.
  • The second deal involves a $1.1-bn placement of Bharti Airtel shares by parent Bharti Telecom.
  • Additionally, Reliance Industries, the biggest Indian company by market cap at present, has kicked off a $7-billion rights offer this month.
  • With companies and stakeholders across Asia taking advantage of a market rebound lately to sell shares, almost $23 billion was raised across the region in April — the most since March 2018.

Disclaimer: This information is from a third party—Business Standard—offered through a tie-up to Kotak Securities customers. Click here for complete disclaimer.

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