$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.
A few links for further reading
Insecure and uncertain in insurance business as Covid-18 damage claims mount
Insurance companies around the world were sailing smoothly, helped by growth in emerging markets and strong capitalisation. Things changed in late February when markets realised that Covid-19’s impact on insurers could be significant. Insurers are yet to know the full impact of the crisis as governments and regulators nudge them to give moratoriums to policyholders and quickly settle claims too. India’s insurance regulator has set strict deadlines for medical insurers to settle Covid-19 claims. General insurers face damage claims from businesses devastated by the national lockdown to contain the disease. Is insurance secured to survive, Joydeep Ghosh explains
There was a time when pay cuts we see today were a complete no-no; govt and public sector jobs were considered safe, as pay and pensions were both assured. Not any longer, it seems, writes T N Ninan
Quick approval, grace period
The COVID-19 pandemic has brought home the significance of health and life insurance like nothing else earlier. Even those who were blasé about these covers in the past are now looking to buy a new policy or want to enhance the sum insured on their existing ones. Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) has been issuing a slew of guidelines to health/general and life insurance companies aimed at easing matters for customers.