Internet initial public offering (IPO) news is coming from all corners: Flipkart, PolicyBazaar, Zomato, Ola, Freshworks, PepperFry, Nykaa and Delhivery are all at various stages of finalising their plans. According to an HSBC Global Research report, more than $60 billion was invested in India’s internet sector in the past five years – around $12 billion of that in 2020 alone. There were 34 unicorns in India as of February, according to research firm Tracxn.
However, there is a bump. Most Indian start-ups are loss-making. Securities and Exchange Board of India (Sebi) rules make it nearly impossible for loss-making companies to list on Indian bourses National Stock Exchange (NSE) and BSE. Also, a set of Indian start-ups are listed in Singapore or held by a holding company there; these cannot list in India.
India has been left somewhat unscathed when it comes to foreign portfolio investor (FPI) flows in the aftermath of the spike in US bond yields. Between February 15 and March 10, India s FPI flows stood at $874 million, and its emerging market peers saw outflows. FPIs were net sellers to the tune of Rs 942 crore on Friday, according to provisional data from exchanges. Analysts cited global indices rejig as one of the reasons for continuing inflows to India. Last month MSCI announced rebalancing, and inflows of over $250 million were expected because of this rejig. The FTSE Global Equity Index Series introduced changes to its indices last month and these will become effective March 19.
It is going to be a daunting task for the government and the finance minister is expected to take some crucial steps to kickstart the economy and bring the demand back to the pre-COVID-19 levels.
Bidding for the bankrupt Indian shadow lender was both a strategic and a platform-driven decision for the billionaire, who trumped competitor Oaktree Capital due to brand familiarity, and better relations with bankers and stakeholders
Singapore-based Investment Opportunities V raises stake in PNB Housing Finance to 9.92%
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The foreign portfolio investor held 1.67 crore equity shares in the Indian mortgage lender at the end of December, against 1.38 crore shares held three months back, according to shareholding details filed by PNB Housing Finance to stock exchanges.
ETRealty
All foreign portfolio investors taken together have 24.55% holdings in the Indian mortgage lender at the end of December 31, up from 23.95% as of September 30 last year.
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PNB Housing Finance to 9.92% from 8.19% during the quarter ending December 2020.
The foreign portfolio investor held 1.67 crore equity shares in the Indian mortgage lender at the end of December, against 1.38 crore shares held three months back, according to shareholding details filed by PNB Housing Finance to stock exchanges.