MUMBAI (Reuters) - Singapore's DBS on Tuesday said, it would sell stake in its Indian mutual fund unit to Chennai-based Murugappa Group for 91 rupees a share.
DBS Cholamandalam Asset Management is run by Cholamandalam DBS Finance, a joint venture between DBS, Southeast Asia's biggest bank, and India's Murugappa Group.
Tuesday, March 30, 2010
StanChart files prospectus for India listing
HONG KONG/MUMBAI (Reuters) - Standard Chartered has filed a draft prospectus to raise up to $750 million through an issue of Indian Depositary Receipts, the first such offering in Asia's third-largest economy.
StanChart, which is expanding its presence across Asia, is also listed in Hong Kong. The bank, which gets 20.5 percent of the group's profit from India, said earlier this month it planned to raise $500 million to $750 million through the issue during the second quarter of this year.
The amount it raises will depend on market conditions and investor demand, the bank said on Tuesday.
Profits in India topped $1 billion in 2009, the second country to do so after Hong Kong.
The bank said it had hired UBS AG, Goldman Sachs, JM Financial Consultants, DSP Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.
StanChart appointed its STCI Capital Markets unit as a co-book running lead manager.
StanChart, which is expanding its presence across Asia, is also listed in Hong Kong. The bank, which gets 20.5 percent of the group's profit from India, said earlier this month it planned to raise $500 million to $750 million through the issue during the second quarter of this year.
The amount it raises will depend on market conditions and investor demand, the bank said on Tuesday.
Profits in India topped $1 billion in 2009, the second country to do so after Hong Kong.
The bank said it had hired UBS AG, Goldman Sachs, JM Financial Consultants, DSP Merrill Lynch, Kotak Mahindra Capital and SBI Capital Markets to manage the offering.
StanChart appointed its STCI Capital Markets unit as a co-book running lead manager.
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