Mumbai: Market regulator Securities and Exchange Board of India, or Sebi, on Thursday amended some clauses in the equity listing agreement, relating to notice period regarding rights issues, submission and publication of financial results, and merchant bankers’ role in valuation in case a listed company is merging with an unlisted entity. A Sebi notification to stock exchanges on Thursday noted that these amendments will be applicable with immediate effect and are intended to bring more transparency and efficiency in the governance of listed companies. The reduction in time duration for rights issues will help issuers reduce the market risk.
Krishnan is BNP Paribas corporate finance head
New Delhi: French bank BNP Paribas SA on Thursday named R.S. Krishnan as managing director and head of corporate finance in India.
Krishnan joins BNP Paribas from ICICI Securities Ltd where he was head of financial institutions group.
“Krishnan’s appointment is another important step in building our presence in this market,” Abhijit Raha, chief executive of BNP Paribas Securities India, said in a statement. “With Krishnan’s strong background in corporate finance, we will look to accelerate the growth of the business with the aim of making BNP Paribas a full-service investment bank in India.”
—Staff Writer
Rising input prices put pressure on Nano
Mumbai: Auto maker Tata Motors Ltd, the company that is planning to sell a car for $2,500 (about Rs100,000), said it was facing pressure from rising prices of raw material including steel.
“I wouldn’t like to comment on the price but we are certainly under pressure from increased material costs that are faced by the industry,” chairman Ratan Tata said, referring to the Nano car it plans to introduce by the end of the year.
The company plans to do “everything possible” to start selling the car as planned, Ratan Tata said in New Delhi on Thursday.
—Bloomberg
Fiat to introduce low-cost car in 2010
Mumbai: Italy’s largest carmaker, Fiat SpA, plans to introduce a “low-cost brand” in 2010, chief executive officer Sergio Marchionne said.
“It is bound to be the cheapest car we have made,” Marchionne said on Thursday. The car may be sold in western Europe initially, he said.
Fiat, which has a joint venture with India’s biggest truck maker, Tata Motors Ltd, is looking for partners in the country for its Iveco SpA truck business and New Holland Agricultural Equipment SpA tractor unit, Marchionne said.
Fiat is willing to supply engines for the Jaguar and Land Rover luxury brands that Tata Motors acquired from Ford Motor Co. for $2.4 billion, he said.
“If we are asked to supply engines, we would,” he said.
—Bloomberg
India eases ban on premium grade rice