New Delhi: Reliance Industries Ltd, India’s biggest company by market value, plans to raise Rs2,000 crore by selling non-convertible debentures, Fitch Ratings Ltd said in a statement on Tuesday.
Goldman, Morgan vying for Coal India sale
Mumbai: Goldman Sachs and Morgan Stanley are among 20 financial companies competing to manage Coal India Ltd’s initial public offering, in what may be the nation’s largest first-time stock sale. Deutsche Bank AG, Royal Bank of Scotland Group Plc and Citigroup Inc. are also seeking the mandate, according to a statement on the department of disinvestment’s website. Goldman Sachs, the world’s second-biggest share sale arranger, is competing for its first assignment managing a state offering in India after the government said it will pay higher fees. Nomura Holdings Inc., HSBC Holdings Plc, DSP Merrill Lynch Ltd, JPMorgan Chase and Co. and UBS Securities India Pvt. Ltd are also scheduled to make presentations to the department according to the statement.
Essar Steel’s sale of dollar bonds on hold
Hong Kong: Essar Steel Holdings Ltdpulled a planned sale of dollar-denominated bonds amid rising investor concern over contagion from Europe’s debt crisis, according to three people familiar with the matter. Essar Steel told investors it may revive the plan after reporting consecutive quarters of growth, said one of the people, who asked not to be identified as the discussions are private. Essar Steel spokesman Manish Kedia couldn’t immediately be reached for comment at the company’s head office in Mumbai.