Mumbai: India’s state-owned banks rose in Mumbai trading as investors bet the new government headed by Manmohan Singh may raise the foreign holding limit on the stocks.
Foreign holdings in state-run banks is capped at 20%. The Bombay Stock Exchange’s bank index closed up 6.84% at 8,118.36. State Bank of India rose 11.19% to Rs1,754.45, while Punjab National Bank Ltd, jumped 6.99% to Rs692.10.
Indiabulls could have sold $550 mn of shares
Mumbai: Indiabulls Real Estate Ltd raised $550 million from a sale of shares, a person familiar with the matter said on Tuesday. The Mumbai-based developer sold 145 million shares to institutional investors at Rs185 apiece, the person said, declining to be identified before a public announcement.
“The QIP (qualified institutional placement) could be closed today (Tuesday),” Gagan Banga, chief executive officer of Indiabulls Financial Services Ltd, and group spokesman, told Mint. “We will have a board meeting late in the evening today to decide on the issue but I cannot give out any numbers right now.”
--Bloomberg & Shabana Hussain/Mint