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The Mint Report for 18 August 2010

The Mint Report for 18 August 2010
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First Published: Thu, Aug 19 2010. 12 39 AM IST
Updated: Thu, Aug 19 2010. 12 39 AM IST
New Delhi: We start with markets regulator Sebi, which has proposed doubling the limit of retail investments in public issues. In a discussion paper released Wednesday it suggested making the investment cap Rs200,000 instead of Rs100,000. The proposed rule change applies to both IPOs and follow-on offers. Sebi’s paper will be open to public discussion until the third of September. The new proposal comes at a time when government-run Coal India is looking to issue an IPO that could raise up to Rs17,700 crore. Only 35% of a public issue is open to individual retail investors.
Ramalinga Raju is out jail- at least for the moment. On Wednesday a court in Hyderabad granted bail to the founder of Satyam Computer Services. Raju was awarded bail because of his poor health. In April the CBI had charged him with participating in the Satyam accounting fraud that may have been worth more than $1.5 billion. The CBI says it will now appeal against the Raju’s bail. Back in July, five of the other accused in the case were granted bail by a local court.
The Blackstone Group is making the largest private equity investment of its kind in India’s power sector. On Wednesday it announced it would invest Rs1,350 crore in Moser Baer Projects. Moser Baer Projects is an unlisted power company founded by Deepak Puri, who also created Moser Baer India. Puri’s power company expects to spend Rs30,000 crore building 5,000 MW of capacity by 2016.
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First Published: Thu, Aug 19 2010. 12 39 AM IST