Markets | Blackstone to invest $23 mn more in Allcargo

Markets | Blackstone to invest $23 mn more in Allcargo

Mumbai: Leading private equity firm Blackstone Group will invest an additional $23 million, taking the total commitment to $75 million, in Mumbai’s port-based logistics company Allcargo Global Logistics Ltd.

As part of this transaction, Blackstone will continue to have representation on the board of Allcargo. In a statement on Friday, Allcargo said it has approved an investment of 1,513,514 warrants of 0 each convertible into equal number of equity shares of the company at a price not less than 934 per equity share by Blackstone subject to seeking the necessary mandatory and regulatory clearances.

— Shraddha Nair

Regulator may allow depository receipts

Washington: India’s capital markets regulator is considering allowing overseas companies to list shares on the country’s exchanges as indian depository receipts (IDRs), said its chairman C. B. Bhave.

The Securities and Exchange Board of India expects the first issue of the receipts to come in the next three months, Bhave said at the India Investment Forum in New York. He expects foreign companies that have a growing presence in India will be interested in issuing IDRs.

Now we feel there’s real interest in the market, Bhave said in an interview. It looks like we’re closer to reality, he added, declining to name the number of companies that may issue IDRs or where they are based.

— Bloomberg