IPO pay rule

Mumbai, May 21: Market regulator Sebi has proposed a payment process for public issues which do not require retail investors to block their money unless they are allotted shares. Sebi came out with an idea of self-certified syndicate banks for this purpose, which would accept applications of retail investors. These banks would block the bid amount, upload the details in the electronic bidding system of the BSE or nse, unblock once the basis of allotment is finalised and transfer the amount for allotted shares to the issuer.

Tata plan

Mumbai, May 21: Tata Motors will discuss various options for raising long-term funds during the company’s board meeting scheduled for May 28. The company had earlier said it would raise additional long-term resources of up to Rs 4,000 crore through an issue of appropriate securities in foreign and domestic markets.

IFCI buy

New Delhi, May 21: Financial institution ifci has acquired a 46.65 per cent stake in factoring company Foremost Factors Ltd to increase its stake to 96.49 per cent in the company.

RBI move

Mumbai, May 21: The Reserve Bank today tightened norms for investment by banks in subsidiaries and joint ventures by making it mandatory for lenders to reveal whether such investments are for more than one year or not.

Essar strategy

New York, May 21: The Ruias-owned Essar group is formulating a strategy to take over the US-based Esmark after a rival bid was made by Russia’s Severstal.

HSBC offer

Mumbai, May 21: HSBC’s open offer to the shareholders of brokerage firm il&fs Investsmart for a 20 per cent stake in the company will open on July 11. The offer closes on July 30.

UTI issue

Hong Kong, May 21: UTI Asset Managementplans to revive its $500-million initial public offering. The management is scheduled to meet
investors next week to gauge market interest.