Warburg Pincus move
New Delhi, June 3: Private equity firm Warburg Pincus LLC is likely to pick up a majority stake in financial services firm Future Capital Holdings for an estimated Rs 600 crore. “The board of Future Capital will meet tomorrow to decide on the valuation for divestment of the entire promoter stake of 56.30 per cent stake to Warburg Pincus,” sources said. Warburg Pincus is likely to offer Rs 155-165 a share.
New Delhi, June 3: The government has set up a high-level board under commerce minister Anand Sharma to boost the manufacturing sector. The 13-member board will periodically review the overall situation of the manufacturing sector.
New Delhi, June 3: Overseas investors pulled out funds worth Rs 347 crore in May from the equity markets amid concerns over domestic economic growth and the depreciating rupee. Foreign institutional investors (FIIs) made gross purchase of equities worth Rs 42,443.30 crore and sold shares valued at Rs 42,790.70 crore.
Mumbai, June 3: The RBI has implemented an application tracking system in foreign exchange departments which will enable customers to file applications and later check their status online.
New Delhi, June 3: Reliance Industries Ltd (RIL) has agreed to sign agreements with Pragati Power Corp and NTPC for supply of natural gas from its eastern offshore KG-D6 fields.