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RBI to Assess If Indiabulls Is https://t.me/TheHindu_Zone_official EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE THE HINDU DELHI TUESDAY, APRIL 23, 2019 BUSINESS 15 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE market watch 22-04-2019 % CHANGE RBI to assess if Indiabulls is ‘fit and proper’ Blackstone to buy 51% Sensex dddddddddddddddddddddd 38,645 ddddddddddddd-1.26 US Dollardddddddddddddddddddd 69.67 ddddddddddddd-0.46 Gold ddddddddddddddddddddddddddd 32,870 ddddddddddddddd0.61 stake in Essel Propack Brent oil ddddddddddddddddddddd 74.13 ddddddddddddddd3.37 Will group founder Sameer Gehlaut’s name figuring in Panama Papers impact merger with LVB? MANOJIT SAHA tity/promoter group should reported to the RBI in regula­ NIFTY 50 Mumbai have a past record of sound tory filings through the Auth­ for up to $462 million PRICE CHANGE The Reserve Bank of India financials, credentials, inte­ orised Dealer. The same Adani Ports. ............. ..... 391.05. ........ 0.50 (RBI) may closely examine grity and have a minimum 10 were also reported in his in­ Open offer for 26% at ₹139.19 apiece Asian Paints. ............ ... 1443.35. .....-26.25 Axis Bank . ................ ..... 755.50. .....-15.70 the fit­and­proper criteria of years of successful track re­ come tax returns and ba­ Bajaj Auto . ............... ... 3051.20. .....-18.30 Indiabulls Group founder cord,” one of the RBI’s norms lance sheets,” Indiabulls Piyush Pandey Bajaj Finserv. ........... ... 7472.75. .....-98.40 and chairman, Sameer Geh­ had said for on­tap licensing said. The company said sub­ MUMBAI Bajaj Finance . .......... ... 2991.25. .....-23.20 Bharti Airtel . ........... ..... 349.40. ........ 2.45 laut, whose name appeared of universal banks in 2016. sequent to the Panama leaks, Leading investment firm BPCL. ........................ ..... 340.10. .....-22.80 in the Panama Papers, be­ authorities concerned had Blackstone has entered into Britannia Ind . .......... ... 3000.15. ........ 2.40 fore approving the proposal Compliant with law examined ‘each and every Cipla . ........................ ..... 561.10. ....... -0.45 a definitive agreement with Coal India . ............... ..... 252.05. ........ 0.60 to merge the group’s housing Indiabulls, in response to a remittance’ Mr. Gehlaut Ashok Goel Trust to pur­ Dr Reddys Lab . ........ ... 2795.70. ....... -3.40 finance arm with Lakshmi query from The Hindu, said made and they were found chase a majority stake in Es­ Eicher Motors. ......... 20400.85. .. -623.05 Vilas Bank (LVB). Mr. Gehlaut’s investments to be in full compliance with GAIL (India). ............ ..... 344.85. ....... -7.10 sel Propack Limited (EPL), a Grasim Ind . .............. ..... 863.90. ....... -3.35 Indiabulls Housing Fi­ abroad were in full com­ relevant laws of the land. speciality packaging compa­ HCL Tech. ................. ... 1101.10. ....... -1.55 nance and LVB boards had Clear and legal: Sameer Gehlaut’s offshore investments have pliance with all extant and “All records, including ap­ ny and one of the largest HDFC . ....................... ... 1953.90. .....-49.85 been reported to RBI, says Indiabulls. * GETTY IMAGES/ISTOCK HDFC Bank. .............. ... 2268.70. .....-24.95 proposed a merger , that current laws of the land, provals and work status in global manufacturer of lam­ Hero MotoCorp . ...... ... 2689.50. .....-52.05 would help the bank get cap­ both from the ‘FEMA angle, respect of projects underta­ inated tubes, for up to $462 Hindalco . ................. ..... 200.40. ....... -6.80 ital and, Indiabulls make an who had allegedly opened bank sources said since the and also from the Income ken under the aegis of Mr. million. * GETTYIMAGES/ISTOCK Hind Unilever . ......... ... 1739.85. ....... -0.05 Indiabulls HFL . ........ ..... 733.95. .....-66.60 entry into banking. Mr. Geh­ shell firms in tax havens. ‘fit and proper’ criterion was Tax angle.’ Gehlaut’s offshore proprie­ Ashok Goel Trust and its ICICI Bank . ............... ..... 394.50. ....... -9.90 laut is proposed to be vice­ That included the names of a key parameter for RBI to ‘Every single penny, tary arm, have been shared affiliates currently hold tomers and a track record of IndusInd Bank . ........ ... 1691.00. .....-73.30 chairman of the merged 500 Indians. The non­bank­ grant banking licence, the which was invested offshore, with the authorities, and about 57% of EPL and Black­ product innovation. Leve­ Bharti Infratel . ........ ..... 299.60. ....... -7.60 Infosys . .................... ..... 721.05. ........ 4.00 entity. ing finance company had ap­ Panama Papers incident has been under Overseas Di­ there has been no violation stone would pay a purchase raging the ongoing industry Indian OilCorp. ........ ..... 149.75. ....... -6.35 In 2016, leaked docu­ plied for a universal bank li­ would be examined by the rect Investment (ODI) regula­ or infringement whatsoever price of ₹134 per share to ac­ shift to laminated tubes and ITC . ........................... ..... 301.80. ....... -2.60 ments from the Panama­ cence when the RBI invited regulator before taking a call tions, and all funds remitted of any of the rules and regu­ quire a 51% shareholding EPL’s leadership position in JSW Steel. ................ ..... 291.25. ....... -7.90 Kotak Bank . ............. ... 1356.70. .....-12.95 based law firm Mossack Fon­ applications in 2013 but on the proposed merger. were out of Mr. Gehlaut’s tax­ lations governing overseas from the trust. oral care, our plan is to ac­ L&T. .......................... ... 1360.15. ....... -0.55 seca, showed a list of those failed to secure one. Central “Promoter/promoting en­ paid moneys, and were duly investment,” it added. As per SEBI’s takeover celerate growth in fast­grow­ M&M . ....................... ..... 673.40. .....-11.25 Maruti Suzuki . ......... ... 7321.25. .. -126.20 code, this transaction would ing end categories such as NTPC . ....................... ..... 136.00. ........ 0.65 trigger a mandatory open beauty, cosmetics and ONGC . ...................... ..... 157.90. ....... -2.70 offer for purchase of an ad­ pharmaceuticals.” PowerGrid Corp . ..... ..... 194.80. ........ 0.50 ditional 26% shares of the EPL’s last 12 months reve­ Reliance Ind . ........... ... 1345.35. .....-40.60 RBI may have ₹3 lakh cr. GAIL emerges highest bidder State Bank . .............. ..... 310.05. ....... -0.75 firm, said both firms in a nue as of December 31, 2018 Sun Pharma . ............ ..... 454.50. ....... -8.70 joint statement, adding the was ₹2,642 crore ($380 mil­ Tata Motors . ............ ..... 234.85. ....... -1.40 excess capital : BofAML open offer price had been lion), registering a 10% year­ Tata Steel . ............... ..... 534.20. ....... -8.90 TCS . .......................... ... 2161.45. ...... 11.40 for IL&FS wind assets’ portfolio fixed at ₹139.19 apiece. on­year growth against in­ Tech Mahindra . ....... ..... 805.35. ........ 5.00 Jalan panel to submit report shortly Based on the open offer dustry growth of 2%, said Titan . ....................... ... 1123.70. ....... -1.70 UltraTech Cement. .. ... 4204.85. .....-55.10 subscription, the purchase the company. UPL. .......................... ..... 937.30. ........ 3.25 SPECIAL CORRESPONDENT that the deliberations were Offers ₹4,800 crore for seven plants with 874 MW capacity price consideration would Commenting on the deal, Vedanta . .................. ..... 175.00. ....... -3.60 Mumbai in advanced stages and it vary between ₹2,157 crore Mr. Ashok Goel, CMD, EPL, Wipro . ...................... ..... 288.25. ........ 3.45 SPECIAL CORRESPONDENT YES Bank. ................. ..... 238.35. .....-17.45 As the Bimal Jalan Commit­ would require ‘a few more Committee of Creditors and ₹3,211 crore (or, approx­ said, “As we embark on the Mumbai Zee Entertainment . ..... 396.55. ....... -5.75 tee prepares to submit its re­ days’ to finalise the report. (CoC) of IL&FS Wind Energy imately $310 million — $462 next trajectory of growth at port on RBI’s economic cap­ If the contingency re­ State­run GAIL (India) Ltd. Limited (IWEL), majority million). EPL, Blackstone brings deep ital framework, a report by serves are halved to 3.25% has emerged as the highest owner of the SPVs. The trust would retain a expertise in packaging EXCHANGE RATES Bank of America Merrill from the current 6.5%, it bidder for seven wind power Engagement with ORIX minority stake in EPL. The space globally with senior Indicative direct rates in rupees a unit except yen at 4 p.m. on April 22 Lynch (BofAML) has said the would release ₹1.282 lakh projects of the debt­ridden Japan, the other shareholder deal is expected to be com­ team of highly experienced CURRENCY TT BUY TT SELL excess reserves that the cen­ crore — still 50% higher than Infrastructure Leasing and in the SPVs, with regard to pleted in the coming professionals with a proven US Dollar. .................... 69.47. ......69.79 tral bank holds could be up what central
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