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Finance Info
Funda garam
ICICI is on a performance high
The country's largest private sector bank ICICI Bank has
raised $4 billion of debt, including tier 1 and 2 capital,
in the current financial year. The bank raised the dollar-denominated
debt from overseas markets to fund loans growth in the country
and for global expansion. The funds were raised through $500
million of floating-rate bonds maturing in 2010, $750 million
fixed-rate notes maturing in 2012 and $750 million fixed-tofloating
rate bonds due in 2022. While $1.25 billion will be used for
the bank's international operations the third tranche of $750
million will be directed for domestic operations. It is reported
ICICI received a total order book of $8 billion from 223 investors,
which included insurance companies, asset management companies,
state funds and banks.
FDI inflows rise
India is becoming increasingly attractive as an investment
destination. FDI inflows in 2006 maintained an upward trend
with India surpassing South Korea to become the fourth largest
recipient in the region, according to a United Nations report
FDI grew in 2006 for the third consecutive year to reach USD
1.2 trillion, the UN Conference on Trade and Development (UNCTAD)
has said "Countries, including India, are attracting
increasing FDI for traditional manufacturing," the report
said. UNCTAD said that outward investment from this region
also increased last year, noting that China had consolidated
its position as an important source of FDI, while India is
also rapidly catching up. China and India are challenging
the dominance of Asia's newly industrializing economies as
the main sources of FDI in the developing world.
Goldman Sachs in brokerage operations
Global financial services major Goldman Sachs is planning
to start its brokerage operations in India this year. It has
got the full licence for merchant banking and brokerage services
according to the firm's Managing Director and CEO L Brooks
Entwistle. With the tremendous growth potential offered by
the capital markets in the country Goldman Sachs has increased
its headcount for stock broking services. The global financial
firm has acquired five per cent stake in the National Stock
Exchange and already holds over seven per cent stake in NCDEX,
the commodity exchange.
Nikko to set up JV
Nikko Asset Management Company Ltd of Japan is looking to
invest an initial amount of $5 mn to set up a JV asset management
company. The JV is being planned with Ambit RSM, a Mumbai-based
financial services provider. According to Timothy F McCarthy,
Chairman and CEO, Nikko AM, the two companies will apply for
the licence this quarter, and the fund house should be operational
by the end of this year. While Nikko AM will provide 74.9
per cent of the ordinary stock of the new entity and the rest
by Ambit.
Kotak to raise $350 million fund
Kotak Realty is planning to raise its second fund worth $350
mn. The real estate investment arm of Kotak Mahindra Ltd.
has reportedly secured commitments from international investors,
financial institutions, multilateral agencies and high-net
worth investors in the US, the Middle East and Europe for
investing in Indian real estate. The new fund, which will
close in March 2007, will seek equity investments in development
projects and enterprise level investments in real estate operating
companies.
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