The government will allow direct listing of Indian companies abroad, persons in the know told The Times of India, a move that will help startups and unicorns as well as reduce registrations in foreign locations such as Singapore.
Currently, Indian companies go for depository receipts, which are listed overseas against shares of listed domestic companies.
Sources said the government is planning to allow listing only in select jurisdictions, which may include the US, the UK, China, Japan and Hong Kong which are part of Financial Action Task Force, the global anti-money laundering group, and International Organisation of Securities Commissions.
Meanwhile, the promoters of Vadilal Industries Ltd including Rajesh Gandhi, Virendra Gandhi and Devanshu Gandhi, among other family members, are in advanced talks to sell their entire stake in the ice cream maker and its domestic distribution business for close to Rs 1,000 crore ($140 million at current exchange rate) to Arpwood Partners and PAG, two people aware of the development told Mint.
The purchase of a controlling stake will give the Arpwood Partners-PAG combine a 7% market share in the Indian ice cream and frozen food market, India Ratings was quoted as saying.
As of 31 December, the promoter and promoter group entities together controlled a 64.73% stake in Vadilal Industries and 51.26% in Vadilal Enterprises, the distribution arm.
In another development, India Post Payments Bank (IPPB) may seek up to Rs 1,000 crore ($140 million at current exchange rate) for expansion, persons in the know told The Economic Times.
Since its launch, IPPB has increased penetration in rural areas where 1.1 lakh post offices offer services out of the total 1.36 lakh. According to IPPB, the rural banking infrastructure has bumped up 2.5 times. It has armed 1.9 lakh postmen and grameen dak sevaks with smartphones and biometric devices to provide doorstep banking.
