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Business Standard
07-07-2025
- Business
- Business Standard
Norges Bank supports ZEEL's preferential issue of convertible warrants
One of the largest shareholders of Zee Entertainment Enterprises (ZEEL), Norges Bank Investment Management, which manages the Norwegian Government Pension Fund Global, stated on its website on Monday that it will vote in favour of the company's issuance of fully convertible warrants to the promoter group entities on a preferential basis. As per the Bombay Stock Exchange (BSE), the Government Pension Fund Global holds a 3.86 per cent stake as of the quarter ending 31 March. This announcement comes a few days before ZEEL's Extraordinary General Meeting (EGM), which will be held on 10 July. This follows ZEEL's earlier statement in its stock exchange filing that it intends to raise over ₹2,237 crore from the preferential issue of convertible warrants. In June, ZEEL's board of directors approved the issuance of 169,503,400 fully convertible warrants at ₹132 per warrant to the promoter group entities on a preferential basis. These warrants are proposed to be allotted to Altilis Technologies and Sunbright Mauritius Investments, which are linked to the promoter group entities. Through this issue, the promoters, Subhash Chandra and his family, are expected to raise their shareholding in ZEEL to 18.39 per cent from the current 3.99 per cent within 18 months. Additionally, Glass Lewis & Co., a global independent research and proxy advisory services firm, recommended in a report that shareholders vote in favour of the resolution regarding the rise in promoters' shareholding. 'In this case, assuming full conversion of warrants into equity shares of the company (ZEEL), we note that the dilution to current shareholders will be capped at approximately 15 per cent of the share capital, which we consider reasonable. We recommend that shareholders vote FOR this proposal,' the report stated.
Mint
24-06-2025
- Business
- Mint
HDB Financial Services IPO: HDFC Bank's arm raises ₹3,369 crore from anchor investors ahead of public issue
HDB Financial Services IPO: India's largest private bank, HDFC Bank's subsidiary, HDB Financial Services, completed its anchor round on Tuesday, 24 June 2025. According to an exchange filing, the non-banking financial company (NBFC) raised ₹ 3,369 crore from anchor investors ahead of the public issue. According to the BSE filing, HDB Financial Services allotted a total of 4,55,27,026 or over 4.55 crore equity shares to the anchor investors at an allocation price of ₹ 740 per share with a face value of ₹ 10 apiece. BlackRock, Government Pension Fund Global, Goldman Sachs, Life Insurance Corp. of India (LIC), ICICI Prudential Mutual Fund, SBI Mutual Fund, Nippon India, Kotak Mutual Fund, Axis Mutual Fund, Fidelity Investments, Abu Dhabi Investment Authority, and HSBC are among the top anchor investors who participated in the anchor round of the HDB Financial Services IPO. LIC at 6.53%, followed by Baillie Gifford Pacific Fund at 3.09%, and Government Pension Fund Global at 2.97% were among the top allotments for the anchor round. Out of the total equity share allocation to the anchor investors, the company allocated 1,93,89,500 or more than 1.93 crore shares to 22 domestic mutual funds that applied for the public issue via 65 schemes. 'On the valuation front, at a higher price band, the issue is priced at P/BV 3.5x post-issue net worth. The issue seems to be fully priced given the business's fundamentals and ROE of ~15%. Though the company may benefit from the strong HDFC brand going forward,' said Mirae Asset Capital Markets in an IPO note. As of Tuesday, 24 June 2025, the grey market premium (GMP) of the HDB Financial Services IPO stood at ₹ 74 per share. With the upper price band at ₹ 740 apiece, the shares are expected to be listed at ₹ 814 per share, marking a listing premium of 10%, according to Investorgain data. Grey market premium (GMP) is an indicator of the investors' willingness to subscribe to a primary issue. The GMP jumped to its current level of ₹ 74 after the anchor round announcement on Tuesday, compared to its earlier level of ₹ 66 per share on Monday, 23 June 2025. HDB Financial Services is offering a fresh issue of equity shares amounting to ₹ 2,500 crore along with an offer-for-sale (OFS) component of ₹ 10,000 crore from the parent company HDFC Bank. The IPO is scheduled to open for public bidding on Wednesday, 25 June 2025, and will close on Friday, 27 June 2025. The company fixed the price band for the public issue in the range of ₹ 700 to ₹ 740 per share with a lot size of 20 equity shares per lot. HDB Financial aims to use the net proceeds from the public issue to strengthen the company's Tier-I Capital base, enabling the firm to meet forthcoming capital requirements across its business sectors, such as Enterprise Lending, Asset Finance, and Consumer Finance. JM Financial Limited, BNP Paribas, Bofa Securities India Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities & Capital Markets Pvt Ltd, IIFL Capital Services Limited, Jefferies India Private Limited, Morgan Stanley India Company Pvt Ltd, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and UBS Securities India Private Limited are the book-running lead managers for the public issue, while MUFG Intime India Private Limited (Link Intime) is the registrar to the offer. Read all stories by Anubhav Mukherjee
Local Norway
15-05-2025
- Business
- Local Norway
KEY POINTS: Three things you need to know about Norway's revised 2025 budget
Finance Minister Jens Stoltenberg unveiled the Norwegian revised budget on Thursday. Among the key figures was the government's plan to spend 542 billion kroner from the country's 'oil fund'. The government can use revenues from the Government Pension Fund Global, where the country invests its oil and gas revenues, for public spending. The revised figure for 2025 was around 50 billion kroner more than the initial spending figure given by the government for the initial budget for 2025 But what does the budget mean for you, and what have the experts said? More details on the fixed-energy price scheme The government plans to introduce a scheme, dubbed 'Norgespris', that would offer households a fixed energy price throughout the year, offering an alternative to the current subsidy scheme. 'The Norwegian Price is an important measure to enable people in the country to choose to have more predictable electricity costs in a time of fluctuating and sometimes very high electricity prices,' Minister of Energy Terje Aasland said in a statement. Under the scheme, households that sign up will pay a fixed price of 0.40 øre per kilowatt-hour before network rental and fees. There would also be a consumption limit of 4,000 kilowatt hours per month. The government expects 70 percent of homes in southern Norway to sign up to the scheme , and has estimated that the average home in the Southwest Norway (NO2) energy region will receive government support equivalent to 5,200 kroner in 2026. Advertisement Inflation lower than expected Annual inflation for 2025 is expected to be 2.8 percent, down from the original 3 percent estimate. 'Inflation has come down , and in April, consumer price inflation was 2.5 percent. Together with good wage growth, this is improving households' purchasing power,' the government wrote in its report on the key budget figures. There was also good news in regard to unemployment, as the government expects it to remain low moving forward. What have the experts said? In the lead-up to the budget's release, Stoltenberg said the government would adopt a restrained policy. While that certainly applies to the policies unveiled in the budget, economists were less sure about how restrained the proposals were fiscally. 'It is not a disaster budget, considering that a lot of the increased spending is due to support for Ukraine. But in my opinion, it is going a bit in the wrong direction,' economics professor Ola Honningdal Grytten told public broadcaster NRK . While chief economist at Sparebank 1 SR bank, Kyrre Knudsen, also commented on the use of oil money by the government, he also said there was some potential good news for those hoping for lower interest rates. Advertisement 'This is good news. The government is assuming slightly lower inflation than [the central bank] Norges Bank's projections. In general, this means faster interest rate cuts,' he told NRK. Frank Jullum at Danske Bank told business and financial site E24 that the budget should be considered 'neutral' for the economy, as the increased oil spending will mostly be money sent to Ukraine. 'This should not have any effects on monetary policy,' he said. 'There is more spending, but much should not be spent in Norway. The Storting [Norway's parliament] agrees with this, and we economists can agree that money that is not spent in Norway will not stimulate the Norwegian economy,' he added.
Yahoo
06-02-2025
- Business
- Yahoo
Opinion - Will Trump's sovereign wealth fund really ‘Make America Great Again?'
All the talk about tariffs has overshadowed one of the president's most enlightened proposals — the creation of a U.S. sovereign wealth fund. On Feb. 3, President Trump signed an executive order to 'establish a sovereign wealth fund to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish economic security for future generations, and promote United States economic and strategic leadership internationally.' It is an idea whose time has come. Today, there are over 90 sovereign wealth funds worldwide, collectively managing and investing assets exceeding $12 trillion as of June 2024. This amount has grown significantly over the past two decades, reflecting the increasing importance of sovereign wealth funds in the global economy. And yet the U.S., the world's most dominant economic power, is not among them. While there may be many reasons for this situation, the rationale for creating a U.S. sovereign wealth fund now could not be clearer. Harnessing the inherent wealth of America's assets into an acquisitive global investment vehicle seems prudent, and the economic and geopolitical conditions appear ripe. But it took Trump, the consummate businessman — perhaps with the counsel of Jared Kushner and a few private equity players — to translate theory into reality. Of course, Kushner himself appreciates the significance of sovereign wealth investments, due in large part to a generous $2 billion deal he brokered with Saudi Arabia's Public Investment Fund. In fact, we all marvel at the financial prowess of the Saudi fund: With investments in every sector imaginable, it provides an illustrative model for how to cast a nation's economic wealth into global power and influence. This came into full view when the fund, among other major investments, made a play to acquire the Professional Golfers' Association wholesale. Interestingly, we hear much less about other sovereign wealth funds that are even larger than the Saudi one. For example, Norway's, Government Pension Fund Global is the world's largest sovereign wealth fund, with $1.7 trillion under management. It is followed by the China Investment Corporation, with $1.3 trillion; the Abu Dhabi Investment Authority, with $1 trillion; the Kuwait Investment Authority, with $1 trillion; and the Public Investment Fund of Saudi Arabia, with over $980 billion under management, according to the Sovereign Wealth Fund Institute. Sovereign wealth funds are state-owned investment funds that manage national assets that have traditionally been funded via excess reserves from trade surpluses, natural resource exports (such as oil and gas), or foreign currency reserves accumulated by central banks. Their role in global finance has grown in stature and effect to become some of the most powerful and influential financial entities in the world. With investments spanning every asset class, from stocks, bonds, real estate, infrastructure, energy, oil and gas, media, tech and emerging industries (including artificial intelligence), these funds own and control significant resources in industrialized nations. Despite the strength of the U.S. economy, we have traditionally relied on private investment funds, pension funds and venture capital rather than a centralized sovereign wealth fund for national and global investment. But the U.S. is at an historic crossroad where its international alliances and economic relations are realigning. And that may be the factual predicate to create and sustain the nation's first sovereign wealth fund. Among the merits of a U.S. sovereign wealth fund would be the opportunity to leverage existing governmental assets, including federal land, infrastructure holdings and intellectual property, into revenue-generating investments. Transitioning from a debtor to a creditor nation is a lofty but likely goal. Through it all, governance and transparency should be paramount, and the fund should be subject to congressional authorization, review and oversight. While the concept of a U.S. sovereign wealth fund has been discussed before, previous administrations, including that of Joe Biden, have stopped short due to concerns about government interference in private markets. But several U.S. states have funds that are used to finance specific functions such as education or to provide general revenue. Today, however, our lack of a sovereign wealth fund may be seen as a strategic vulnerability, especially when state-controlled investment funds around the world are exercising tremendous economic power. Structured properly, a U.S. sovereign wealth fund could provide a counterbalance to foreign sovereign wealth funds, allowing the U.S. to leverage its vast resources more effectively in the global economy. Beyond financial gains, a strong U.S. fund could be an effective geopolitical tool to strengthen American economic diplomacy, funding infrastructure projects in strategic regions and reducing dependence on foreign capital markets. With the right leadership, bipartisan support and a clear investment mandate, America's sovereign wealth fund could serve as a game-changing financial instrument — one that advances the national interest and long-term prosperity. As the media buzz surrounds the Trump economy, a U.S. sovereign wealth fund could advance America's interests in new and untold ways. Far from being punitive or controversial, it is a consequential idea whose time has come. Adonis Hoffman writes on business, law and policy. He served in senior roles at the FCC and the U.S. House of Representatives and is a senior partner at American Law Group, PLLC Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
06-02-2025
- Business
- The Hill
Will Trump's sovereign wealth fund really ‘Make America Great Again?'
All the talk about tariffs has overshadowed one of the president's most enlightened proposals — the creation of a U.S. sovereign wealth fund. On Feb. 3, President Trump signed an executive order to 'establish a sovereign wealth fund to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish economic security for future generations, and promote United States economic and strategic leadership internationally.' It is an idea whose time has come. Today, there are over 90 sovereign wealth funds worldwide, collectively managing and investing assets exceeding $12 trillion as of June 2024. This amount has grown significantly over the past two decades, reflecting the increasing importance of sovereign wealth funds in the global economy. And yet the U.S., the world's most dominant economic power, is not among them. While there may be many reasons for this situation, the rationale for creating a U.S. sovereign wealth fund now could not be clearer. Harnessing the inherent wealth of America's assets into an acquisitive global investment vehicle seems prudent, and the economic and geopolitical conditions appear ripe. But it took Trump, the consummate businessman — perhaps with the counsel of Jared Kushner and a few private equity players — to translate theory into reality. Of course, Kushner himself appreciates the significance of sovereign wealth investments, due in large part to a generous $2 billion deal he brokered with Saudi Arabia's Public Investment Fund. In fact, we all marvel at the financial prowess of the Saudi fund: With investments in every sector imaginable, it provides an illustrative model for how to cast a nation's economic wealth into global power and influence. This came into full view when the fund, among other major investments, made a play to acquire the Professional Golfers' Association wholesale. Interestingly, we hear much less about other sovereign wealth funds that are even larger than the Saudi one. For example, Norway's, Government Pension Fund Global is the world's largest sovereign wealth fund, with $1.7 trillion under management. It is followed by the China Investment Corporation, with $1.3 trillion; the Abu Dhabi Investment Authority, with $1 trillion; the Kuwait Investment Authority, with $1 trillion; and the Public Investment Fund of Saudi Arabia, with over $980 billion under management, according to the Sovereign Wealth Fund Institute. Sovereign wealth funds are state-owned investment funds that manage national assets that have traditionally been funded via excess reserves from trade surpluses, natural resource exports (such as oil and gas), or foreign currency reserves accumulated by central banks. Their role in global finance has grown in stature and effect to become some of the most powerful and influential financial entities in the world. With investments spanning every asset class, from stocks, bonds, real estate, infrastructure, energy, oil and gas, media, tech and emerging industries (including artificial intelligence), these funds own and control significant resources in industrialized nations. Despite the strength of the U.S. economy, we have traditionally relied on private investment funds, pension funds and venture capital rather than a centralized sovereign wealth fund for national and global investment. But the U.S. is at an historic crossroad where its international alliances and economic relations are realigning. And that may be the factual predicate to create and sustain the nation's first sovereign wealth fund. Among the merits of a U.S. sovereign wealth fund would be the opportunity to leverage existing governmental assets, including federal land, infrastructure holdings and intellectual property, into revenue-generating investments. Transitioning from a debtor to a creditor nation is a lofty but likely goal. Through it all, governance and transparency should be paramount, and the fund should be subject to congressional authorization, review and oversight. While the concept of a U.S. sovereign wealth fund has been discussed before, previous administrations, including that of Joe Biden, have stopped short due to concerns about government interference in private markets. But several U.S. states have funds that are used to finance specific functions such as education or to provide general revenue. Today, however, our lack of a sovereign wealth fund may be seen as a strategic vulnerability, especially when state-controlled investment funds around the world are exercising tremendous economic power. Structured properly, a U.S. sovereign wealth fund could provide a counterbalance to foreign sovereign wealth funds, allowing the U.S. to leverage its vast resources more effectively in the global economy. Beyond financial gains, a strong U.S. fund could be an effective geopolitical tool to strengthen American economic diplomacy, funding infrastructure projects in strategic regions and reducing dependence on foreign capital markets. With the right leadership, bipartisan support and a clear investment mandate, America's sovereign wealth fund could serve as a game-changing financial instrument — one that advances the national interest and long-term prosperity. As the media buzz surrounds the Trump economy, a U.S. sovereign wealth fund could advance America's interests in new and untold ways. Far from being punitive or controversial, it is a consequential idea whose time has come.
