Bid To Get Indian Cos Listed On LSE
Mumbai: Top officials from the London Stock Exchange (LSE) are coming to India next week to lend a helping hand to Indian companies to list in the UK bourse to raise money. The move is significant because the current uncertain market situation is proving to be difficult for Indian companies to raise money through listing on the domestic bourses, while raising money through the debt route in a high interest rate regime could lead to higher interest outgo.
Next week, some of the top LSE officials, along with home-grown financial major Religare’s investment banking division, are touring four Indian cities and meeting up with over 100 companies which they think could be the probable candidates for listing on either of the two platforms on the London market. The UK bourse has the main LSE market where Indian companies like Vedanta and Essar Energy are listed. It also has Alternate Investment Market, popularly known as AIM, which is for the smaller but high growth companies. In India, market regulator Sebi has allowed SME exchanges which are expected to operate on a concept similar to what has made AIM a popular market globally. Speaking to TOI, Nalin Nayyar, head-India investment banking, Religare Capital Markets, said that at this point it is still unclear when foreign funds will start investing in India in a major way. “So for Indian companies looking for capital and has the wherewithal to list on a global platform, it would be a good idea to list on AIM or LSE,” Nayyar said. The plan for LSE and Religare is to meet up with Indian companies at four cities—Mumbai, Bangalore, Hyderabad and Delhi and educate them about the pros and cons of such listings. Along with the two, consulting major Ernst & Young, global law firm Dorsey & Whitney, and Indian law firm Dua Associates are also part of the team that is meeting up with the Indian companies. The idea is to bring all the constituents on one single platform and speed up the whole process, officials from LSE and Religare said.
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