|
SocGen to buy 5
per cent stake in Bank of Rajasthan
Our Banking
Bureau
9 March 2005 Singapore:
Bank of Rajasthan Ltd. said on Tuesday it was set to sell Societe Generale
a five per cent stake for about $10 million, raising the French bank's exposure
to India. The
bank is issuing shares equivalent to a 15 per cent stake to foreign institutional
investors or strategic partners worth about 1.3 billion Indian rupees ($30
million). The
10 per cent cap on voting rights may soon be lifted in India, Asia's fourth-largest
economy. Shares
of Bank of Rajasthan jumped as much as 13.1 per cent after the news on Tuesday
afternoon, before easing to be up 6.7 per cent at 71.15 rupees. SocGen's
interest in the world's second-most populous country has been growing. It
already has bank branches in India and its asset management unit last year
announced the purchase of a 37 per cent stake in the fund management arm of
State Bank of India.  SG
Private Banking is making a push to tap the estimated $580 billion in assets
owned by rich Indians living at home and overseas.
List
of reports on Bank of Rajasthan List
of general reports on Banks
|
