Shareholders ask Vodafone to free-up $75bn
London: The Vodafone Group, which recently acquired mobile company Hutch-Essar for $10.9 billion, has been asked by an influential activist investor lobby Efficient Capital Structures (ECS) to consider a restructuring proposal that could unlock up to $75 billion for its investors.

Acknowledging the receipt of the letter Vodafone said it is reviewing the cotents of the letter and would make an announcement in due course.

ECS is asking Vodafone to submit a number of resolutions at the company's annual general meeting on July 24 concerning the potential restructuring options for the company.

The investor lobby feels Vodafone is undervalued as it has an inefficient capital structure. Its most valuable asset is a passive, minority share and its balance sheet is under-geared.

If the resolution to put this right is implemented, it could release between 17-38 billion pounds of value to shareholders, Glenn Cooper, chairman, ECS said.
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RBI to issue guidelines soon for foreign investment in commodity bourses
New Delhi: The RBI will issue the guidelines for allowing foreign investors pick up stakes in the country's commodity exchanges within a fortnight according to Consumer Affairs Secretary Yashwant Bhave.

The RBI guidelines are expected to be similar to those issued for stock exchanges, he added.

This means foreign investors like New York Mercantile Stock Exchange will be allowed to buy up to 49 per cent stake in the bourses such as Multi Commodity Exchange and NCDEX.

The apex bank had in December last year allowed foreign investment up to 49 per cent in stock exchanges. While the FDI cap was pegged at 26 per cent, foreign institutional investors (FIIs) were allowed to take up to 23 per cent stake. However, individual investor can hold only up to five per cent stake.
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