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Web exclusive: Inclusive growth in the financial sector
There is unanimity in thinking among the intelligentsia that if India is to become an economic power, growth has to be inclusive and touch the lives of millions of people living in rural India. It is heartening to note that the Government is conscious of the fact and has taken unique steps to which will go a long way in alleviating the sufferings of poor people.

Rising fiscal deficit a cause for concern: Moody's
Global rating agency Moody"s today expressed concern on India"s high fiscal deficit projected at 6.8 per cent for 2009-10 and cautioned that the situation may become complicated in the absence of measures like clear road map for disinvestment and structural reforms.

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Edged with colour
Edge for hedgies: You can’t take the edge out of hedge funds. Along with other investors, most of them are looking for that extra insight. There’s no excuse for illegally trading on inside information, as Galleon Group founder Raj Rajaratnam is alleged to have done. That aside, getting an edge is their job – and their clients check up on them the same way.
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TPG India's open offer for Shriram City to begin on Aug 27

Private equity firm TPG India Investments" open offer for a 20 per cent stake in Shriram City Union Finance would begin on August 27. - Over 90% stocks rally on open offer move - Great Offshore surges 10.37% - ABG Shipyard ups Great Offshore offer price to Rs 520 - Sebi nod to DC promoters to be exempted from open offer - Zenotech wants independent valuation for Daiichi open offer">Zenotech wants independent valuation for Daiichi open offer - Madras HC halts Daiichi"s open offer for Zenotech In a filing to the Bombay Stock Exchange (BSE), Shriram City, the consumer finance arm of the Shriram Group, said the open offer would begin on August 27 and close on September 15, 2009. The open offer is being made to acquire up to 1,07,85,500 shares, representing 20 per cent stake in the company at a price of Rs 400 per share. The open offer was scheduled to begin on November 8 and close on November 27, 2008, but due to delay in regulatory approval the offer had been rescheduled. Last year, the company had entered into a definitive agreement with TPG, under which the PE firm was to invest up to $120 million (Rs 530 crore) to acquire a stake of up to 49 per cent in Shriram Retail Holdings (SRHPL), the holding company of Shriram City Union Finance (SCUFL). The open offer was pursuant to the said investment as TPG now indirectly holds 26.7 per cent stake in SCUFL. As per Indian regulatory rules, a purchase of a 15 per cent stake in a firm triggers a mandatory open offer for another 20 per cent. DSP Merrill Lynch is acting as the manager to the offer on behalf of Shriram Retail Holdings. Shares of Shriram City were trading at Rs 390.10, up 0.03 per cent in late afternoon trade on the BSE.


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