Citigroup Financial News

Subscribe to enjoy similar stories. (Bloomberg) -- South Korea’s LG Electronics Inc. has picked banks for a potential initial public offering of its Indian business that could raise as much as $1.5 billion, according to people familiar with the matter.

PN Gadgil Jewellers Ltd on Monday said it has raised Rs 330 crore from anchor investors, a day before its initial share-sale opening for public subscription. ICICI Prudential Life Insurance Company, Tata Mutual Fund (MF), Axis MF, Mirae Asset MF, HDFC MF, Bandhan MF, Nippon India MF, Goldman Sachs (Singapore) Pte, Citigroup Global Markets Mauritius, Societe Generale, Troo Capital, The Jupiter Global Fund are among the anchor investors. According to a circular uploaded on BSE's website, the company has allocated a total of 68.75 lakh equity shares to 33 funds at Rs 480 apiece, which is also the upper end of the price band. This aggregates the transaction size to Rs 330 crore.

Vedanta Resources plans to raise up to $1.5 billion in a five-year dollar denominated bond sale, marking the first such refinancing-focused global issuance since a January restructuring at the UK holding company of Vedanta Ltd. Proceeds from the latest issue will be used to refinance $470 million in bonds that are due in 2027 and $1 billion due 2028. Both sets of bonds — carrying 13.87% interest rates — will now be redeemed on October 2 this year. “Vedanta Resources’ objective is to redeem the two bonds, which are trading on a par, with the new ones, which will be issued at 9.5-10.5%, bringing down the borrowing cost,” said a banker.

Goldman Sachs Group Inc. has hired veteran power banker Tyler Miller from rival Citigroup Inc. as a partner in its natural resources group.

Vedanta will sell up to 3.31% stake in Hindustan Zinc, or 140 million shares of the company, at a floor price of ₹486 rupees a share, filings from both the companies to the exchanges showed. Vedanta had earlier said that it would sell 2.60% in the zinc-lead producer. The stake sale through the offer-for-sale will take place on Friday and Monday. The floor price is at a discount of 15% to Wednesday's closing of ₹571.75. Shares of Hindustan Zinc are up nearly 80% so far in 2024, but have lost 14% in a month. Between March and May, the shares had surged nearly 125%.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Citigroup is taking a significant step to pare down its wealth management division with a plan to sell off its trust administration and fiduciary services business.

Qatar Investment Authority, SBI Mutual Fund, and foreign investment funds Nomura and Citigroup were the biggest buyers of shares in Adani group's power transmission unit's $1 billion QIP, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of Adani Energy Solutions Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business.

Federal Reserve easing cycle based on the latest evidence that the labour market is cooling. Economists at Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase revamped their forecasts for US monetary policy Friday after data showed the US unemployment rate rose again in July, calling for earlier, bigger or more interest-rate cuts. Economists at Citigroup — already among the most aggressive in calling for the Fed to cut interest rates this year — said they expect half-point rate cuts in September and November and a quarter-point cut in December, having previously predicted quarter-point cuts at all three meetings. The Fed will then reduce rates by a quarter point at each meeting until mid-2025, bringing the policy band to 3%-3.25%, Veronica Clark and Andrew Hollenhorst predicted.

Citigroup Global Markets Mauritius, ICICI Prudential MF and Societe Generale, on Friday acquired stakes in Netweb Technologies India for Rs 458 crore through open market transactions. As per the data available on NSE, Citigroup Global Markets Mauritius, Discovery Global Opportunity Mauritius, ICICI Prudential Mutual Fund, Invesco MF, Societe Generale and Union MF bought a total of 20,54,795 shares or 3.64 per cent stake in Netweb Technologies India. Shares were picked up at an average price of Rs 2,232.10 apiece, taking the combined deal value to Rs 458.65 crore.

Raymond James has officially begun its August recruitment run by bolstering its employee advisor network in New York.

A dimmer outlook for US corporate earnings is likely to hurt stocks that are tied to the economy, as investors worry about the impact of falling inflation on pricing power, according to Morgan Stanley’s Michael Wilson.

Mint in an interview. The volume of deals in the broader ecosystem has dropped over the past four years as uncertain macroeconomic conditions led investors to pursue fewer bets in select companies with a well-defined path to profitability. According to data sourced from Tracxn, single family offices made 31 investments in the first half of 2024 compared with 50 investments in the same period in 2023 and 120 investments in 2022.

Against a backdrop of intensifying climate protests targeting Wall Street, the heavyweights of US finance are pushing back against what they characterize as a fundamentally flawed debate.

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Stocks that traded heavily or had substantial price changes on Thursday: Costco, Delta Air Lines fall; QuantumScape, MicroStrategy rise

A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues

On Thursday, the government issues a report on consumer prices in June and Delta Air Lines releases its second-quarter earnings

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Citigroup shares fell 1.3% after hours Wednesday after it was handed a combined $135.6 million in financial penalties by the Federal Reserve Board and the Office of the Comptroller of the Currency for violating enforcement requirements.