EXCLUSIVE: Indian companies that list overseas will have to later launch on a domestic bourse under policy changes being considered by government officials, a move that global investors fear will harm valuations by AdityaKalra AditiShahsays AbhirupRoy30
But in recent weeks Indian officials told global investors and companies in meetings they were considering mandating a secondary listing for local companies on Indian bourses after they list abroad, five sources said.
A separate senior regulatory source in India said “dual listing was being considered by the ministry for sure,” but a final position on the matter has not been reached.and an Indian payment firm it backs, Paytm, as well as Reliance and U.S.-based Sequoia Capital have conveyed to the government the secondary listing provision risks splitting trading volumes, hurting long-term valuations and raising compliance needs and costs, the sources added.
SoftBank and Sequoia have invested in various Indian firms like ride-hailing company Ola and hospitality firm Oyo. Foreign listings could provide exits for such investors at higher valuations but also allow Indian firms, especially from the tech sector, to access specialised investors abroad who can better value their companies.
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