Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On the 9th of November, the board of <a href="https://www.smartkarma.com/entities/engineers-india-ltd" target="_blank" data-smartkarma-citation="entities:13697:1" rel="noopener">Engineers India (ENGR IN)</a> made an <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/d9028510-2726-43b0-b1c9-6869a6c6a912.pdf" target="_blank" rel="noopener">announcement</a> that it would consider at the board meeting to take place 3 days hence, theretofore for the purposes of, inter alia, considering and approving the Q2 financial results, a buyback of shares. There were no details. After the board meeting three days later, they announced that the plan was to propose a buyback of 69,869,047 shares at a price of Rs 84/share, which was effectively the maximum legal amount which could be spent on a buyback due to the statutory limit being 25% of the aggregate of the fully-paid-up share capital and the free reserves. It was 11.06% of shares out. They proposed a postal ballot which the ran from 21 Nov to 20 Dec. Shareholders approved. They set a 1 January record date. Now it gets interesting.Existing shareholders should DEFINITELY look at this.

On the 9th of November, the board of Engineers India (ENGR IN) made an announcement that it would consider at the board meeting to take place 3 days hence, theretofore for the purposes of, inter alia, considering and approving the Q2 financial results, a buyback of shares. There were no details. After the board meeting three days later, they announced that the plan was to propose a buyback of 69,869,047 shares at a price of Rs 84/share, which was effectively the maximum legal amount which could be spent on a buyback due to the statutory limit being 25% of the aggregate of the fully-paid-up share capital and the free reserves. It was 11.06% of shares out. They proposed a postal ballot which the ran from 21 Nov to 20 Dec. Shareholders approved. They set a 1 January record date. Now it gets interesting.Existing shareholders should DEFINITELY look at this.

Hefty Engineers India Buyback Tender - Worth The Arb If You Own

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the minimum shareholding that the Government would like to hold post the ETF issue.In this Insight, we look at the effective discount on the ETF at different issue sizes and the impact on some of the ETF constituents that will be bought from the market.<a href="https://www.smartkarma.com/entities/national-aluminium-co-ltd" target="_blank" data-smartkarma-citation="entities:1770:1" rel="noopener">National Aluminium (NACL IN)</a> is an interesting name for this ETF issue given the impact of the ETF manager buying shares in the market.

Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the minimum shareholding that the Government would like to hold post the ETF issue.In this Insight, we look at the effective discount on the ETF at different issue sizes and the impact on some of the ETF constituents that will be bought from the market.National Aluminium (NACL IN) is an interesting name for this ETF issue given the impact of the ETF manager buying shares in the market.

Bharat 22 ETF - Effective Discount Shrinks Substantially

The next tranche of the Bharat 22 ETF will be launched from October 3 - 4 for a base size of INR 2,000 crore (~US$281m) with an option to exercise a greenshoe option. The discount being offered on this tranche of the ETF is 3%.Following the huge oversubscription of the earlier tranche in Feb 2019, the Government of India has decided to reduce the discount on the ETF from 5% to 3%. With most of the subscription coming in from arb players (banks, HNI's), the oversubscription numbers should be much lower this time around.We take a look at the returns that could be generated by applying to this tranche of the ETF depending on the number of constituent stocks that are divested by the Government versus what the ETF has to buy from the market.

The next tranche of the Bharat 22 ETF will be launched from October 3 - 4 for a base size of INR 2,000 crore (~US$281m) with an option to exercise a greenshoe option. The discount being offered on this tranche of the ETF is 3%.Following the huge oversubscription of the earlier tranche in Feb 2019, the Government of India has decided to reduce the discount on the ETF from 5% to 3%. With most of the subscription coming in from arb players (banks, HNI's), the oversubscription numbers should be much lower this time around.We take a look at the returns that could be generated by applying to this tranche of the ETF depending on the number of constituent stocks that are divested by the Government versus what the ETF has to buy from the market.

Bharat 22 ETF - Tighter Arb as Government Squeezes Discount

It was reported last evening that the Government of India is likely to sell the SUUTI (Specified Undertaking of the Unit Trust of India) stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:327:1">ITC Ltd (ITC IN)</a> and <a href="https://www.smartkarma.com/entities/axis-bank-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:768:1">Axis Bank Ltd (AXSB IN)</a> in two tranches to meet its disinvestment targets for the year.In this Insight we look at the possible timelines and the implications for the upcoming tranche of the Bharat 22 ETF and what's next for the ETF.

It was reported last evening that the Government of India is likely to sell the SUUTI (Specified Undertaking of the Unit Trust of India) stake in ITC Ltd (ITC IN) and Axis Bank Ltd (AXSB IN) in two tranches to meet its disinvestment targets for the year.In this Insight we look at the possible timelines and the implications for the upcoming tranche of the Bharat 22 ETF and what's next for the ETF.

Bharat 22 ETF - Update on Government Disinvestment & Impact

The S&amp;P BSE Bharat 22 Index comprises companies from the universe of Central Public Sector Enterprises (CPSE), companies with stakes held under the Specified Undertaking of the Unit Trust of India (SUUTI), and Public Sector Undertaking (PSU) Banks that are listed on the BSE and disinvested by the Government of India.With the Fund Manager filing the draft papers with the Securities and Exchange Board of India (SEBI) yesterday, the fourth tranche of the <a href="https://www.smartkarma.com/entities/bharat-22-etf" target="_blank" rel="noopener" data-smartkarma-citation="entities:28307:1">BHARAT 22 ETF (ICICIB22 IN)</a> ETF is expected to open in October - dates and the discount on the ETFs are yet to be announced. We look at the history of this ETF, the constituents and their weights, the trading volumes and discount in the secondary market, and highlight potential trades.

The S&amp;P BSE Bharat 22 Index comprises companies from the universe of Central Public Sector Enterprises (CPSE), companies with stakes held under the Specified Undertaking of the Unit Trust of India (SUUTI), and Public Sector Undertaking (PSU) Banks that are listed on the BSE and disinvested by the Government of India.With the Fund Manager filing the draft papers with the Securities and Exchange Board of India (SEBI) yesterday, the fourth tranche of the BHARAT 22 ETF (ICICIB22 IN) ETF is expected to open in October - dates and the discount on the ETFs are yet to be announced. We look at the history of this ETF, the constituents and their weights, the trading volumes and discount in the secondary market, and highlight potential trades.

Bharat 22 ETF Arb - Multiple Trades in One Offering

India

Engineers India Limited is a design and engineering company in the field of petroleum refineries, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides services such as design, engineering, procurement, construction management, commissioning assistance and project management.

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Engineers India (ENGR IN)

Hefty Engineers India Buyback Tender - Worth The Arb If You Own

Engineers India is conducting a large Buyback Tender. For those in now (as of Jan1) and who want to keep their position, they can tender a portion...

Travis Lundy

Bharat 22 ETF - Effective Discount Shrinks Substantially

Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the...

Brian Freitas

Bharat 22 ETF - Tighter Arb as Government Squeezes Discount

The next tranche of the Bharat 22 ETF will be launched from October 3 - 4 for a base size of INR 2,000 crore (~US$281m) with an option to exercise...

Brian Freitas

Bharat 22 ETF - Update on Government Disinvestment & Impact

It was reported last evening that the Government of India is likely to sell the SUUTI (Specified Undertaking of the Unit Trust of India) stake in...

Brian Freitas

Bharat 22 ETF Arb - Multiple Trades in One Offering

The S&P BSE Bharat 22 Index comprises companies from the universe of Central Public Sector Enterprises (CPSE), companies with stakes held under...

Brian Freitas

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