Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

How Indian Buyback Offers Work - The Wipro Example

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Indian Aluminium manufacturer <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> ("NALCO") informed the market on 21st January 2021 that they were <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/D6D61779-CB52-4346-8C8F-78C23F1EEE3F-162006.pdf" target="_blank" rel="noopener">considering a buyback</a> of shares. As planned, a week later on 27th January, the <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/D6D61779-CB52-4346-8C8F-78C23F1EEE3F-162006.pdf" target="_blank" rel="noopener">board meeting</a> was held and the resolution to conduct a buyback offer was passed as required. On 29th January, NALCO made a <a href="https://www.sebi.gov.in/filings/buybacks/jan-2021/national-aluminium-company-limited-public-announcement_48946.html" target="_blank" rel="noopener">public announcement</a> confirming more details regarding this buyback. This will be the third buyback by NALCO in the last five years. This time, they are planning to buy up to 130,279,083 shares through a Tender Offer at a price of INR57.50/share. The size of this buyback is around INR7.5bn (~US$100mn). This is an interesting situation.More below the fold.

Indian Aluminium manufacturer National Aluminium (NACL IN) ("NALCO") informed the market on 21st January 2021 that they were considering a buyback of shares. As planned, a week later on 27th January, the board meeting was held and the resolution to conduct a buyback offer was passed as required. On 29th January, NALCO made a public announcement confirming more details regarding this buyback. This will be the third buyback by NALCO in the last five years. This time, they are planning to buy up to 130,279,083 shares through a Tender Offer at a price of INR57.50/share. The size of this buyback is around INR7.5bn (~US$100mn). This is an interesting situation.More below the fold. 

NALCO India Buyback Tender Offer: A Small Arb