04/02/2005 Finance Minister of India opens market
4 February 2005
The London Stock Exchange’s markets were today opened by Mr Palaniappan Chidambaram, the Finance Minister of India. Mr Chidambaram is visiting London to take part in the G7 meeting of Finance Ministers.
He was joined by Martin Graham, the Exchange’s Director of Market Services and Head of AIM, along with representatives of the Indian High Commission in London.
The market opening highlights the developing commercial and economic links between the UK and India.
The London Stock Exchange has 18 Indian companies listed on its markets with a total market capitalisation of $2.94bn [ Rs. 127.7bn, £1.53bn]. In addition there are 9 Indian companies with Depository Receipts traded on the Exchange. During 2004 two Indian companies, ACC Ltd. and Amtek Motors, successfully raised funds in excess of US$100 million when they issued Depository Receipts on the Exchange.
Martin Graham, said:
“The London Stock Exchange is delighted to welcome Mr Chidambaram and to highlight the strong economic links between the UK and India. There is a high level of international investor demand to share in the success of the Indian economy and London has been a conduit through which international capital has contributed to the growth of Indian companies and its wider economy.”
Read more in our press release.