PRE-MARKET INDIAN STOCK NEWS: RBI barred banks from issuing guarantees through letters of undertaking in the wake of the loan fraud scandal

Fortis Healthcare (FORH IS)
– Co. is said to receive an offer from Malaysia’s IHH Healthcare to buy non-promoter shares of the Co. (Newswires)
– YES Bank (YES IS) announced it acquired 17% of the Co. to become its largest shareholder. (ET)

HDFC Bank (HDFCB IS)
– Co. is to sell over 4% stake in its asset management unit via IPO. (Moneycontrol)

ICICI Bank (ICICIBC IS)
– Co. unit ICICI Securities may conduct IPO within 10-15 days. (Moneycontrol)

IndusInd Bank (IIB IS)
– RBI approved merger of Bharat Financial Inclusion (BHAFIN IS) with IndusInd Bank. (ET)

Larsen & Toubro (LT IS)
– India’s highways authority awarded the Co. one of the 5 packages for the INR 75bln Dwarka Expressway project. (ET)

Financials
– RBI barred banks from issuing guarantees in the form of letters of undertaking in the wake of the loan fraud scandal.

(Newswires)