The decision to raise funds through rights issues comes after the domestic lenders decided to convert existing debt into 114 million shares at a consideration of ₹1 according to Reserve Bank of India (RBI) norms.
Reserve Bank of India came down heavily on the bank for failing to cut the shareholding of its non-operating financial holding company to 40%.
Experian was set up in 2010 by Gus Holdings BV, Netherlands, and some domestic public and private sector banks and non-banking financial companies to provide credit information services.
In June, Kapoor had sought a three-year extension till 31 August 2021, but the regulator had agreed to extend his tenure only till 31 January 2019.
The merged entity, comprising two relatively stronger banks and a weak one, will be the third-largest lender in India, after State Bank of India and HDFC Bank Ltd, with total business of ₹14.82 trillion.
The merged entity, comprising two relatively stronger banks and a weak one, will be the third-largest lender in India after State Bank of India and HDFC Bank Ltd, with a total business of more than ₹14.82 trillion.
Temasek joins government of India, ADIA, HDFC Group, ICICI Bank, Kotak Mahindra Life Insurance and Axis Bank as investors in NIIF’s Master Fund.
SBI has a Rs2,260 crore exposure to Bombay Rayon, meaning India’s largest bank will have to accept a 60% discount if it agreed to the deal.
RBI has communicated to the company that PNCPS issuance doesn’t meet its promoter holding dilution requirement.
SC Lowy has agreed to purchase the debt for 70% of the claim amount.