This is the largest investment made by the apex rural financial institution so far, and raises its total shareholding in Sidbi to 10%.
The decision to extend the agreement comes after the deal faced opposition from the shareholders of Shriram and IDFC.
The move follows the collapse of its plan to sell a major stake to Fairfax Financial over valuation differences
The deadline for submission of fresh bids will close on 14 September
The housing finance company is considered the most valuable investment ever made by the public sector bank.
Part of the sale proceeds would be used to repay Indian lenders including Life Insurance Corporation of India (LIC).
SBI is planning to list Andhra Pradesh Grameena Vikas Bank and Saurashtra Gramin Bank
Bankruptcy proceedings against Monnet Ispat and Energy Ltd and Alok Industries Ltd were approved by different benches of the National Company Law Tribunal (NCLT) on Tuesday. They become the second and third among the big 12 firms identified for early bankruptcy proceedings by the Reserve Bank of India (RBI) where… Read more »
When R. Thyagarajan, 80, founded a chit funds business over four decades ago, he did not expect it to grow to a $16-billion (by loan book) financial conglomerate that would weigh on him even after he stepped down from formal roles. Forty-three years after its founding, the Shriram group stands… Read more »
Promoters of some companies where insolvency and bankruptcy proceedings have been triggered are taking on operating roles to remain close to the action when the insolvency professional takes over. Take, for instance, Bhushan Steel Ltd, one of the 12 companies which the Reserve Bank of India has identified for triggering… Read more »