Seven years after being hit by the microfinance crisis that originated in Andhra Pradesh, control of microfinance lender Spandana Sphoorty Financial Ltd is set to change hands. The microfinance lender is in talks with private equity firm Kedaara Capital Investment Managers Ltd to sell more than 26% in the company,… Read more »
This will help the bank improve its capital adequacy position
The bank is set to be launched before the end of this month.
Shapoorji Pallonji, another contender, has decided to back out of the talks.
Reliance Defence and Engineering Ltd, Shapoorji Pallonji Group and Liberty House Group of UK have shown interest in buying debt-ridden ABG Shipyard Ltd, even as its lenders try to force the ship maker out of a debt recast mechanism and recover their dues. Investment banking firm Rothschild is advising the… Read more »
The Reserve Bank of India (RBI) has given an in-principle approval to Canadian billionaire Prem Watsa’s Fairfax Financial Holdings picking up a 51% stake in Kerala-based Catholic Syrian Bank, two people aware of the development said. This will be the first takeover of an Indian bank by a non-banking financial… Read more »
Canadian billionaire Prem Watsa’s Fairfax India Holdings Corp. has been given an informal nod by the Reserve Bank of India (RBI) to pick up a majority stake in Catholic Syrian Bank, said three people aware of the development. Watsa met RBI governor Urjit Patel and deputy governors S.S. Mundra and… Read more »
He will be succeeded by Anup Bagchi, who currently heads the bank’s broking and investment banking unit—ICICI Securities Ltd, ICICI Bank said in a stock exchange notice.
With no buyer in sight, lenders to Essar Steel can now either auction bad loans to ARCs or let banks pick a 30% stake in the firm while promoters retain control
The bank sold around 18.54 lakh shares for Rs.819.50 per share to Dutch co-promoter Heineken International in a block trade on Friday.