SBI says no plan to buy Etihad’s stake in Jet Airways

State Bank of India said it has no plans to buy the 24% stake owned by Abu Dhabi-based Etihad Airways in embattled Indian carrier Jet Airways. The report ” is factually incorrect and no such transaction has been contemplated,” SBI said in a statement today. The clarification comes in the wake of heavy criticism that […]

Religare promoter shareholding falls sharply

Promoters, including Malvinder Singh and Shivinder Singh, saw their combined shareholding in financial services provider Religare Enterprises Ltd come down by 2.16 percentage points due to the invocation of pledges, they said in a regulatory filing. The filing comes in the wake of reports that the company’s board may be reconstituted to give more representation […]

Idea Cellular says QIP to reduce debt; looking to sell Indus stake

Idea Cellular, one of India’s largest telecom operators, said the recently concluded sale of its shares to institutional investors, along with a recent fund infusion by the promoter, will reduce its net debt by Rs 6,750 cr. “This equity raise of Rs. 3,500 crore along with recent infusion of Rs. 3,250 crore by Idea’s Promoter […]

Mirc Electronics raises Rs 144 cr from pvt investors for expansion

Mirc Electronics, which makes Onida brand of consumer durables, said nine private investors will put in Rs 144.12 cr in the form of equity investments into the company. The company will issue 1.92 crore equity shares and 1.92 crore convertible warrants at Rs 37.53 to these investors. Shares of Mirc Electronics were trading at Rs […]

Reliance Capital’s general insurance unit IPO draws nearer

Reliance Capital, the financial services arm of the Anil Ambani Group, said the Securities and Exchange Board of India (SEBI) issued its final observation letter to the draft red herring prospectus filed by its general insurance unit. The group had recently seen the successful IPO of its life insurance company, Reliance Nippon Life Insurance, which […]

Goldman Sachs, Fidelity, Kotak MF invest in Edelweiss QIP

Edelweiss Financial Services said it raised Rs 1,527.75 crore by selling its shares to institutional investors through the Qualified Institutions Placement (QIP) route, the first time it has raised funds by selling shares after the IPO ten years ago. The QIP opened on November 15, 2017 and closed on November 20, 20 17. It sold […]

SEBI allows Bank of India conduct QIP to meet minimum shareholding requirement

The Securities & Exchange Board of India, the regulator for traded securities such as stocks, has given an exemption to Bank of India to conduct a qualified institutional placement or QIP of Rs 3,000 cr. The bank is technically ineligible for conducting a QIP — which is not considered a ‘public offering’ — as it […]

Mahindra Financial Services to raise 2,250 cr via share sale

Mahindra and Mahindra Financial Services said the company board has approved a proposal to raise up to Rs 2,250 cr by selling shares or instruments convertible to shares. It said a Securities Issue Committee has been set up to undertake decisions in relation to the proposed issuance. Mahindra & Mahindra Financial Services Limited (MMFSL) is […]

SBI raises Rs 15,000 cr in India’s largest QIP

State Bank of India said it raised Rs 15,000 cr by selling its shares in a ‘qualified institutional placement’ or QIP, making it the largest such transaction in Indian share market history. QIP’s usually involve selling shares exclusively to big institutions such as mutual funds, banks and other investment houses and are cheaper and quicker than […]

IREDA to sell 14 cr shares in IPO to help meet India’s renewable targets

The central government has okayed the listing of India’s premier renewable energy agency, IREDA, via an initial public offer. The move will help the non-banking finance company “increase its equity base which will help them raise more debt resources for funding renewable energy projects,” the government said. IREDA supports the non-traditional energy sector by giving […]

United Bank to raise up to Rs 300 cr from LIC

United Bank of India said it is allotting equity worth up to Rs 300 cr to Life Insurance Corporation of India. United Bank of India is an Indian government-owned financial services company headquartered in Kolkata, West Bengal, India. Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. […]