ICICI Bank is looking to raise around Rs 20,000 crore by selling six-to-seven percent stake to institutional investors and has approached at least 10 investment banks for the same, reports Mint.The country's largest private-sector lender plans to complete the entire raise in a single tranche and may soon issue formal mandates to some of the investment banks it approached, sources told the paper.The move, which would be the largest such capital raise in India, is aimed at subverting liquidity squeeze created in the sector after the IL&FS debacle and subsequent busts.Close The qualified institutional placement (QIP) way was zeroed in on after the bank dropped plans to issue American depositary receipts (ADRs), the source said. related news Dilip Buildcon bags Rs 2,123cr order from Coal India arm Congress gives notice of adjournment motion in Lok Sabha over withdrawal of SPG cover of Gandhis Jet Airways insolvency: Will lenders give another extension to … [Read more...] about ICICI Bank may raise Rs 20,000cr via 6-7% stake sale to institutional investors
The second-quarter numbers of India Inc were softer for the financial year 2020, confirming the ongoing economic slowdown.Banks reported weak loan growth, stable-to-declining nonperforming loans (NPLs) and stable slippages and high provision coverage ratio.However, most non-banking financial companies (NBFCs) had a decent quarter amid a challenging environment as they reported steady net interest margins (NIMs) despite an increase in borrowing costs, said Kotak Institutional Equities.Close So, are we looking at a turnaround for NBFCs? related news Taking Stock: Market rides positive global sentiment; Bharti Airtel, RIL top gainers Buy, sell or hold? Telecom stocks ringing loud Experts and brokerages agree that the health of NBFCs will improve, supported by the government's measures, but it will take time."Signs of stress in the economy are still strong, so it will be too early to say that NBFCs will see a turnaround quickly. But in six months' time, the situation will … [Read more...] about Will a slow but steady Q2 turn things around for NBFCs?
The Delhi International Airport Ltd (DIAL), a GMR-led consortium, has received green nod from the Environment Ministry for the development of two commercial buildings in Aerocity at an investment of about Rs 1,310 crore, according to an official document.The nodal ministry has given the environment clearance (EC) to DIAL's two proposed projects with some conditions after taking into account the recommendation of its expert committee.As per the proposal, both projects will be developed in the Gateway district of Aerocity, Indira Gandhi International Airport.Close One commercial building will come up in a plot area of 20,778 square metre at an estimated cost of Rs 480 crore, while the other commercial building will be developed in a plot area of 32,189 square metre at an estimated cost of Rs 830 crore, the document said. related news SEBI to replace promoters with ‘controlling shareholders’ in new corporate structure: Report Tata Motors ties up with Lithium Urban … [Read more...] about DIAL gets green nod for Rs 1,310cr commercial building project in Aerocity
The Arthashastra is a handbook of sorts for running an empire. Written by Kautilya - also known as Chanakya - who then served as the prime minister and chief advisor to Indian Emperor Chandragupta. Today, an original manuscript of Kautilya’s age-old document could be lost forever.A report by Livemint suggests that the fragile document is decaying due to negligence. The manuscript is locked away in a room in Mysuru’s Oriental Research Institute (ORI) without air-conditioning or a dehumidifier.S.A. Krishnaiah, a member of the institute’s committee, said as per the report that the manuscript is wrapped in a cloth and kept in a cushioned box. People feel proud when they see it but that's quickly overcome by how it is not properly looked after.Close A government grant of $50,000 (Approx. Rs 35,86,000) had been announced in 2012. However, a majority of those funds were utilised for upkeep and to fix the building’s leaking roof. And, while the Ford Foundation … [Read more...] about Chanakya’s original Arthashastra manuscript could be lost forever if immediate action isn’t taken to protect it
Shares of telecom players Bharti Airtel and Vodafone Idea have been soaring since they released their September quarter results on November 14.Shares of Bharti Airtel jumped nearly 7 percent to hit its fresh 52-week high of Rs 435.95 while Vodafone Idea surged 30 percent to the intraday high of Rs 5.80 on November 19.Even as they reported a mammoth cumulative loss of Rs 74,000 crore for the second quarter of the financial year 2010, at first glance, the market appears to be riding the hope that the tide will change for these telecom stocks.Close The hope was bolstered after reports emerged that the government is keeping a close eye on the sector and may announce some sort of relief for the beleaguered sector. related news Will a slow but steady Q2 turn things around for NBFCs? Q2 rejig: Promoters raise stake in over 50 BSE500 cos; reduce in nearly 100 Market Headstart: Nifty likely to open lower; Rallis India, Granules top picks Meanwhile, both companies decided to increase … [Read more...] about Buy, sell or hold? Telecom stocks ringing loud