The Rs 410-crore public offer of CSB Bank, formerly Catholic Syrian Bank, was subscribed 35 percent by noon on November 22, the opening day.The public issue received bids for 39.83 lakh equity shares against the IPO size of 1.15 crore shares (excluding anchor book), as per data available on exchanges.The reserved category for retail investors was fully subscribed (1.84 times), while the portion set aside for non-institutional investors received subscription of 5 percent. Qualified institutional buyers are yet to get subscription.Close The Kerala-based lender has already raised Rs 184 crore from anchor investors on November 21, at higher end of price band of Rs 193-195 per share. related news Subscribe to CSB Bank: Arihant Capital CSB Bank IPO: Should investors subscribe? CSB Bank mops up Rs 184 cr from anchor investors According to a regulatory filing, the bank finalised the allocation of 94,54,080 shares to 24 anchor investors, including Omers Administration … [Read more...] about CSB Bank IPO sees 35% subscription so far; retail quota full subscribed
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Ever noticed a tightrope walker? You could easily notice one at fairs in India, especially in villages. Sometimes, even carefully balancing a pot on his/her head and holding a stick to help maintain balance as he/she treads gingerly from one end of the rope to another.It’s a high risk game! Fall and risk a fracture or break a limb. Reach the other end and earn admiration. You need nerves to even watch it.Buying unlisted shares available in a distress sale is akin to a tightrope walk. Whether you simply buy the shares of unlisted companies that its existing investors want to sell or from an alternate investment fund (AIF) that investors wish to exit midway, or even shares held by employees — these are some of the opportunities that could prop up time and again.Close If you’re vigilant, patient and have the money to spare there could be a fortune. But there’s no guarantee that you’ll make money here. And that is not just the only risk … [Read more...] about Buying unlisted shares and AIF units a tightrope walk, retail investors should stay away
The Central Government recently reduced the contribution under the Employee’s State Insurance(ESI) Act to 4 per cent from 6.5 per cent. This revision is effective from June 1, 2019 and is expected to benefit 3.6 crore employees and 12.85 lakh employers. The recent reduction in the rate of contribution does not reduce the benefits offered under the scheme. But, the burden on employers and employees gets reduced. Employers’ cost of labour goes down accordingly and employees also get higher take-home salaries.The contribution from employers is reduced to 3.25 per cent from 4.75 per cent, while that from employees is cut to 0.75 per cent from 1.75 per cent. Like the EPF(employee provident fund), ESIC also gets contributions from employers and employees.The Employee’s State Insurance Corporation (ESIC) comes under the purview of the Ministry of Labour and Employment. This was the first act by the government to offer a social security net to the expanding labour class … [Read more...] about Explainer | Reduced contribution towards ESIC to reduce costs for companies, increase take-home salaries for employees
Most people associate 'accident' with vehicles and the injuries if one is hit by them. But, an accident can be situations such as snake bites, electric shocks, drowning, injury by fire or a fall at home.In May 2019, an Insurance Regulatory and Development Authority (IRDAI) Working Group proposed that home insurance policies must cover accidental deaths due to gas cylinder explosion for a reasonable amount.Almost 4,000 lives are lost every year in India due to gas cylinder or stove blasts. More than a lakh individuals die in road accidents in India every year. The list can go on. Accidents happen and one can’t avoid emotional loss and the trauma arising out those accidents.Close Personal accident insurance policies offer financial protection to the insured person in case of accidental death, or partial or total disabilities arising out of the accident. A personal accident cover accounts for many types of accidents, in addition to those caused by a vehicle hit. related … [Read more...] about Explainer | Personal accident insurance: How does it work?
In a bid to arrest the current economic slowdown, Finance Nirmala Sitharaman on September 14 announced further relief measures with a focus on reviving the housing and export sector.In her previous two press conferences, Sitharaman took stock of the slowdown in auto sector, the cash strapped NBFCs and also announced the mega bank merger as well as upfront recapitalisation.After nationwide consultations, Sitharaman in her September 14 presser announced several measures w.r.t to exports industry including raising of interest equalisation scheme for MSMEs and exporters to 5 percent, replacing Scheme for Remission of Duties or Taxes on Export over MEIS for exports, higher insurance cover, implementation of fully electronic GST refund system, Rs 1,700 crore for export guarantee among others.Close "The finance minister's announcement that an additional Rs 36,000 crore to Rs 68,000 crore will be made available as export credit under the priority sector is definitely … [Read more...] about Key takeaways from FM Nirmala Sitharaman’s third press conference; export, housing in focus