The two entities' combined distribution network would comprise 4,182 banking outlets and 476 ATMs across 34 states and Union territories of India, with more than 31,000 employees serving about 15 million customers across the country.
The PCA plan covers various suggestions or measures to recover non-performing assets (NPAs), reduce costs, boost capital, downsize risk-weighted assets, and improve profitability, among others. The LVB management is in the process of implementing all of these, said sources.
Options include fresh capital infusion by the management and/or some new investors.
Future Group founder and CEO Kishore Biyani on Tuesday said Amazon was fully aware of his group's talks with Reliance Industries for the sale of retail assets that followed the US giant offering no concrete help to tide over the cash crisis. Opening up after being locked in an intense legal battle with Amazon over the Rs 24,713 crore deal with Reliance, Biyani in an interview with PTI said the US giant's 2019 investment in Future Coupons Pvt Ltd (FCPL) -- Future Retail's parent -- was for coupon and gifting business only and the same could continue post-retail assets going to Reliance. He hoped to complete the deal with Reliance within two months of Sebi approval.
The fresh equity infusion comes at a time its rival Kingfisher Airline is struggling to be air-borne due to a severe cash-crunch.
This is the largest single dose of equity infusion into the joint venture since its launch in January 2015.
The duo bought additional shares in pharmaceutical companies Lupin and Jubilant Life Sciences, along with Agro Tech Foods and NCC during Q2FY21
About 11 entities may be charged in the first charge sheet in the case, the sources said without elaborating on the issue.
Highlights of the announcements made by Finance Minister Nirmala Sitharaman on the reduction in corporate tax and other fiscal relief measures for the economy to promote growth and investment.
Board has also accepted the resignations of Marans.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
Kalanithi Maran's stake in the no-frills airline has increased by nearly 6 per cent to 22.05 per cent due to allotment of equity shares following conversion of convertible debentures.
I would advise at least a 7 year investment time frame for Equity Investing
Kapoor and his associate entities owned 10.6 per cent in the bank at the end of June 2019.
Investing in start-ups can be highly rewarding, but direct investing is not meant for everyone. For the majority of wealthy investors, taking the private-equity route could still be the better option.
Sun Group chief Kalanithi Maran and his wife Kavery Maran have resigned from one of the promoter entities of SpiceJet, triggering speculations about a possible sale of Maran family's majority stake in the air carrier.
Over the past several months, the airline has struggled to pay vendors and staff salaries on time.
The central bank held 72.5 per cent equity in Nabard worth Rs 1,450 crore, of which 71.5 per cent amounting to Rs 1,430 crore were divested way back in October 2010 and the residual shareholding was divested on February 26, 2019.
Zee5 is now the fifth largest streaming app after YouTube, Hotstar, MX Player and Voot, and there is talk of hiving off Zee5 to drive valuation, says Vanita Kohli-Khandekar.
Low-cost carrier SpiceJet has raised about Rs 100 crore (Rs 1 billion) by allotting 4.29 crore shares to promoter Kalanithi Maran at a price of Rs 23.18 per share.
Private equity majors interested in buyouts have started initial discussions with promoter Vijay Mallya.
A falling rupee and lower foreign buying in equities are signals investors should watch out for, says Devangshu Datta
Such listings will help internationalise our currency, give us economic heft, compel best in class regulations and further develop the professional-services ecosystem., says Amit Tandon.
State Bank of India on Monday invited bids from strategic as well as financial bidders for stake sale in ailing Jet Airways, and the bids have to be submitted by April 10, said a public notice.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
Business failures rise when growth declines. When Indian growth slowed in the last decade, defaults increased. This is the normal working of the market economy, points out Ajay Shah.
Meanwhile, the company's shareholders last week approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.
Equity fund managers say large-caps offer higher relative safety, especially in such times.
Aircel executives said the company could offer value to big boys like Airtel or Jio as a low-end mobile services brand
The Securities and Exchange Board of India does not seem to have understood the enormity of what funds have been up to. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.But MFs decided to become lenders without the legal backing to secure themselves, or the skillset to assess lending risk. If Sebi does not crack down on mutual funds using cooked-up credit ratings to hide behind promoter funding, this is bound to grow into a systemic menace, says Debashis Basu.
AirAsia India began operations in June 2014.
The Securities and Exchange Board of India (Sebi) on Friday banned Mumbai-based high net worth individual Sanjay Dangi and promoters related to him from dealing in equity markets. Promoters and promoter entities of Murli Industries Ltd, Ackruti City Ltd, Welspun Corp Ltd, and Brushman India Ltd have been barred from trading in their own and group companies' shares.
Zee and its lenders had decided to enter into an agreement to not offload the pledged shares amid a sharp slide in the prices of the underlying securities during end-Janury. The terms give the lenders a greater say, upside benefit from the proposed strategic sale, more cover and personal guarantee.
With founder Subhash Chandra no longer in the driver's seat at Zee, the acid test for Punit Goenka would be to take the financial investors along with him even as he strives to weather the latest storm. The question, now, is how he will deal with the challenges of being a professional CEO rather than an owner-CEO in the aftermath of his family offloading most of its promoter stake to a clutch of financial investors. However, the silver lining is that Zee remains the most profitable of the top four broadcasters in India.
'Institutional ownership, by December 2018, had increased 37.5% from approximately 22% in early 2009,' points out Amit Tandon.
Kotak Mahindra Bank was the biggest gainer on both the indices, ending nearly 9 per cent higher following reports that Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.
RIL has completed Network 18s open offer after four months of acquiring the latter.
Last month, the bank was placed under Prompt Corrective Action due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years.
Criterion for corporates will effectively rule out entry for business houses.
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