Srei Infra Finance group chief financial officer Sanjeev K Sancheti described the asset as a good buy as it is a fully secured debt.
With the Jaypee acquisition, the Suraksha group, which made lenders an offer of Rs 7,736 crore, will be able to expand its footprint in north India after making inroads in Mumbai's real estate market over the past year. Sudhir Valia, the promoter, was a co-founder and executive director of India's biggest pharmaceutical firm, Sun Pharmaceuticals, and is a close relative of Dilip Shanghvi.
R-Infra quoted Rs 42-crore (Rs 420-million) premium over the bids of rival companies such as GVK Power and Infrastructure Limited, GMR Infrastructure, B Sennaih and C&C, JMC Srei and Sadhbhav, sources told Business Standard.
The Reserve Bank did not issue the final merger scheme for Lakshmi Vilas Bank (LVB) with DBS India on Friday as stated earlier and is likely to do so only next week, according to a central bank official. While placing LVB under a moratorium and then issuing a draft amalgamation scheme on November 17, the RBI had said it would issue the final merger scheme on November 20 (Friday) so as to help complete the resolution for the 94-year-old lender by December 16. However, as of 2200 hrs on Friday, the central bank did not issue the final merger scheme. When contacted, a senior RBI official told PTI that the same would now be issued early next week.
Markets ended lower for the third straight day on Tuesday weighed down by profit taking in rate sensitives with bank shares leading the decline after hopes of rate cut by the central bank faded.
This is the second extension for the bids since June 18.
A day after applying for a bank licence, Aditya Birla Group chairman Kumar Mangalam Birla on Wednesday said the new bank licence norms announced by the Reserve Bank are not discriminatory towards large corporate houses.
Exuding confidence in setting up a profitable banking venture, industrialist Anil Ambani on Tuesday said the proposed bank will help lower Reliance Capital's debt to one-fourth of current levels and would be listed as a separate entity in three years.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
Budget in the medium term aims to kick-start the investment cycle.
The RBI has agreed to consider the application of India Post in consultation with the government.
