Mahindra & Mahindra (M&M) on Thursday said it has sold 3.53 per cent stake in RBL Bank for Rs 678 crore, representing a 62.5 per cent gain on the investment. On July 26, 2023, the Mumbai-based diversified firm had announced the acquisition of a 3.53 per cent stake in RBL Bank as a treasury investment at a cost of Rs 417 crore.
With several $500 million-plus deals in the pipeline -- including ICICI Prudential AMC, Lenskart, PhonePe, Groww, PhysicsWallah, Meesho, Pine Labs, and Zepto -- investment bankers look poised for another year of hefty bonuses in 2025.
The initial public offering of LG Electronics India Ltd received 54.02 times subscription on the final day of bidding on Thursday, driven by overwhelming participation from institutional buyers.
While participants in the domestic financial market are expecting a 25 basis-point policy repo rate cut in the December meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), economists remain torn between a reduction in rate cut and a pause.
Digital payments provider PhonePe has filed draft papers with markets regulator Sebi for its upcoming initial public offering (IPO) using the confidential pre-filing route. On Wednesday, the company's spokesperson said, "PhonePe Ltd has filed the Pre-filed Draft Red Herring Prospectus with Sebi and the stock exchanges, under...the Sebi ICDR Regulations in relation to the proposed initial public offering of its equity shares on the main board of the stock exchanges".
The labour ministry on Monday rebutted a recent report by Citigroup which forecast that India will struggle to create sufficient employment opportunities even with a 7 per cent growth rate. The ministry in a statement said the report "fails to account for the comprehensive and positive employment data available from official sources such as Periodic Labour Force Survey (PLFS) and the Reserve Bank of India's KLEMS data."
The IPO wave of 2025 is here, and it's bigger than ever. From fintech unicorns to financial powerhouses and infrastructure giants, some of India's biggest names are all set to make their stock market debut. PhonePe, Zepto, Tata Capital, NSE, NSDL, and JSW Cement are just a few of the highly awaited listings that have investors and analysts buzzing with excitement.
State Bank of India (SBI), the largest lender in the country, has launched a share sale to institutional investors to raise upto Rs 25,000 crore, the biggest qualified institutional placement (QIP) so far by an Indian firm, and has set a floor price of Rs 811.05, which is at a 2.5 per cent discount on Wednesday's closing price.
South Korean automaker Hyundai Motor Company on Tuesday exited Ola Electric Mobility by selling its entire 2.47 per cent stake in the company for Rs 552 crore through an open market transaction. According to the bulk deal data available on the NSE, Hyundai Motor Company sold more than 10.88 crore shares or 2.47 per cent stake in Bengaluru-based Ola Electric Mobility.
Sebi's probe against Jane Street is part of its efforts to mitigate losses for individual derivative traders.
British multinational BAT Plc on Wednesday trimmed its ownership in conglomerate ITC by divesting a 2.5 per cent stake for Rs 12,927 crore ($1.51 billion) through a block deal, according to a revised term sheet accessed by PTI. Following the stake sale, shares of ITC went lower by 1.15 per cent to trade at Rs 421.15 apiece on the NSE.
US strikes on Iran's three main nuclear facilities have once again raised concerns that Tehran might shut down the Strait of Hormuz - one of the world's most critical chokepoints, through which a fifth of global oil and gas supply flows.
US-based Citigroup is likely to allocate more global roles to India than to any other centre it operates in due to the country's strong talent pool, said Jane Fraser, chief executive officer of Citigroup, on Wednesday in an interaction with CNBC-TV18. Fraser also expressed confidence that India will remain the world's fastest-growing economy.
'Entering India is exciting, but it's also challenging. You have to be prepared for long-term investment.'
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, got subscribed 2.37 times on the third day of the bidding on Thursday, helped by institutional buyers. This is the largest IPO in the country, surpassing LIC's initial share sale of Rs 21,000 crore. The Rs 27,870 crore initial share sale got bids for 23,63,26,937 shares against 9,97,69,810 shares on offer, translating into 2.37 times subscription, as per NSE data.
The initial public offer of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, received an 18 per cent subscription on the first day of bidding on Tuesday. The Rs 27,870 crore initial share sale received bids for 1,77,89,457 shares against 9,97,69,810 shares on offer, as per NSE data. The IPO received over 9 lakh applications on the first day.
Citigroup chief economist Lewis Alexander is leaving the troubled financial services entity to join the US Treasury department, says a media report.
Brown's resignation follows that of Citigroup's South Asia CEO, Sanjay Nayar, who has quit the financial services major to join Kohlberg, Kravis, Roberts & Co as its Country Chief.
In the morning, school students in uniform were seen going to their institutions, many accompanied by guardians, the Daily Star reported.
There are no easy answers to this crisis. But governments should consider whether they ought to become the insurer of last resort.
Pandit will be replaced by Michael Corbat, who previously served as Citigroup's CEO of Europe, Middle East and Africa.
Technology solutions provider Caritor has reached an agreement with Citigroup Venture Capital International to make an investment in Caritor for joint strategic initiatives.
A career Citibanker, 'Selva' came into the spotlight as the person who rewired the financial behemoth's Indian retail operations.
Quoting people familiar with the matter, 'The Wall Street Journal' said: "Executives at Citigroup Inc, faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright."
Citigroup recently purchased an additional 9.3 per cent stake in India's largest home finance company HDFC.
Talking to reporters after placing a wreath at the grave of former president and BNP founder Zia-ur Rahman in the city, Fakhrul said India is seemingly not keeping its commitment towards democracy by providing shelter to her.
Citigroup, a global financial major, has appointed Ajay Sondhi as managing director and head of its global wealth management for the Indian subcontinent.
The Rs 6,145-crore initial public offer of electric two-wheeler company Ola Electric Mobility got fully subscribed on the second day of bidding on Monday, driven by demand from retail investors and non-institutional investors. The initial share sale received bids for 49,43,63,610 shares against 46,51,59,451 shares on offer, translating into 1.06 times subscription, according to the NSE data.
The year 2014 is likely to be a "slow recovery year" for India, with economic growth rising, inflation easing and currency and rates largely stable, Citigroup said.
In a media release, the financial services behemoth said that its board of directors has appointed Vikram Pandit as the company's new chief executive officer and member of the board of directors, effective immediately.
Citigroup will pick up 5 per cent stake in SMERA, a rating agency for small firms and have a strategic tie up.\n\n
Global financial major Citigroup on Wednesday offloaded shares of 22 domestic companies, including 17 Sensex stocks like Reliance Industries and ICICI Bank, in block deals valued at Rs 231.42 crore (Rs 2.31 billion).
Citigroup has made an open offer to acquire 20 per cent stake in textile company JBF Industries Ltd at a price of Rs 46.50 per share.
The Board of Directors of Citigroup on Monday announced that Vikram Pandit has stepped down as the Company's Chief Executive Officer and as a member of the Board, effective immediately.
Former US Treasury Secretary Robert E Rubin has been appointed as the chairman of the Citigroup after the resignation of its embattled CEO Charles Prince, prompted by major write-offs by the world's biggest bank following turmoil in subprime loan and credit markets. Vikram S. Pandit, an Indian, who took over Citigroup's investment banking operation in early October, just six months after joining the bank, is one contender for the top post.
The North-West is expected to be hit the most.
US-based banking major Citigroup is likely to slash 900 jobs in its securities and banking division amid financial market turmoil, says a report.
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