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The Saraswat Co-operative Bank Ltd has asked for Reserve Bank of India's permission to take over South Indian Co-operative Bank, sources at the bank said on Friday. “We have applied to the RBI to take over South Indian Co-operative and we expect the formalities to be completed in a couple of months,” a senior official at the bank told Reuters on the condition of anonymity. Another official said the bank management has met officials at the central bank on Thursday to discuss the proposal. Officials at the South Indian Co-operative Bank and the central bank were not immediately available for comments. Saraswat Bank has a deposit base of 110 billion rupees and an advances base of 70 billion rupees as of March, the official said. (Reuters) […]
Telekom Malaysia is understood to have picked up a little less than 15% stake in Aditya Birla group’s company Idea Cellular at a price of Rs 158 a share through a preferential offer paying above $2 billion for the acquisition. This values the Birla company over $10 billion. The preferential offer has been made to Telekom Malasyia (TM) at a substantial premium to the current market price of Idea Cellular. Idea’s scrip closed at Rs 108.25 on BSE, on Friday. Its market cap stood at Rs 28,527 crore. Sources said TM is learnt to have paid Rs 158 a share for about 15% additional stake in Idea Cellular. Idea would now buy out the Modi's 40.8% stake in Spice Communications and merge with it and TM would have 20% equity in the merged entity. While an Idea spokesperson declined to comment on this, the company in a filing to stock exchange said the company keeps pursing growth opportunities and can not comment on the reports of TM picking up 15% additional stake in Idea Cellular and as and when any definitive proposal of any nature is considered and approved by the company's board, the company shall inform the exchange. […]
The New York Times Co. intends to buy a 5% stake in Sieger Solutions, an advertising arm of India-based newspaper publisher Deccan Chronicle Holdings Ltd. If the deal goes through, DCHL will print its Financial Chronicle in association with the Times-owned International Herald Tribune, the Indian publisher announced in a filing with the Bombay Stock Exchange on Friday. That would include a daily four-page section from the Tribune in the Indian financial newspaper. The sale, the value of which has not been disclosed, will also be subject to statutory approvals and respective board approvals, the filing stated. The publisher’s Deccan Chronicle is one of India’s most widely circulated English dailies in competition with The Hindu and The Times of India. […]
Private equity firm, Subhkam Ventures, on Thursday said it has increased its stake in steel submersible pump manufacturer, Shakti Pumps, from three per cent to 12.05 per cent. The mode of increase in holding is by way conversion of warrants allotted to Subhkam Ventures on preferential basis, a press release issued here said. “Shakti Pumps has proved its credentials with its quality products. Its energy-efficient product line saves 30 per cent more energy than other competing products,” Subhkam's Director and CEO, Manu Punnoose, said. […]
The public sector banking major State Bank of India (SBI) is now planning to cater to the fund requirements of the small and medium enterprises (SME) sector, which often faces unfair treatment from the banking sector when it comes to lending, by setting up an exclusive fund. The biggest bank in the country has decided to set up a private equity fund to cater to the capital requirements of the SME sector. “We will not only lend, but participate in the equity of SMEs. We will even hand-hold them initially and help with various issues including tapping the capital markets,” said the SBI chairman O P Bhatt. He said the fund would be set up during the current calendar year with a first tranche of about Rs 500 crore. Fund size would be increased as per need. The bank would hold 20% equity in the fund and is talks with potential partners. In order to perform professionally and independently, the fund would not be managed by the external partners. […]
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