Karnataka Bank Raises Rs 600 Cr via QIP: Boosts Stability
Karnataka Bank recently achieved a milestone by raising Rs 599.99 crore (nearly Rs 600 crore) through a Qualified Institutional Placement (QIP). This significant capital injection strengthens the bank’s financial muscle and propels its ambitious expansion plans. The successful QIP offering builds upon the bank’s previously announced Rs 1,500 crore capital raise program, which included preferential […]
Axis Bank-Max Life Agreement Receives CCI Clearance
The Competition Commission of India (CCI) has greenlit Axis Bank’s proposal to acquire a significant stake in Max Life Insurance Company. This move will see Axis Bank’s holding in Max Life surge from around 1% to approximately 9.9%, with the option to further acquire up to 7% in tranches, taking their total stake to 19.99%. […]
SBI Mutual Fund Invests in 3% of Savita Oil
In a move that ripples through the Indian financial landscape, SBI Mutual Fund, a giant in the domestic mutual fund industry, recently acquired a 3% stake in Savita Oil Technologies. This strategic acquisition underscores SBI Mutual Fund’s bullish sentiment on Savita Oil, a company that has been experiencing a stellar year. Savita Oil’s stock price […]
HDFC Bank Plans Sale of HDFC Education
HDFC Bank is undergoing a strategic transformation through targeted divestments. In March 2024, the bank finalized the sale of a majority stake in HDFC Credila, its education loan arm, to a consortium of private equity firms for ₹9,553 crore. This move follows an earlier directive by the Reserve Bank of India (RBI) for HDFC Bank […]
ICICI, Axis, IIFL Back GMR’s ₹800 Cr Delhi Airport Bonds
Leading financial institutions ICICI Bank, Axis Bank, and India Infrastructure Finance Ltd (IIFL) recently subscribed to a ₹800 crore bond issuance by GMR Group’s Delhi International Airport Limited (DIAL).expand_more This joint investment signifies a growing optimism surrounding infrastructure projects in India, particularly those aligned with the ambitious ₹70 lakh crore National Infrastructure Pipeline (NIP) launched […]
IRDAI Lists LIC, GIC Re, New India Assurance as D-SIIs
The Insurance Regulatory and Development Authority of India (IRDAI) has kept Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re), and New India Assurance Company Limited (New India Assurance) on its list of Domestic Systemically Important Insurers (D-SIIs) for the 2023-24 financial year. This decision, marking the third consecutive year of […]
Karvy Investor Services Loses SEBI Merchant Banker Status
In a move that underscores its commitment to investor protection, the Securities and Exchange Board of India (SEBI) revoked the merchant banker license of Karvy Investor Services Ltd (KISL) effective March 28, 2024. This decisive action stems from a series of compliance failures identified by SEBI during a March 2023 inspection. SEBI Inspection Uncovers Concerning […]
Axis Bank Launches Digital Dollar FDs for NRIs at GIFT City
Axis Bank, a leading Indian private sector bank, has shaken up the NRI investment landscape with the introduction of digital US dollar fixed deposits (FDs) at GIFT City. This groundbreaking initiative, launched on March 27, 2024, signifies a major leap forward in streamlining NRIs’ investment experiences through digitalization. Effortless Onboarding Experience Gone are the days […]
Karnataka Bank Sanctions ₹600 Cr Equity Share Issue
Karnataka Bank has taken a significant step towards bolstering its financial resources by successfully allotting ₹600 crore worth of equity shares to qualified institutional buyers (QIBs) through a Qualified Institutional Placement (QIP) offering. The announcement, made on March 28, 2024, marks the culmination of the QIP which ran for a week, from March 21 to […]
Bank of India Faces ₹564.44 Cr I-T Penalty, Appeals Planned
The Bank of India (BOI) finds itself in hot water after the Income Tax Department levied a hefty penalty of ₹564.44 crore against the public sector lender in March 2024. Let’s delve deeper into the confirmed reasons behind the penalty, BOI’s planned course of action, and the potential wider implications for the banking sector. Penalty […]