Chanda Kochhar quits with immediate effect; Sandeep Bakshi the new MD & CEO
The Board of Directors of ICICI Bank, accepted the request of Chanda Kochhar to seek early retirement from the Bank at the earliest. The Board accepted this request with immediate effect. The enquiry instituted by the Board will remain unaffected by this and certain benefits will be subject to the outcome of the enquiry. Kochhar will also relinquish office from the Board of Directors of the Bank's subsidiaries.
The Board decided to appoint Sandeep Bakhshi as Managing Director & Chief Executive Officer. His appointment will be for a period of five years until October 3, 2023, subject to regulatory and other approvals. The other terms and conditions of his appointment, such as remuneration, would remain unchanged.
IDBI Bank board approves preferential issue of upto 51% to LIC
Shares of IDBI Bank gained 3% in the afternoon trade after the board had approved the proposed preferential allotment of equity shares to LIC, aggregating up to 51% of post-issue paid-up capital of the bank.
The bank's board has also given its nod to the proposal for seeking shareholders’ approval through postal ballot for — preferential issue of capital to LIC aggregating up to 51% of post-issue paid-up capital of the bank; increase in authorized capital of the bank from Rs8,000cr to Rs15,000cr; re-classification of LIC as promoter of the bank consequent upon acquisition of 51% controlling stake by them in IDBI Bank; and alterations in Articles of Association of the bank, as per BSE filing.
TCS, Tokyo University sign MOU to research on digital technologies
Shares of TCS were down by 3% in the morning trade even as the company announced the signing of an MOU with the University of Tokyo. The purpose of the MOU is to collaborate on technology research and facilitate interpersonal exchange.
The MoU opens the prospect of TCS and University of Tokyo working together on fundamental research, technology validation and the real-world applications and commercialization of technologies, commencing in the area of robotics, as per a press note released to exchanges on Thursday morning.
RBI liberalizes ECB norms for OMCs
As per extant policy, External Commercial Borrowing (ECB) can be raised under tracks I and III for working capital purposes if such ECB is raised from direct and indirect equity holders or from a group company, provided the loan is for a minimum average maturity of 5 years.
"Provision has been liberalized and permits public sector Oil Marketing Companies (OMCs) to raise ECB for working capital purposes with a minimum average maturity period of 3/5 years from all recognized lenders under the automatic route", the Reserve Bank of India said in a press release today.
L&T Hydrocarbon Engineering consortium bags oil and gas subsea project
L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro, in consortium with Baker Hughes, a GE company and McDermott International, Inc. has been awarded the subsea contract for India's Oil and Natural Gas Corporation's (ONGC) largest deepwater oil and gas project, the development of block DWN-98/2 in the Krishna Godavari basin, as per bse press release.
The integrated subsea package includes the supply of all subsea production systems (SPS), including 34 deepwater trees, and the installation of subsea umbilicals, risers and flowlines (SURF) at a water depth of between 984 feet and 10,500 feet.
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