Federal Bank’s arm gets approval from RBI for stake sale
Federal Bank’s arm Fed bank Financial Services received the Reserve Bank of India's (RBI) consent for stake sale. Reacting to this, shares of the company gained 3% in the afternoon session on Monday.
Accordingly, "True North will subscribe to equity shares of Federal bank Financial Services Limited, constituting 26% of the share capital in the company. True North can further acquire additional equity shares of Fedbank Financial Services Limited, constituting upto 45% of the share capital in the company, on such terms as stated in the transaction documents," the bank said in a press note to the exchanges on Monday.
L&T Construction wins orders worth Rs1,881cr
The Power Transmission & Distribution Business of L&T Construction has received EPC orders worth Rs1, 881cr. The business has secured major orders for constructing 22 132/11kV substations in the State of Kuwait.
On the domestic front, orders were secured for the implementation of a high voltage distribution system in the semi-urban and rural areas of Kharagpur and Midnapur in West Bengal, as per a BSE filing.
Yes Bank appoints committee to find Rana Kapoor’s successor
India’s fourth-largest private sector lender Yes Bank has appointed a search committee on Friday to appoint Rana Kapoor’s successor. The bank’s aim is to shortlist three names to succeed the current managing director and chief executive officer of the bank. This will then be submitted to the country’s top bank RBI for its approval by Nov-end or the first week of December.
In an exchange filing, the bank stated that its search and selection panel will comprise five members, which will include three internal members and two external experts. The experts are former State Bank of India chairman OP Bhatt and former Insurance Regulatory and Development Authority (IRDAI) chairman TS Vijayan. Meanwhile, the internal members include Brahm Dutt, Lt. General Mukesh Sabharwal (Retd), and Subhash Chander Kalia. This committee was announced after a meeting of its nomination and remuneration committee and an approval of the bank’s board.
Moreover, the bank claimed that it has also invited proposals from global leadership advisory firms, who specialize in BFSI (banking, financial services, and insurance) to help the search panel to find a successor.
PNB Housing raises first ECB of Rs1, 470cr under automatic route
PNB Housing Finance Ltd, India’s 5th largest Housing Finance Company, has raised $200mn (Rs1, 470cr) through an external commercial borrowing (ECB), the first under the automatic route permitted by the Reserve Bank of India (RBI). This year RBI has allowed housing finance companies (HFCs) to borrow through ECB under the automatic route. The funds will be used for lending purposes.
Gravita declines 9% on termination of order
Shares of Gravita India were trading 9% down on Monday after the company said that Kyen Resources, a Singapore-based company, has terminated an order worth Rs300cr.
The company, on March 15, 2018, had bagged an order for supply of 18,000MT of pure lead and lead bullion from Kyen Resources. The order was canceled after some management and financial issues cropped up at Kyen, Gravita said in a press note to the exchanges on Saturday.
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