Corporation Bank received Rs9, 086 cr from government
Corporation Bank in its filing to the exchanges informed that the bank has received Rs9, 086cr towards the contribution of the government of India in the preferential allotment of equity shares (Specialised Securities/Bonds) of the bank.
"The same has been credited to Share Application Money Pending Allotment Account", the bank said in a press note after-market hours to the exchanges on Friday.
This amount has been utilised to make loan loss provision in order to bring down the Net NPA ratio below the threshold under Prompt Corrective Action Framework.
RBI to merge 3 categories of NBFCs to create a new category
The Reserve Bank of India (RBI) will merge three categories of Non-Banking Financial Companies (NBFCs) into a new one to create a new category called NBFC-ICC.
Accordingly, the RBI has decided to merge the three categories of NBFCs viz. Asset Finance Companies (AFC), Loan Companies (LCs) and Investment Companies (ICs) into a new category called NBFC - Investment and Credit Company (NBFC-ICC), the central bank said in a notification released on Friday.
GST Council approves proposal to lower tax rates in real estate
The GST Council, in its meet today, approved the much awaited and largely expected rate cut for normal under-construction properties to 5% from 12% earlier without income tax credit.
For the affordable housing category, this rate has been set at 1% without income tax credit.
The Finance Minister mentioned that real estate inventory in the system was very high and that the move would help boost the currently crippled real estate sector as well as ease the burden on the middle class.
ING said to raise $1bn selling Kotak Mahindra stake
A unit of ING Groep NV sold its entire holding of Kotak Mahindra Bank Ltd., people familiar with the matter said, after shares in the lender surged more than 120% since they were acquired.
ING Mauritius Investments I Ltd. offloaded 58.7mn shares in Kotak Mahindra for Rs1,225 each, raising Rs7,190cr ($1bn), people familiar with the matter said, asking not to be identified as the details aren�t public.
The unit had offered to sell up to 23mn shares of the lender between Rs1, 225 and Rs1,250 apiece but decided to upsize the deal.
BEL gets export order for $33mn ELOP
Navratna defence PSU Bharat Electronics Ltd (BEL) has received export orders valued about $33mn from Elbit Systems Electro-Optics Elop Ltd (ELOP), a subsidiary of Elbit Systems Ltd, Israel, on Friday at Aero India 2019, Bengaluru, for the manufacture and supply of state-of-the-art next generation EOIR payloads and another variant of EOIR payload for Airborne applications.
B Machilis, President & CEO, Elbit Systems Ltd, handed over documents of the Export Order for BEL from ELOP to Gowtama M V, CMD, BEL, in the presence of Anandi Ramalingam, Director (Mktg), BEL, and other senior officers of BEL and ELOP.
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