JM Financial Group, Vikram Pandit and GIC of Singapore, along with the California University Endowment Fund have decided to infuse Rs 875 crore into JM Financial Credit Solutions through an equity infusion, valuing the largely residential realty focused NBFC at Rs 7,175 crore.
Indian real estate market is expected to touch $1 trillion by 2030, becoming the third largest globally, a recent survey said. According to the survey conducted by KPMG in association with Naredco and APREA revealed that the sector is estimated to grow to $650 billion by 2025 and surpass $850 billion by 2028 to touch $1 trillion by 2030.
The government is set to borrow less for the second time this year. For the first half of the current fiscal, the government had decided to borrow Rs 2.88 lakh crore as compared to Rs 3.72 lakh crore in the same period of FY18.
Amid concerns of a credit crash, the Reserve Bank of India (RBI) on Thursday allowed banks to dip further into statutory liquidity reserves (SLR) to help them meet their liquidity coverage ratio (LCR) requirement.
Private sector lender Yes Bank on Thursday denied allegations of evergreening of corporate loans and inflating its share price ahead of key fund raising activities. The bank also said that it had no dealings with Rana Kapoor’s family office, which manages personal investments of Kapoor’s three daughters.
Ahead of the initial public offering of SBI General Insurance, its promoter State Bank of India (SBI) would be offloading 4 per cent stake in the insurer to Axis AMC and Premji Invest at Rs 482 crore. The deal values SBI General Insurance at Rs 12,050 crore. In a regulatory filing, the bank said that its executive committee meeting of the board has approved the sale of 86.2 lakh shares of Rs 10 each, equaling to 4 per cent stake in its subsidiary SBI General Insurance Company for Rs 482 crore.
Axis Mutual Fund on Wednesday announced the launch of a new equity fund that would invest in both Indian and global stocks. With the objective to optimise returns through global diversification, the Axis Growth Opportunities Fund would invest 65 per cent of the assets in Indian equities and 35 per cent in foreign securities, predominantly in large-caps. The fund will directly invest in foreign securities as advised by London-based Schroder Investment Management.
The new fund offer (NFO) opens on October1 and closes on October 15.
After Life Insurance Corporation of India (LIC) assured the street on the IL&FS crisis, State Bank of India (SBI) on Wednesday hinted that it may extend a helping hand to the beleaguered company. The PSU lender also said the bank has not received any concrete proposal for additional funds from IL&FS group.
The board of private sector lender Yes Bank would request the Reserve Bank of India (RBI) to extend Rana Kapoor’s term as the bank’s MD & CEO by a year in two steps — first till April 30, 2019 for finalisation of accounts and thereafter up to September 30, 2019 in order for the statutory AGM process to be completed.
With markets on a shaky ground, cash-rich Indian companies are on a buyback spree to prop up share prices and reward investors through a tax-efficient way. In the nine months (January-September) of 2018, about 40 companies have embarked on the buyback programme amounting to Rs 25,000 crore.