Sammaan concludes Rs 1300 cr QIP to marquee investors

The erstwhile promoter Sameer Gehlaut is already out of the Company since June 2023. The Company’s ownership was significantly (about 33%) controlled by institutions as at December 31, 2024. To further the revival/ growth of the business, Company has now concluded a QIP raise of Rs 1,300 cr. QIP has been done at a price … Read more

Angel One appoints a fintech veteran as CEO

Angel One Appoints Ambarish Kenghe (AK) as Group Chief Executive Officer AK is currently Vice President and General Manager at Google Pay APAC. He was instrumental in scaling Google Pay’s in India. He also had a key role in the launch of Chromecast and Google TV’s development. Before Google, AK had served as Chief Product … Read more

1:5 Stock split of Shriram Finance

Decision to split the shares was taken on December 23, 2024. Previous Rs 10 share will now be split into 5 shares of Rs 2 each The split will be effective from January 10, 2025 Stock splits as such don’t add any fundamental value to the business or it’s prospects. The greater number of shares … Read more

Kotak’s CTO steps down

Milind Nagnur, Chief Technology & Operations Officer at Kotak Mahindra Bank (KMB) has resigned. He is not an old timer and had joined the bank only couple of years bank in August 2022. Reason for resignation is cited as personal reasons (to move back to US to care for the family members). Resignation is effective … Read more

Government plans law to ban unregulated lending

The Centre has circulated a draft legislation to ban lending by unregulated entities, including by platforms, with violators facing imprisonment of up to seven years. Lenders, who harass and use unlawful means for recovery, face up to 10 years in jail, with those promoting such lending facing a term of up to five years. The … Read more

RBL and Bajaj Finance end Credit Card Partnership

The co-branded card partnership has been one of the most successful and in running for 8 years. Existing portfolio of 3.4 mn co-brand credit cards issued till date will continue to operate as usual without any change Upon renewal, these cards will be reissued as RBL Bank branded credit cards Reason for termination Not immediately … Read more

Japan’s biggest bank looking for acquisition targets in booming India

Mitsubishi UFJ Financial Group Inc. is bullish on India, where it’s actively looking for acquisition targets that will help boost its presence in the world’s most populous nation. The goal for Japan’s largest lender is to push up its buyouts and investment in India, and increase annual returns from them to 20% in 10 years, … Read more