L&T Finance Holdings LTd (LTFH) in a bid towards consolidating towards core business and unlock value from the non core businesses, has decided to sell out the mutual fund business. It’ is selling the business to HSBC India. Key points to note – L&T Mutual Fund (LTMF) is operated as a 100% subsidiary of LTFH. … Read more
Piramal Enterprises Limited (PEL) has appointed Rupen Jhaveri as Group President, with primary focus on the financial services. Key points to note: This is a newly created position. Jhaveri will be responsible for business development, strategy, merger and acquisition, capital allocation and corporate finance. He has joined from KKR India, where he was the Managing … Read more
As per newspaper reports, the promoter Sameer Gehlaut has mandated Jefferies to sell the stake through the block deals. Key points to note – As at September end, promoter group owned 21.69% of Indiabulls Housing Finance Limited (IBHFL). Post this stake sale promoters will be left with less than 10% stake. Of the balance, currently … Read more
To further strengthen the supervision on non-banking entities (NBFCs), the Reserve Bank on Tuesday issued revised guidelines on a Prompt Corrective Action (PCA) framework for such companies, excluding government-owned ones, effective from October 1, 2022, on the lines of what it had introduced for banks in 2002. The RBI came up with stricter supervisory norms … Read more
PB Fintech’s board has approved to set-up a wholly owned subsidiary to carry on the business of an Account Aggregator (AA). Key points to note – Account Aggregator Network – a financial data sharing system was recently introduced in India in September 2021. An Account Aggregator (AA) is a type of RBI regulated entity (with … Read more
It’s enhanced stake now stands at 44.16%. Key points to note – The stake has been bought from PAG – world’s largest Asia focused investment groups. PAG still continues to hold the majority at 55.84%. Edelweiss has paid Rs 230 crore for this stake purchase. This is at the same valuation when PAG had picked … Read more