Sector: Banks & FIs
RBI supersedes Srei’s Board. Appoints administrator.
RBI on October 4, 2021 superseded the struggling NBFC, Srei’s board, appointed an administrator (ex CGM of Bank of Baroda) and intends to shortly put it under the insolvency process (ICBC). Action has covered both Srei Infrastructure Finance and it’s wholly owned subsidiary Srei Equipment finance Ltd. Key points to note – The action came … Read more
tcs mcx deal: TCS wins large deal from MCX to build new trading platform
Tata Consultancy Services Ltd. has won a large deal from the country’s largest commodity exchange Multi Commodity Exchange () to build a new technology platform for trading as well as post-trade functions. The project, dubbed Udaan, is among the largest and most complex projects that is currently undertaking in India, bringing low-latency, high volumes and … Read more
We’re looking to onboard 20-25 mn wallets by March 2023: Bajaj Finance MD
Consumer financier Bajaj Finance, which launched its wallet business this July, is aiming to onboard 20-25 million wallets onto its fold by March 2023. The company is currently onboarding 800,000 to 1 million new wallets every month, managing director (MD) Rajeev Jain said. Addressing an analyst call organised by Morgan Stanley, Jain said, “We are … Read more
Kotak Mahindra Bank to acquire 9.9% in KFin
Kotak Mahindra Bank (KMB) has agreed to acquire 9.98% in KFin Technologies Private Limited (KFin) for a cash consideration of Rs 310 crore. Funds will be infused directly into the company via fresh share issue. Key points to note – KFin was earlier known as Karvy Fintech. However, in December 2019 it renamed itself to … Read more
To comply with updated regulations, Vishal Kampani vacates MD’s office
Vishal Kampani, son of Nimesh Kampani (Indian securities market veteran) decides not to seek re-appointment as MD of JM Financial (JMF) and instead decides to take the position of Non-Executive Vice Chairman w.e.f. October 1, 2021. Key points to note – Kampanis (promoter family) own 54.75% of JMF. Decision to give up MD post is … Read more
Carlyle continues to sell stake in SBI Cards and continues to add to the booty
Carlyle is set to divest another 3.4% stake in SBI Cards and will now be left with just 3.1% stake in the Company. The sale will happen in the price band between Rs 1,021–Rs 1,072.3 per share (closing price as on September 20, 2021 was Rs 1,072.3) Key points to note – SBI Cards was … Read more