Sector: Banks & FIs
Piramal Enterprises hires Rupen Jhaveri from KKR. An experienced connected hire.
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
SBI does a Rs 100 crore private equity into JSW Cement. Why?
As per the media reports, State Bank of India (SBI) is investing Rs 100 crore into JSW Cement for a minority stake. Key points to note – Investment is through Compulsory Convertible Preference Share (CCPS) and the valuation linked to the Company’s future performance would be determined at the time of proposed IPO of the … Read more
Gehlaut to sell 11.9% stake in Indiabulls Housing Finance. A neat Rs 1300 cr + take home.
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
RBI brings NBFCs on par with banks in new PCA framework
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 to set up an Account Aggregator subsidiary
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
Edelweiss group increases it’s stake into wealth management business by 5.28%
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