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IndusInd Bank, Bharat Financial in focus after RBI clears merger

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(BFIL) and will be watched. The (RBI) has, vide its letter dated 13 March 2018, conveyed its 'no objection' for the voluntary amalgamation of with IndusInd Bank, subject to compliance with the terms and conditions specified therein. The announcement was made after market hours yesterday, 13 March 2018.

The approval of the merger by the board of directors of was intimated to the stock exchanges on 14 October 2017. The amalgamation received the approval of the on 19 December 2017.

The proposed merger still requires approval from the stock exchanges/(SEBI), the National Company Law Tribunal, the respective shareholders and creditors of and and other applicable statutory and regulatory approvals.

(PNB) will be watched. With respect to news titled, "to Special Court: Fraud amount by Gitanjali group companies increases by Rs.942.18 crs; Total amount of fraud in PNB case now stands at over Rs.13,600 crs; also adds Section 409(IPC), Criminal breach of trust in FIR," PNB issued a clarification after market hours yesterday, 13 March 2018.

PNB clarified that the amount of Rs 942 crore were the regular limits sanctioned to under consortium lending, and were standard credit exposure at the time of detection of the fraud. Now, this exposure is being added to the existing fraudulent amount. This amount has nothing to do with any new fraudulent letters of undertakings (LoUs)/letters of comfort (LoCs).

IT major will be in spotlight. sold 3.12 crore shares, or 1.63% equity, of in two separate bulk deals on NSE yesterday, 13 March 2018. offloaded 2.05 crore shares at Rs 2,876.46 each. Another 1.06 crore shares were sold at Rs 2,872.19 each. As on 31 December 2017, held 73.52% stake in

said it has closed its at LEPL Icon Mall, Vijayawada, due to lower than expected business and its low profitability. The sale from this store for the last financial year was Rs 3.18 crore, which is 0.08% of the turnover of the company. With the closure of this store, the company has now 14 HomeStop stores under its operations. The announcement was made after market hours yesterday, 13 March 2018.

issued a clarification to the stock exchanges with respect to captioned "Enforcement Directorate, SFIO waded into Rs 54-bn loans to group". The company said it has not been contacted by either SFIO or in respect of any investigation into the loans granted to the company by its lenders and therefore, to the best of its knowledge and understanding no such investigation is going on. The announcement was made after market hours yesterday, 13 March 2018.

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First Published: Wed, March 14 2018. 07:55 IST