IDFC

Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing. The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT. "We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said. In a separate filing, it said the proposal was passed by the overwhelming majority of 99.99 per cent of the NCD ...

He says that the recent Reserve Bank of India norms on increased risk weights on unsecured loans impacted the capital adequacy ratio by 100 bps

President Joe Biden has nominated prominent Indian-American global venture capitalist Deven Parekh as a member of the Board of Directors of the International Development Finance Corporation, a development finance institution and agency of the US government. Parekh, the managing director at software investment firm Insight Partners, was nominated for the post last week. His nomination will be for a period of three years, the White House said in a press release on Friday. By statute, the US International Development Finance Corporation (DFC) Board of Directors includes four members recommended to the President from Senate and House leadership. "Parekh is the nominee recommended by the Senate Majority Leader," the press release said. In 2020, Parekh was nominated to the Board of Directors of the DFC by then-President Donald Trump. The global venture capitalist is a Board Member of the Council on Foreign Relations, the Carnegie Endowment for International Peace, NYU Langone, the Tisc

IDFC and IDFC First Bank have gained as much as 58 per cent and 69.5 per cent so far this fiscal year as against 11.8 per cent gain on the Nifty 50.

The value of merger and acquisition (M&A) deals plunged 75 per cent to USD 32.6 billion in the first half of 2023 even as the number of such deals crossed an all-time high of 1,400, according to industry data. More than 1,400 transactions in the first half, up 5.2 per cent on-year, made the first half of 2023 busiest semiannual period in terms of number of deals since records began in 1980. But the overall value of M&As fell 75 per cent to USD 32.6 billion during the period due to the lack of mega deals above USD 5 billion, unlike last year when the HDFC twins announced the USD 40 billion record-breaking deal last April, according to financial markets data provider Refinitiv, a part of the London Stock Exchange Group. The volume rose because the market saw a healthier level of mid-market transactions dominating the deal street. No deals bigger than USD 1 billion was announced during the first quarter of 2023, but there were four deals within the USD 1-billion range announced ..

The share exchange ratio will result in a premium of about 20 per cent on the closing market price of the shares of IDFC vis-a-vis IDFC First Bank as of June 30, 2023

At a meeting held on Wednesday, IDFC's board gave an in-principle approval to infuse Rs 2,000 crore "growth capital" into IDFC First Bank

CLOSING BELL: The S&P BSE Sensex scaled a new summit at 63,303, and settled above 63,000-mark for the first-time ever. The Nifty 50 hit a new all-time high at 18,816 on Wednesday.

SBI, BoB hammer out first gilt deal using digital rupee; 48 transactions carried out

The Bank's profitability is expected to improve over the medium term as the bank establishes its retail franchise and the economies of scale help improve operational efficiency

According to the current rule around impact cost, a stock's median quarter-sigma order size over the past six months cannot be not less than Rs 25 lakh

Stick to proven fund houses with at least a 5-year track record and see how they performed over market phases

Shares of state-run telecom firm MTNL will be in focus as the the government has deferred the merger of BSNL and MTNL due to financial reasons.

Singapore's sovereign wealth fund GIC, private equity player ChrysCapital are partners of the consortium

The fund has outperformed the benchmark (S&P BSE 500 TRI) and its peers (funds ranked under the ELSS category in December 2021 CMFR) in the past 1-, 2-,3-,5-, 7- and 10-year trailing periods

According to Nandish Shah of HDFC Securities, primary trend is bullish as the stock price is trading above all important short and medium term moving averages.

The board also approved a proposal to seek shareholders' approval, by means of a postal ballot, for the appointment of Anita Belani as an independent director

FII fund flows, corporate earnings and ongoing IPOs likely to be in focus today

Telecom operator Bharti Airtel's around Rs 21,000 crore rights issue will open on October 5, according to a regulatory filing

Over 62% IDFC shareholders reject appointment of Vinod Rai as non-independent, non-executive director