MUMBAI, September 30, 2008:The right offer to the company's GDR holders is subscribed to the extent of 99.30%.
The GDR entitlement was to the tune of 56.42 million shares, against which the subscriptions came in for 56.03 million shares.
• India's largest rights issue by Kumar Mangalam Birla promoted Hindalco is all set to sail through with the merchant bankers and FIs committing to subscribe.
• Market sources say the merchant bankers have committed to pick up 40% while FIs – LIC and GIC – agreed to pick up 15%. The promoters have already decided to buy 50% of the rights issue shares.
• Hindalco has come out with 525,802,403 equity hares with a face value of Re 1 each at a premium of Rs 95 per equity share.
• The issue size works out to Rs 5047.7 crores.
• Issue opened on September 22 and will close on October 10.
• The lead managers to the issue are: ABM AMRO Securities (India) Private Ltd, Citigroup Global Markets India Private Ltd, Deutsche Equities India Private Ltd, DSP Merrill Lynch, and SBI Capital Markets Ltd.
• Heavy demand of the Renunciation of the Rights – volume in excess of 14 million as of yesterday
Tuesday, September 30, 2008
Friday, September 12, 2008
Sahara clears confusion about NBFC
Statement of Mr. Abhijet Sarckar, Head - Corporate Communications, Sahara India Pariwar -
"Sahara India Investment Corporation Limited (A NON DEPOSIT TAKING Non Banking Finance Company) has voluntarily surrendered the license to act as a NBFC. The Management has decided to carry out real estate business in the said Company.
The above Company is distinct from Sahara India Financial Corporation Limited, which is a Residuary Non Banking Company involved in the business of Para Banking that is deposit mobilisation.
This statement is issued for the reason that some news channels out of confusion have wrongly and baselessly circulated a news about our Parabanking activity. "
"Sahara India Investment Corporation Limited (A NON DEPOSIT TAKING Non Banking Finance Company) has voluntarily surrendered the license to act as a NBFC. The Management has decided to carry out real estate business in the said Company.
The above Company is distinct from Sahara India Financial Corporation Limited, which is a Residuary Non Banking Company involved in the business of Para Banking that is deposit mobilisation.
This statement is issued for the reason that some news channels out of confusion have wrongly and baselessly circulated a news about our Parabanking activity. "
Thursday, September 11, 2008
IDBI Fortis launches branches in Udaipur & Jaipur
Presents a suite of investment options with guaranteed returns
National footprint to cover 100 branches with 29 in Northern India
Jaipur, September 11, 2008: IDBI Fortis Life Insurance Co Ltd, which has embarked on an aggressive drive to open 100 branches across the country during this fiscal, has formally launched their branches in Udaipur & Jaipur.
The company plans to set up 4 more branches in the Rajasthan, apart from the Udaipur branch launched yesterday and Jaipur today.
“With the changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their money grow by protecting it from unforeseen circumstances” said Ms Mallika Vyas, Head – HR, IDBI Fortis Life Insurance Co Ltd.
The Jaipur branch is located at Bhagwan Dass Road, while the one at Udaipur is at Old Station Road.
IDBI Fortis Life Insurance is a recently launched joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.
The company launched operations in March this year, leading with their innovative concept ‘Wealthsurance’. WealthsuranceTM is a first of its kind combination of comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.
“Rajasthan is popular not only for its rich cultural heritage and unique customs but as a business state with flourishing tourism and handicrafts industries. We at IDBI Fortis see a major opportunity in Rajasthan not only to expand our business but to harness the state’s inherent entrepreneurship skills. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities,” said Mr Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance Co Ltd.
About IDBI Fortis Life Insurance Co Ltd
IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial conglomerates – India’s premier development and commercial bank, IDBI, one of India’s leading private sector banks, Federal Bank and Europe’s banking and insurance giant, Fortis, each of which enjoys a significant status in their respective business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Do visit www.idbifortis.com to know more.
National footprint to cover 100 branches with 29 in Northern India
Jaipur, September 11, 2008: IDBI Fortis Life Insurance Co Ltd, which has embarked on an aggressive drive to open 100 branches across the country during this fiscal, has formally launched their branches in Udaipur & Jaipur.
The company plans to set up 4 more branches in the Rajasthan, apart from the Udaipur branch launched yesterday and Jaipur today.
“With the changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their money grow by protecting it from unforeseen circumstances” said Ms Mallika Vyas, Head – HR, IDBI Fortis Life Insurance Co Ltd.
The Jaipur branch is located at Bhagwan Dass Road, while the one at Udaipur is at Old Station Road.
IDBI Fortis Life Insurance is a recently launched joint-venture of IDBI, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis, Europe’s banking and insurance giant.
The company launched operations in March this year, leading with their innovative concept ‘Wealthsurance’. WealthsuranceTM is a first of its kind combination of comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, making it a one stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Guaranteed Return Fund, Capital Guaranteed Fund, Monthly Interest Account, Equity Funds, Debt Funds etc. ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.
“Rajasthan is popular not only for its rich cultural heritage and unique customs but as a business state with flourishing tourism and handicrafts industries. We at IDBI Fortis see a major opportunity in Rajasthan not only to expand our business but to harness the state’s inherent entrepreneurship skills. IDBI Fortis, one of the fastest growing insurance companies in the country, also offers employment as well as self-employment opportunities,” said Mr Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance Co Ltd.
About IDBI Fortis Life Insurance Co Ltd
IDBI Fortis Life Insurance Co Ltd, is a joint venture between three leading financial conglomerates – India’s premier development and commercial bank, IDBI, one of India’s leading private sector banks, Federal Bank and Europe’s banking and insurance giant, Fortis, each of which enjoys a significant status in their respective business segments. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. IDBI Fortis launched its first set of products across India in March 2008, after receiving the requisite approvals from the Insurance Regulatory Development Authority (IRDA). The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Do visit www.idbifortis.com to know more.
Saturday, September 6, 2008
Sea water turns sweet in Mumbai!
Sea water turns sweet! Though irrational, this news about sweet water in the sea spread faster than forest fire and engulfed the entire city of Mumbai.
'Lord Ganesha is drinking milk!' went the frenzied rumour. In less than a couple of hours, long queues materialized at milk shops and temples across the country. It took a whole day of scientific explanation to convince spell-bound devotees that there was nothing even remotely 'divine' about this phenomenon. Yet, they stubbornly refused to see the truth..........For a complete story, Pl chk with Concept PR: http://www.conceptpr.com/
'Lord Ganesha is drinking milk!' went the frenzied rumour. In less than a couple of hours, long queues materialized at milk shops and temples across the country. It took a whole day of scientific explanation to convince spell-bound devotees that there was nothing even remotely 'divine' about this phenomenon. Yet, they stubbornly refused to see the truth..........For a complete story, Pl chk with Concept PR: http://www.conceptpr.com/
Saturday, August 30, 2008
JP Morgan ropes in Morparia as India CEO from ICICI
HONG KONG: J.P.Morgan Asia Pacific has announced the appointment of
Kalpana Morparia as Chief Executive Officer of the firm's Indian operations.
Ms Morparia joins J.P.Morgan from the senior management of the ICICI Group,
India's largest private sector financial services company.
Ms Morparia is vice chairman of the ICICI Group's insurance,
asset management and securities companies, and Chief Strategy and
Communications Officer. She joined the board of ICICI Bank in 2001 and held
the position of Joint Managing Director until last year, before assuming her
current role with the group.
During her 33 year career with ICICI, Ms Morparia played an
influential role in the firm's expansion. Her term at ICICI Group placed her
at the forefront of the transformational changes which have reshaped the
country's banking industry.
Mr Gaby Abdelnour, the Chairman and Chief Executive of
J.P.Morgan, Asia Pacific said he warmly welcomed the experience and knowledge
which Ms Morparia will bring to the role of CEO.
"Ms Morparia offers J.P.Morgan a tremendous opportunity to
accelerate the progress we've made in building our Indian franchise. Her
appointment is also further evidence of the importance which J.P. Morgan
places on India as a priority within the firm's global growth strategy, " he
said.
Ms Morparia said she was delighted to join J.P.Morgan, and to
have the opportunity to lead the firm's expansion in India.
"J.P. Morgan has established a strong and highly respected
franchise in India which will support plans to expand all three lines of
business-- Investment Banking, Asset Wealth
Management and Treasury and Securities Services." she said.
Ms Morparia's role will include membership of J.P.Morgan's
Asia Pacific Executive Committee and involvement in the development of
several global initiatives being led out of the firm's New York office.
Kalpana Morparia as Chief Executive Officer of the firm's Indian operations.
Ms Morparia joins J.P.Morgan from the senior management of the ICICI Group,
India's largest private sector financial services company.
Ms Morparia is vice chairman of the ICICI Group's insurance,
asset management and securities companies, and Chief Strategy and
Communications Officer. She joined the board of ICICI Bank in 2001 and held
the position of Joint Managing Director until last year, before assuming her
current role with the group.
During her 33 year career with ICICI, Ms Morparia played an
influential role in the firm's expansion. Her term at ICICI Group placed her
at the forefront of the transformational changes which have reshaped the
country's banking industry.
Mr Gaby Abdelnour, the Chairman and Chief Executive of
J.P.Morgan, Asia Pacific said he warmly welcomed the experience and knowledge
which Ms Morparia will bring to the role of CEO.
"Ms Morparia offers J.P.Morgan a tremendous opportunity to
accelerate the progress we've made in building our Indian franchise. Her
appointment is also further evidence of the importance which J.P. Morgan
places on India as a priority within the firm's global growth strategy, " he
said.
Ms Morparia said she was delighted to join J.P.Morgan, and to
have the opportunity to lead the firm's expansion in India.
"J.P. Morgan has established a strong and highly respected
franchise in India which will support plans to expand all three lines of
business-- Investment Banking, Asset Wealth
Management and Treasury and Securities Services." she said.
Ms Morparia's role will include membership of J.P.Morgan's
Asia Pacific Executive Committee and involvement in the development of
several global initiatives being led out of the firm's New York office.
Thursday, August 21, 2008
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