Current Affairs

Current Affairs

IDFC First Bank raises Rs 3,200 cr by selling shares to LIC, 5 others

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IDFC First Bank on Thursday said it has raised Rs 3,200 crore by selling equity shares to six insurance companies, including LIC and HDFC Life.
In a regulatory filing, IDFC First Bank informed that an authorised committee of the board of directors approved the allotment of more than 39.68 crore shares for Rs 80.63 per scrip, “aggregating to Rs 3,200 crore”.
The names of the six companies to whom shares have been allotted are Life Insurance Corporation of India, HDFC Life Insurance Company, Aditya Birla Sun Life Insurance Company, Bajaj Allianz Life Insurance Company, ICICI Lombard General Insurance Company and SBI General Insurance Company.
On May 30 and June 28, the lender’s board approved the issue and allotment of shares through preferential issues on a private placement basis.
More than 18.6 crore shares have been allotted to LIC. As a result, LIC stake in IDFC First Bank has increased to 2.68 per cent.
Current Affairs

RBI bumper payout to curb major divestments, govt keeps Rs 50k cr target

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The record Rs 2.1 lakh crore dividend payout by the Reserve Bank of India will limit the need for big-ticket divestment, a domestic rating agency said on Thursday.
Care Ratings said the new government will retain the interim budget’s Rs 50,000 crore target on receipts from divestments.
“With a bumper dividend from the RBI, the central government’s fiscal position remains comfortable, which may limit the urgency to push ahead with big-ticket divestments,” it said.
If there is a shortfall in the resource accretion, the government will prefer asset monetisation, it added.
Shipping Corporation of India (SCI) sales expected to be completed during the year will make it easy sailing for the government on the FY25 target, the agency said.
“After the demerger of land assets of the Shipping Corporation of India (SCI), its possible divestment looks likely in FY25, provided favourable market conditions prevail. If the government offloads its entire stake in SCI, it could generate Rs 12,500-22
Current Affairs

Bank of Maharashtra records 19% growth in credit for April-June quarter

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State-owned Bank of Maharashtra (BoM) on Friday reported a 19 per cent growth in credit to Rs 2.09 lakh crore for the April-June quarter.
The outstanding credit was Rs 1.75 lakh crore at the end of June 30, 2023, BoM said in a regulatory filing.
The Pune-headquartered lender reported a 9.44 per cent increase in total deposits to Rs 2.67 lakh crore as against Rs 2.44 lakh crore at the end of the first quarter of the previous financial year.
During the quarter, it said, Current Accounts and Savings Accounts declined to 49.86 per cent of the total deposits as against 50.97 per cent.
The Credit Deposit ratio increased to 78.18 per cent at the end of June 30, 2024, as against 71.89 per cent in the year-ago period.
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