Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The Narendra Modi government has unveiled a ₹25,000 crore (about $3.5 billion) rescue fund for housing projects that are stuck for cash.</li><li>Aggrieved home buyers waiting anxiously for their homes to be delivered will breathe a sigh of relief.</li><li>However, there are filters and thresholds in place to decide which builder can get this aid and which ones can't.</li></ul>The Narendra Modi government, along with State Bank of India (SBI) and Life Insurance Corporation (LIC), has unveiled a ₹25,000 crore (about $3.5 billion) rescue fund for housing projects that are stuck for cash. Aggrieved home buyers waiting anxiously for their homes to be delivered will breathe a sigh of relief. "There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. The financial support for builders will be structured as an alternative investment fund (AIF) to be managed by SBI Cap. Here's how the process will work: 1. Bankers and experts will evaluate the progress in the real estate project seeking support from the fund. 2. This fund will be available to all builders where the liquidation has not been ordered by the National Company Law Tribual (NCLT). Even defaulters, where the banks have termed the loans as non-performing asset (NPA), will be eligible to seek support. 3. However, the project must have a positive net worth. This will depend on the demand for the project and expected cash flow from home buyers. 4. Therefore, the government has set a threshold. Only projects that are 70% complete can avail this support. "If there are three towers in a project, and one of them is 70% is complete, and the other two haven't started yet. The money will be available only for the tower that is 70% complete not for the other two," Sitharaman explained. 5. There will also be pricing limit for eligible projects. For example, housing units which are priced under ₹2 crore in Mumbai Metropolitan Region, ₹1.5 crore in the National Capital Region, and ₹1 crore in other cities, will be eligible for this fund. 6. The fund provided to developers will be kept in an escrow account— the money cannot be used by the builder for anything other than the construction of the project itself, nor can the bank use the money to recover earlier dues. 7. For instance, if the project needs ₹400 crore for completion, the money will be released to the escrow account based on milestones in completion. 8. Projects like the one from Jaypee Group and Amrapali Group where the state-owned NBCC has been roped into complete the projects will not get money from this fund. 9. Finance Minister Nirmala Sitharaman also said that the government is inviting other foreign funds and sovereign funds to invest in the fund, over and above the initial ₹25,000 crore from the government of India, SBI and LIC. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-unveils-3-5-billion-rescue-fund-for-stuck-housing-projects/articleshow/71942030.cms" data-type="tilCustomLink" target="_blank">Indian government unveils $3.5 billion rescue fund for stuck housing projects</a>

Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects

<ul><li>There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled.</li><li>The Narendra Modi cabinet approved a ₹10,000 crore fund for distressed housing projects, and SBI and LIC will pool in another ₹15,000 crore.</li><li>A special window will be created and it will be structured as an alternative investment fund.</li></ul>The Narendra Modi government will provide ₹10,000 crore through a special window to revive stuck housing projects. This fund will be structured as an alternative investment fund under <keyword id="685088" type="ORGANIZATION" weightage="20" keywordseo="SBI-Cap">SBI Cap</keyword>. The country's largest bank, the State Bank of India (SBI), and the state-owned insurer, the Life Insurance Corporation (LIC), will bring in additional funds, taking the initial corpus to ₹25,0000 crore. This will provide relief to thousands of aggrieved home buyers who have been waiting anxiously for their homes to be delivered because the builders have run out of cash. "There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said as she unveiled the latest decision by the Union Cabinet. Even projects that have defaulted on loans will be eligible, contrary to expectations in the run up to the decision. "Any project that has not been sent for liquidation by the bankruptcy court are also eligible" Sitharaman said. The fund is largely targeting middle and low income housing projects whose net worth is in the positive. <div type="Article" hostid="261" msid="71942852" title="Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects" mstype="2" mssubtype="0"></div>

 "80% of all stuck housing projects will benefit from this announcement," Samir Jasuja of PropEquity told a television channel. According to Jasuja, out of the 4.8 lakh housing units, nearly 3 lakh units are either in the national capital region around New Delhi or in the Mumbai Metropolitan region. 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/880387"></div>
]]></cdata></div>













 The fund provided to developers will be kept in an escrow account— the money cannot be used by the developer for anything other than the construction of the project itself, nor can the bank use the money to recover earlier dues, the minister clarified. The calculation of net worth will be specific to the project, not at the company level. "If there are three towers in a project, and one of them is 70% is complete, and the other two haven't started yet. The money will be available only for the tower that is 70% complete not for the other two," Sitharaman explained. For instance, if the project needs ₹400 crore for completion, the money will be released to the escrow account based on milestones in completion. The real estate sector has already welcomed the decision when it was being discussed as a possibility. Finance Minister Nirmala Sitharaman also said that the government is inviting other foreign funds and sovereign funds to invest in the fund, over and above the initial ₹25,000 crore from the government of India, SBI and LIC. "I rather retrieve projects that are awaiting resolution at the NCLT (National Company Law Tribunal), get them out of there," Sitharaman said explaining the structure of the rescue fund. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/not-just-slowdown-indian-homes-sales-are-brought-down-by-shraadh-custom-and-heavy-rains/articleshow/71375256.cms" data-type="tilCustomLink" target="_blank">Not just slowdown, Indian homes sales are brought down by 'Shraadh' custom and heavy rains</a> <a href="https://www.businessinsider.in/luxury-housing-rebounds-in-india-with-almost-three-times-more-launches-after-two-years/articleshow/70584923.cms" data-type="tilCustomLink" target="_blank">Luxury housing rebounds in India with almost three times more launches after two years</a>

Indian government unveils $3.5 billion rescue fund for stuck housing projects

<ul><li>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the RBI. </li><li>Aside from SBI, the Reserve Bank of India is also in talks with other private investors to rescue the bank. </li><li>Private investors who get shares of Yes Bank cannot have to retain 75% of their stake for three years.</li></ul>The Cabinet has approved the reconstruction scheme for Yes Bank, as proposed by the Reserve Bank of India (RBI). "It will protect depositor's interest, revive the troubled bank, and stabilise India's financial system," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said. Separately, ICICI Bank said that the board has approved for an equity investment of up to ₹10 billion in equity shares of Yes Bank. The rumour mill in the market was expecting more investment in Yes Bank from the state-owned Life Insurance Corporation of India (LIC). However, the Finance Minister clarified that the RBI is in talks with other private investors to rescue the bank The authorised capital of Yes Bank has been raised manifold to ₹6200 crore from the current ₹1,100 crore current. The limit on withdrawals by depositors will be lifted on the third working day after the official notification of the cabinet decision, at 6 pm. The Reserve Bank of India placed Yes Bank under moratorium and capped the withdrawal by depositors at ₹50,000 till April 3. 
 
 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed flourish-chart" data-src="visualisation/1569976"></div>
]]></cdata></div>

















 The State Bank of India (SBI) will buy 725 crore shares in Yes Bank at ₹10 per share, which adds up to an investment of ₹7,250 crore, giving the country's largest bank a 49% stake in the troubled private bank. The SBI will not reduce its holding below 26% for at least three years from the date of investment. Those private investors who get shares of Yes Bank cannot sell 75% of their stake for three years. "A new board, having at least 2 directors of SBI, will take over within 7 days of the issuance of notification," Sitharaman added. The decision has come a day before the much-awaited quarterly earnings, which have been delayed by a month, from Yes Bank. The numbers are expected to reveal the depth of the rot in the bank which has gone from being one of the country's top banks to embattled one, neck-deep in bad loans, and one with a history of scandals under its earlier promoter Rana Kapoor who was recently forced out by the RBI. With the money of millions of Indian depositors stuck at the bank, the government and other authorities have come together to rescue the bank and stop it further wrecking India's financial system. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/yes-bank-crisis-and-its-domino-effect-on-bonds-mutual-funds-and-other-corporate-defaults/articleshow/74586858.cms" data-type="tilCustomLink" target="_blank">Yes Bank crisis and its domino effect on bonds, mutual funds and other corporate defaults</a> <a href="https://www.businessinsider.in/finance-minister-assures-employment-and-salary-at-yes-bank-at-least-for-one-year/articleshow/74514015.cms" data-type="tilCustomLink" target="_blank">Finance Minister assures employment and salary at Yes Bank at least for one year</a>

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

New Delhi, Dec 6 () Markets regulator Sebi on Friday directed three public sector financial institutions -- LIC, SBI and Bank of Baroda -- to dilute their stakes to below 10 per cent in UTI Asset Management Company (AMC) by December next year.
 In the case of non-compliance with directions, the shareholding and voting rights of these entities in UTI AMC and UTI Trustee in excess of 9.99 per cent and corporate benefits will be frozen till the time they comply with the orders.
 UTI AMC is promoted by four public sector financial institutions as sponsors -- State Bank of India (SBI), Life Insurance Corporation of India (LIC), Bank of Baroda (BoB) and Punjab National Bank (PNB) -- with each of them presently holding 18.24 per cent stake in the fund house, while private equity firm T Rowe Price International holds 26 per cent stake in UTI AMC.
 Sebi observed that LIC, SBI and BoB are the sponsors of LIC Mutual Fund, SBI Mutual Fund and Baroda Mutual Fund, respectively, and they also hold more than 10 per cent stake each in these mutual funds.
 In addition, LIC, SBI and BoB are also sponsors of UTI AMC and hold more than 10 per cent stake individually in the AMC and trustee company of UTIMF.
 "The noticees (LIC, SBI and BoB) are sponsors of more than one mutual fund and hold more than 10 per cent shareholding in more than one AMC and trustee company and, hence, are not in compliance with the requirements of ...the MF regulations," Sebi said in an order.
 Sebi amended the mutual fund regulations in March 2018, wherein a shareholder or a sponsor owning at least 10 per cent stake in an AMC is not allowed to have 10 per cent or more stake in another mutual fund house operating in the country.
 In addition, such entities are not allowed to have a representation on the board of another mutual fund house.
 Entities not in compliance with the requirement was given time up to March 2019 to comply with the requirement.
 Besides, it was alleged that LIC and SBI had nominated directors on the board of UTI AMC.
 In their reply to Sebi, they said they had nominated directors in accordance with the provisions in the shareholder agreement and further clarified that such nominees were also not their directors. It was also submitted that none of the working employees of LIC or SBI were on the board of UTI AMC or UTI Trustee and the nominated directors did not have any reporting relationship with the two companies.
 Sebi said that despite the expiry of over 20 months from the date of amendment of the regulations, the three entities are yet to achieve compliance with these requirements. While they have shown that they have initiated some steps to dilute their stake in UTI AMC, the substantial compliance with the regulation "still remains pending".
 Accordingly, the regulator has said that the voting rights of LIC, SBI and BoB in UTI AMC and UTI Trustee shall be brought down below 10 per cent on or before December 31, 2020.
 Also, they have been asked to take suitable steps to ensure compliance with regards to board composition.
 "In the event of non-compliance with the aforesaid directions, the shareholding and voting rights of the noticees in UTI AMC and UTI Trustee in excess of 9.99 per cent and corporate benefits thereon shall stand frozen till such time the noticees comply with the aforesaid directions," it added. SP HRS

Sebi orders LIC, SBI, Bank of Baroda to reduce stake to below 10 pc in UTI AMC by Dec 2020

<ul><li>Reports say that $38 billion worth of <keyword id="8399127" type="UNKNOWN" weightage="20" keywordseo="loans-to-real-estate">loans to real estate</keyword> are in trouble.</li><li>Experts claim that $58 billion loans – which make up for 62% of total loans⁠— are stress-free.</li><li>A consultant report blames RERA ‘regulations’ for the many <keyword id="1241568" type="PERSON" weightage="20" keywordseo="bankruptcies">bankruptcies</keyword> in the sector. </li></ul>As much as $38 billion worth of loans⁠— nearly one in every rupee lent⁠— to real estate are in trouble. And it is not fair to blame the smaller <keyword id="6385582" type="UNKNOWN" weightage="20" keywordseo="builders">builders</keyword> alone. Nearly one in three bigger builders, or Grade A as they are called, are also facing ‘severe stress’ in repaying the loans. 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/1027262"></div>
]]></cdata></div>







 The only thing making this huge pile of potential bad loans better is the disaster waiting to happen in telecom. Real estate sector is taking heart from the fact that two telecom players⁠— Vodafone-Idea and Airtel⁠— were hit with deferred spectrum dues of ₹92,000 crore ($15 billion) at a time when the top three telecom players <a href="https://www.businessinsider.in/mukesh-ambanis-telecom-war-escalates-telecom-industry-debt-to-3-9-lakh-crore/articleshow/70906000.cms">have combined debt of over ₹3.9 lakh crore</a> (over $55 billion). “In the telecom or steel industries, default by a single company alone equals a sizable portion of the overall stress in the real estate sector. Also, every <keyword id="8399128" type="UNKNOWN" weightage="20" keywordseo="real-estate-loan">real estate loan</keyword> is backed by hard security, which is anywhere between 1.5 times to 2 times. Even if defaulting developers decide to sell their real estate at a discount, there is enough margin for them to pay back,” said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. This is a case of pot calling the kettle black. Real estate is struggling to survive playing by the rules Agarwal also went ahead and blamed ‘regulations’ for the defaults in the sector. “One prime reason was that sluggish residential sales over the last few years completely dried up cash flows for many developers, resulting in unsold inventory pile-up and, thus, their inability to service their loans. Moreover, some developers have even filed for bankruptcy in the backdrop of stricter regulatory norms under RERA,” he said in a press release. But these rules were brought in to clean up the sector that had become infamous as the home to ill-gotten wealth. The domino effect is taking financiers down too The property consultant believes that only $16 billion worth loans are under ‘severe’ stress while $21 billion is under ‘some pressure’. Nearly a third of total realty loans are in the books of housing finance companies and non-banking financial companies and these are sectors that are already struggling to survive.. And it comes as no surprise that 58% of total <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> book of NBFCs are in trouble. The Anarock report also pointed out that the amount that is being lent to the sector has shrunk after IL&amp;FS default since most of their funds come from NBFCs and HFCs who are facing a liquidity crisis themselves. Will the government stimulus for real estate help? The government itself is not shy of lending to the sector, and more so to trouble housing projects. In November, Union finance minister Nirmala Sitharaman decided to give a handout to sector whose sales have been slowing for the last four years with small spurts of growth in between. The government launched a ₹25,000 crore ($3.5 billion) rescue fund for the sector along with India’s largest bank --SBI and India’s largest insurer - LIC. As many as 1,600 housing projects and 4.58 lakh housing units that are stalled. But government too is careful of what ‘kind’ of stressed projects that it is lending to and allowed no free-for-alls. “The project must have a positive net worth. This depends on the demand for the project and expected cash flow from home buyers,” Sitharaman told the press conference. According Samir Jasuja of PropEquity, “As much as 80% of all the housing sector projects which are stuck will gain from the announcement.” Moreover, he also said that 3 lakh crore of stuck housing projects are in Delhi-NCR and Mumbai metropolitan region. It is yet to be seen as to how much this fund will help the troubled sector.

Nearly one in three Rupees lent to builders is unlikely to come back

UTI Asset Management Company (AMC) has received markets regulator Sebi's go ahead to raise a little over Rs 3,000 crore through its initial public offering (IPO). The IPO of the country's largest asset management company in terms of total assets under management (AUM) comprises sale of 3,89,87,081 equity shares by existing shareholders, according to the <keyword id="9447718" type="UNKNOWN" weightage="20" keywordseo="draft-red">draft red</keyword> herring prospectus (DRHP). State Bank of India (SBI), <keyword id="6365973" type="COMPANY" weightage="20" keywordseo="life-insurance-corporation">Life Insurance Corporation</keyword> (LIC) and Bank of Baroda are offering to sell 1,04,59,949 shares each, while Punjab National Bank (PNB) and T Rowe Price International are planning to offload 38,03,617 shares each. The public offer is expected to raise a little over Rs 3,000 crore, market sources said. UTI AMC, which had filed draft papers with Sebi in December 2019, obtained its observations on June 16, latest update with the markets watchdog showed. Sebi's observations are necessary for any company to launch <keyword id="122704" type="PERSON" weightage="20" keywordseo="public-issues">public issues</keyword> including initial share-sale, follow-on public offer and rights issue. SBI, LIC, Punjab National Bank and Bank of Baroda hold 18.5 per cent stake each in UTI AMC. The US-based T Rowe Price holds 26 per cent stake in the company. <keyword id="39409" type="COMPANY" weightage="20" keywordseo="Kotak">Kotak</keyword> Mahindra Capital, Axis Capital, CitiBank, DSP Merrill Lynch, ICICI Securities, JM Financial and SBI Capital Markets are the book running lead managers to the offer. The shares of the company are proposed to be listed on BSE and NSE. As of September 30, 2019, the company had the largest share of monthly average AUM. In December 2019, Sebi had asked SBI, LIC and PNB to dilute their stakes to below 10 per cent in UTI AMC by December next year. Under Sebi's mutual fund regulations, a shareholder or a sponsor owning at least 10 per cent stake in an AMC is not allowed to have 10 per cent or more stake in another mutual fund house operating in the country. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-infoedge-biocon-and-peers-safe-stocks-for-2020/articleshow/76523192.cms" data-type="tilCustomLink"> HCL Tech, InfoEdge, Biocon and their peers may be safe stocks to hide for the rest of 2020</a> <a href="https://www.businessinsider.in/tech/news/googles-sundar-pichai-facebook-and-amazon-heres-how-american-companies-reacted-to-donald-trumps-h1-b-visa-freeze/articleshow/76522530.cms" data-type="tilCustomLink">Google’s Sundar Pichai, Facebook and Amazon — here’s how American companies reacted to Donald Trump’s H1-B visa freeze</a>

The IPO from India's largest asset management company UTI AMC is ready to hit the street

New Delhi, Nov 19 () The registration of Reliance Capital Pension Fund under the government's National Pension Scheme (NPS) has been cancelled following a request by the company, sector regulator PFRDA said in a notice.
With this, the pension fund is no longer available for subscription under NPS, said the Pension Fund Regulatory and Development Authority of India (PFRDA).
Earlier this year, the company had surrendered its NPS licence.
It was one of the eight companies registered under NPS to manage funds for subscribers from the private sector.
"This is to inform to general public that based on the request received from Reliance Capital Pension Fund Ltd, the certificate of registration granted to Reliance Capital Pension Fund Ltd has been cancelled by the Authority and the pension fund is no longer available for subscription under NPS," PFRDA said. 
The other seven funds for private sector subscribers are HDFC Pension Management Co, ICICI Prudential Pension Fund Management Co, Kotak Mahindra Pension Fund, LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions, and Birla Sunlife Pension Management.
LIC Pension Fund, UTI Retirement Solutions and SBI Pension Funds manage NPS for the government employees.
NPS is a pension cum investment scheme launched by the government to provide old age security to the citizens. 
There were about 1.28 NPS subscriber at end-October, 2019. NKD ANU
ANU

Reliance Capital Pension's registration under NPS cancelled: PFRDA

<ul><li>India’s largest <keyword id="17408" type="DOMAIN" weightage="20" keywordseo="infrastructure">infrastructure</keyword> lender is said to be planning the sale of a majority stake in its <keyword id="6354241" type="UNKNOWN" weightage="20" keywordseo="Financial-services">financial services</keyword> subsidiary in order to meet its immediate debt payments. </li><li>However, investor demand for <keyword id="6357293" type="UNKNOWN" weightage="20" keywordseo="ILFS">IL&amp;FS</keyword> Financial Services is expected to be muted since the unit has defaulted on a number of loans and has significant cash flow problems. </li><li>The news comes a few days after Life Insurance Corp of India (<keyword id="6367143" type="UNKNOWN" weightage="20" keywordseo="LIC">LIC</keyword>), a state-owned insurer, agreed to extend a ₹40 billion lifeline to IL&amp;FS. </li></ul>A few days after Life Insurance Corp of India (LIC), a state-owned insurer, agreed to extend a <a href="https://www.businessinsider.in/After-IDBI-Bank-LIC-now-has-to-bail-a-huge-infrastructure-lender-out/articleshow/65840416.cms">₹40 billion lifeline</a> to Infrastructure Leasing and Financial Services Ltd (IL&amp;FS), the country’s largest infrastructure lender is said to be planning the sale of its financial services subsidiary in order to meet its immediate debt payments, sources told Mint. Apart from the injection from LIC, IL&amp;FS plans to raise an additional ₹45-₹50 billion by divesting and liquidating assets. IL&amp;FS is offloading a majority stake in its financial services subsidiary, IL&amp;FS Financial Services, which earned nearly ₹1 billion in profits in the previous financial year. It has hired SBI’s investment banking division to broker the sale. However, demand for a majority stake in IL&amp;FS Financial Services is expected to be muted since the unit has defaulted on a number of loans and has significant cash flow problems owing to cost overruns, delayed project approvals and contract disputes. Earlier this month, the Reserve Bank of India (RBI) placed a ban on the financial service unit’s <a href="https://www.business-standard.com/article/companies/curbs-on-il-fs-financial-s-access-to-commercial-paper-till-feb-2019-118090600687_1.html">access to commercial paper</a>, or additional unsecured, short-term debt, until February 2019 after it failed to meet its commercial paper obligations at the end of August. In addition, the RBI gave IL&amp;FS Financial Services to reduce its debt exposure to all IL&amp;FS subsidiaries by March 2019. <keyword id="43550" type="EVENT" weightage="20" keywordseo="Bankruptcy">Bankruptcy</keyword> risk IL&amp;FS, which had around ₹910 billion in outstanding debt at the end of March 2018, is in a race against time to avoid bankruptcy as a number of debt obligations are about to mature. It is currently seeking ₹160 billion in outstanding dues from the Indian government for work it has completed. Given IL&amp;FS’s status as “systemically important”, it is in the government’s best interest to prevent the infrastructure lender’s bankruptcy. If IL&amp;FS fails, a lot of creditors will not be able to recover their loans, which will exacerbate the bad loan crisis. Furthermore, the bankruptcy of IL&amp;FS will slow down the central government’s infrastructure push. The shareholders of the company, which include LIC, HDFC and SBI, will only be confident about investing more money into it once it demonstrates an ability to turn its operations around. IL&amp;FS’s shareholders are expected to vote on LIC’s proposed bailout plan at the end of the month.

IL&FS has no option but to sell its profitable financial services unit as it tries to avoid bankruptcy

Mumbai, Mar 5 () The SBI board has given the largest lender an "in-principle" approval to invest in the capital-starved Yes Bank.The central board of SBI discussed the matter at a meeting on Thursday, it informed the exchanges.The announcement came hours after Yes Bank was placed under a moratorium, with the RBI capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board."The matter in regard to Yes Bank was discussed at the meeting of the central board of bank on Thursday and an in-principle approval has been given by the board to explore investment opportunity in the bank," the SBI board informed the bourses late in the evening.According to reports, the government has asked SBI and life insurance behemoth LIC to collectively pick up a 49 per cent stake in Yes Bank. Speaking in Davos, Switzerland, earlier this year, SBI chairman Rajnish Kumar said Yes Bank, which had over Rs 2 lakh crore in deposits as of September, will not be allowed to go down. Appreciating its investments in technology, he said the bank has a strong brand. Earlier, Kumar also suggested that Yes Bank's rival Kotak Mahindra Bank is best placed to takeover the lender. Reports of the takeover led to a 25 per cent jump in Yes Bank in trading on Thursday, while the SBI scrip closed 1.05 per cent up at Rs 288.30 a piece at the end of trade. AA DPB

SBI Board gives 'in-principle' approval for investment in Yes Bank

The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial pub<keyword id="6367143" type="General" weightage="20" keywordseo="lic" source="Orion">lic</keyword> offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the <keyword id="8699517" type="General" weightage="20" keywordseo="ipo-of-lic" source="Orion">IPO of LIC</keyword>," DIPAM Secretary Tuhin Kanta Pandey tweeted. The disinvestment department had invited applications for the appointment of merchant bankers on July 15. Following this, 16 merchant bankers made presentations for managing listing and partial disinvestment of Life Insurance Corporation (LIC). The Department of Investment and Public Asset Management (DIPAM) is also in the process of appointing a legal adviser for the stake sale and the last date for putting bids is September 16. Actuarial firm Milliman Advisors LLP India has already been appointed to assess the embedded value of LIC ahead of the IPO, which is likely in the January-March quarter of 2022. The government is also mulling allowing foreign investors to pick up stakes in the country's largest insurer LIC. As per Sebi (Securities and Exchange Board of India) rules, foreign portfolio investors (FPI) are permitted to buy shares in a public offer. However, since the LIC Act has no provision for foreign investments, there is a need to align the proposed <keyword id="7922409" type="General" weightage="20" keywordseo="lic-ipo" source="Orion">LIC IPO</keyword> with Sebi norms regarding foreign investor participation. The Cabinet Committee on Economic Affairs had last month cleared the initial public offering proposal of Life Insurance Corp of India. The ministerial panel known as the Alternative Mechanism on strategic disinvestment will now decide on the quantum of stake to be divested by the government. "The potential size of the IPO is expected to be far larger than any precedent in Indian markets," the department had said. The listing of LIC will be crucial for the government in meeting its disinvestment target of Rs 1.75 lakh crore for 2021-22 (April-March). So far this financial year, Rs 8,368 crore has been mopped up through minority stake sales in PSU and the sale of SUUTI (Specified Undertaking of the Unit Trust of India) stake in Axis Bank. PTI JD SHW SHW

You Searched For "sbi lic rescue package" and got 10 results

Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects

Sriram Iyer

Indian government unveils $3.5 billion rescue fund for stuck housing projects

Sriram Iyer

ICICI Bank follows SBI to rescue Yes Bank⁠— and depositors may get to withdraw money sooner than expected

Sriram Iyer

Sebi orders LIC, SBI, Bank of Baroda to reduce stake to below 10 pc in UTI AMC by Dec 2020

PTI

Nearly one in three Rupees lent to builders is unlikely to come back

Katya Naidu

The IPO from India's largest asset management company UTI AMC is ready to hit the street

PTI

Reliance Capital Pension's registration under NPS cancelled: PFRDA

PTI

IL&FS has no option but to sell its profitable financial services unit as it tries to avoid bankruptcy

Dilsher Dhillon

SBI Board gives 'in-principle' approval for investment in Yes Bank

PTI

LIC IPO: Government picks 10 merchant bankers including Goldman Sachs, Citigroup Global and Nomura

PTI

Popular Keywords

Buying Guides