ICICI more than halves its equity in two overseas arms
Source: PTI ICICI Bank has more than halved its equity investment in the two arms in Canada and the UK to 5.2% at the end of September quarter from 11% as of March 2010. ICICI Bank has close to a quarter of its assets of Rs.4,09,700 crore with two overseas subsidiaries – ICICI Bank UK and ICICI Bank Canada. Currency fluctuation impacted bottom lines of its both subsidiaries with the Canadian arm reporting a sharp decline and the British unit turning in a marginal increase in profit, despite the fact that bank could manage higher net interest margin from them at 2%, up 12 basis points from a year ago. Of the total loan book of Rs.4,09,700 crore at the reporting ...
RBI allows 40% foreign investments in Indian auto major
The Dollar Business Bureau Overseas investors can now invest up to 40% of the paid up capital of Maruti Suzuki India Limited under the Portfolio Investment Scheme as the Reserve Bank of India (RBI) has removed the cap on the purchase of the company’s shares. “Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Qualified Foreign Investors (QFIs) can now invest up to 40% of the paid up capital of M/s Maruti Suzuki India Limited under the Portfolio Investment Scheme (PIS),” the central bank said in a statement on Monday. The restriction on the purchase of shares of Maruti Suzuki India has been withdrawn as the foreign shareholding by FIIs/RFPIs in the Indian auto major has “gone below the revised threshold limit”. The company ...
India can replace China as driver of global growth: FM
Source: PTI Seeing an opportunity in the recent turmoil in global equity and currency markets, Finance Minister Arun Jaitley on Thursday said India, with 8-9% growth rate, can replace China as the driver of world economy. The country has already laid down a "red carpet" for businesses which want to invest here, he said, committing to push ahead with the government's reforms agenda. “The world needs other engines to carry the growth process. And in a slowdown environment in the world, an economy which can grow at 8-9%, like India, certainly has viable shoulders to provide the support to the global economy," he said. In an interview to BBC, Jaitley said India is an investor-friendly destination and investors need not fear ...
RBI-SEBI initiative of debt to equity conversion not enough
The Dollar Business Bureau The co-ordinated efforts of the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to ease the process of conversion of debt into equity is unlikely to significantly benefit lenders as well as corporate borrowers for most of the current set of large corporate borrowers which, are already in distress or are close to distress, said a rating & research company report on March 25, 2015. However, the report welcomed the new joint initiative by the RBI and SEBI, as it would enhance the ability of the banks to convert debt into equity which, will provide another tool in the hand of lenders to fight non-performing assets (NPA), when in ...
