HDFC said it is proposing to acquire 1,14,70,000 shares representing 9.12% of the equity share capital of its subsidiary HDFC Credila Financial Services from its other promoters for amount not exceeding Rs 395 crore. Post acquisition, HDFC Credila Financial Services will become wholly owned subsidiary of HDFC.
South Indian Bank said India Ratings and Research has given IND A+ rating with a negative outlook on the company's Tier II bonds and Lower Tier II bonds from IND A+/Stable before. The downgrade reflects higher proportion of stressed assets to net worth, subdued profitability along with lower provision coverage compared to peer banks, thereby increasing the importance of raising tier I capital in the medium term.
Bank of Baroda said the Investment Committee of Bank has approved the participation of the Bank in the proposed IPO of equity shares of UTI Asset Management Company Limited by way of an offer for sale of up to 1,04,59,949 Equity Shares held by it.
PC Jeweller said CRISIL has downgraded its long term and short terms ratings to the bank loan facilities of the Company to CRISIL D. The downgrade in the rating factors in the instances of devolvement of Letter of Credits (LC) and overutilization in working capital limits for more than 30 days.
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