Shares of ICICI Bank will be in focus as the initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.
Power Grid Corporation of India said that the company's board of directors in their meeting held on 16 September 2016 has accorded investment approval for "System Strengthening in Southern Region - XXI" at an estimated cost of Rs 562.25 crore, with commissioning schedule of 30 months progressively from the date of investment approval. The announcement was made after market hours on Friday, 16 September 2016.
Axis Bank announced that the bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The bank's Marginal Cost of Funds based Lending Rate (MCLR) for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The rates are with effect from 17 September 2016. The announcement was made after market hours on Friday, 16 September 2016.
Separately, Axis Bank said that the bank has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India, Axis Bank said. The announcement was made after market hours on Friday, 16 September 2016.
The Reserve Bank of India notified that the foreign shareholding by American Depository Receipts (ADR)/Global Depository Receipts (GDR)/Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs)/Non Resident Indian (NRIs)/Foreign Direct Investment (FDIs)/Persons of Indian Origin (PIOs) in South Indian Bank has reached the trigger limit. Hence further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India. The announcement was made after market hours on Friday, 16 September 2016.
IDFC said the company issued Commercial Papers for an aggregate amount of Rs 700 crore on 12 September 2016 having maturity date of 29 September 2016 which has been rated as A1+ by ICRA. Instruments with these rating are considered to have a strong degree of safety regarding timely payment of financial obligations and such instruments carry lowest credit risk. The aggregate amount of Commercial Paper outstanding as on date is Rs 700 crore. The announcement was made on Saturday, 17 September 2016.
Vipul received environmental clearance from the State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. Vipul said the company had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore, and the money was utilized for pre-operative expenses of Project Aarohan.
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