Mahindra & Mahindra Financial Services (MMFS) on Thursday said it has raised Rs 867 crore through a qualified institutional placement (QIP) issue, making it one of the most successful share sales in recent times. The finance arm of auto major M&M said the issue was oversubscribed five times. The company said it issued 97,50,257 equity shares at R889 a share, at par with its market price of November 7, which was the launch date of the issue.
Kochhar most powerful Indian biz woman
ICICI Bank MD and CEO Chanda Kochhar has been named as the most powerful woman in business in India for the second consecutive year by Fortune Magazine. Mallika Srinivasan of TAFE and Aruna Jayanthi of Capgemini India follow Kochhar in the second and third place, respectively. In the Fortune list of 50 most powerful businesswomen, there are six new entrants. While 19 have moved up their places, 17 have witnessed a decline in their rankings. Despite surprises and upsets, what hasn't changed is the overwhelming influence women have on India Inc, Fortune India editor Dibyendra Nath Mukerjea said.
PowerGrid debuts dollar bonds
The treasurer of Power Grid of India, selling dollar bonds for the first time, says US president Barack Obamas re-election will sustain a rally that cut borrowing costs to a 17-month low. The countrys largest transmission provider expects to price at about 250 basis points more than similar-maturity Treasuries, or 40 basis points less than Bharat Petroleum Corp paid in the latest Indian offering.
Oldest Oz bank opens first branch in India
The oldest and the largest institutional lender in Australia Westpac announced the opening of its first branch here. Westpac has been present in the country through a representative office since 2007 and was awarded banking licence by the Reserve Bank this April. Bilateral trade between India and Australia is expected to double to AUD 40 billion by 2015.
Muthoot Fin ties up to offer NPS
Kerala-based Muthoot Finance, a leading gold loan company, on Thursday said it has tied up with Pension Fund Regulatory and Development Authority (PFRDA), an autonomous body under the ministry of finance, to act as a service provider for the National pension scheme. Muthoot Finance is the only Non-Banking Financial company in the state to be approved by the PFRDA to act as a service provider for the pension plan, a company release said here.