Catholic Syrian Bank (CSB) Limited will mobilise over R200 crore by way of rights issue of shares as directed by RBI. It has tentatively fixed a premium of R150 per share on a face value of R10 each and the ratio of issue would be 1:2, said bank’s chairman S Santhanakrishnan, adding, the process would be completed this fiscal itself. The exact volume of and the premium would be finalised at the board of directors meeting to be held in Mumbai on Thursday, he said.
Magma acquires GE Housing Fin
Magma Fincorp Limited on Wednesday said the company has completed the acquisition of 100% equity share capital and has taken ownership of GE Money Housing Finance. The GE Money Home Finance acquisition will help Magma Fincorp gain access to around 10,000 existing customers. The total outstanding loan portfolio is estimated at R1,320 crore, which also includes the home equity portfolio of GE Money Financial Service. Earlier last week, Magma completed the acquisition of the R250-crore portfolio of auto lease from Religare Finvest.
Norwest, Nomura top buyers in Chola QIP
Led by Norwest Ventures Partners of Mauritius, a total of 21 investors including Nomura mopped up over 1 crore shares in Murugappa company Cholamandalam Investment and Finance Company Ltd (Chola) in the company’s recently concluded R300 crore QIP. Norwest emerged top buyer with lapping up 37 lakh shares shelling out R108 crore while New Vernon India got 6.6 lakh shares for R18.9 crore.
Kids need lessons on money mgmt: Study
Majority of parents feel their children need more lessons on the importance of savings and money management, according to a survey conducted by ING Vysya Bank. The view was held by a whopping 96% respondens. “With savings rate dipping to low levels, (30.8% last fiscal and set to dip further this fiscal), the need of the hour is to develop savings habit among children,” said Brett Morgan, country head for branch banking, marketing & private clients.
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