ING Vysya Life Insurance on Monday renamed itself as Exide Life Insurance Company following regulatory approval with the formal exit of The Netherlands-based ING Group from the insurance venture. ?Exide Industries has been our major shareholder for eight years and acquired 100% ownership of the company a year back,? Exide Life Insurance MD Kshitij Jain said in a statement. In 2013-14, Exide Life Insurance doubled its profits to R53 crore, driven by growth in renewal premiums and improvements in efficiency and product mix.
Muthoot Finance completes IPP
Muthoot Finance, India?s largest gold loan company and the flagship company of the Muthoot Group, has successfully concluded its institutional placement programme (IPP) to comply with Sebi norms for a minimum public shareholding of 25%. Under the IPP, the offer was made only to qualified institutional buyers. Under the IPP, the company offered 25,351,062 fresh equity shares of R10 each. The issue opened and closed on April 25 and was made under the book building route with a price band of R155 to R165 per equity share. The issue was subscribed 1.80 times at the upper end of the price band for a total bid amount of R754.64 crore.
