Ruling out possibility of inorganic expansion, Punjab National Bank Managing Director Sunil Mehta said the bank is currently focussed on internal consolidation and making it financially healthy. With Rs 14,000 crore...
MCA moves NCLT for removal of IL&FS subsidiaries’ management
The ministry of corporate affairs (MCA) on Friday filed an application with the Mumbai bench of the National Company Law Tribunal (NCLT), seeking to direct the newly constituted board of IL&FS to sack the management...
PSB mergers a good idea? The problem gets rolled over for another day unless this big issue is tackled
The government’s decision to merge three public sector banks, Bank of Baroda, Dena Bank and Vijaya Bank, has brought the issue of bank consolidation under the spotlight. This comes close on the heels of the merger of...
Cuba, US to establish historic biotech joint venture
Cuba and the US will establish a historic biotech joint venture based in Havana to develop new cancer treatments, official sources said. The Cuban-American biotechnology company: Innovative Immunotherapy Alliance S.A...
PNB to raise Rs 8,580 cr from sale of non-core assets in H2
To beef up its capital base, fraud-hit Punjab National Bank (PNB) has set a target to mobilise Rs 8,583 crore in H2FY19 by monetisating non-core assets. In the January-September period, it had mopped up Rs 1,567 crore...
IDBI board to consider allotment of 51% shares to LIC on October 4
State-owned IDBI Bank said Friday its board will meet next week to consider preferential allotment of up to 51 per cent shares to insurance behemoth LIC to acquire the debt ridden bank. In a regulatory filing, IDBI Bank...
CAIT seeks PM Narendra Modi’s intervention in Walmart-Flipkart deal
Traders’ body CAIT, which has been opposing Walmart’s acquisition of Flipkart, Friday said it has sought intervention of Prime Minister Narendra Modi into the matter. The body submitted a memorandum and a Traders...
Merged companies can trade excess spectrum
The department of telecommunications (DoT) has amended the merger and acquisition (M&A) guidelines, 2014, allowing telcos to sell excess spectrum post-merger. In a fresh notification, DoT has said, “If, as a result...
AXA arm seen buying 51% in AMW Motors
The Chinese arm of French insurance player AXA has evinced interest in buying a 51% stake in heavy commercial vehicles manufacturer AMW Motors, three senior bankers told FE, adding that they are in advanced stages of...
Hindalco considers raising $500 m via stock sale
Aditya Birla Group’s Hindalco Industries, which is the country’s largest aluminium producer, is considering raising as much as $500 million by issuing fresh shares, according to a Bloomberg news report. The news agency...
More merger and acquisition in e-retail as funds dry up
Consolidation in the online retail space is increasing with as many as 11 merger and acquisition (M&A) deals reported in the year so far, reports Anushree Bhattacharya in New Delhi. Data from Tracxn Technologies...
