Central Bank hires SBI caps to sell stake in IL&FS
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State-run Central Bank of India had appointed SBI Caps to identify a buyer for its stake in Infrastructure Leasing & Financial Services (IL&FS), a senior bank official told the Press Trust of India. He, however, refused to put a valuation for the 8.34 per cent stake in the unlisted firm.
The bank is one of the promoters of IL&FS and holds 8.34 per cent stake in it, according to the company's website.
The top shareholders in IL&FS are LIC (25.34 per cent), Orix Corporation of Japan (23.04 per cent), Abu Dhabi Investment Authority (11.09 per cent) and IL&FS Employees' Welfare Trust (13.65 per cent). Other shareholders include HDFC (9.81 per cent), SBI (6.98 per cent) and UTI AMC (0.80 per cent).
Last month, Central Bank CMD Rajeev Rishi had said they would approach the government for additional capital of Rs 1,500 crore this year and if there was any shortfall, it could look for some other sources to raise funds.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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