RBL Bank-backed microlender Utkarsh SFB plans ₹500 crore IPO

MUMBAI : RBL Bank-backed Utkarsh Small Finance Bank (USFB), which mainly gives microfinance loans in Bihar and Uttar Pradesh, has begun work on its initial public offering (IPO), three people aware of the matter said. “The bank is presently in the process of appointing investment banks for its proposed IPO, which is expected to be around ₹500 crore in size,” said one of the three people, all of whom spoke under condition of anonymity. Established in 2009, USFB is wholly owned by Utkarsh Coreinvest Ltd (erstwhile Utkarsh Micro Finance Ltd) and counts CDC Group Plc, the development…

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Piramal sells entire 10% stake in Shriram Transport for ₹2,300 crore

New Delhi: Ajay Piramal-controlled Piramal Enterprises Ltd on Monday sold its entire stake of about 10% stake in commercial vehicle financier Shriram Transport Finance Co Ltd., citing a “broader strategy” to leverage opportunities for growth in its financial services business. As of 31 March, Piramal held 22.6 million shares in Shriram Transport, which specialises in financing second-hand trucks, representing a 9.96% stake. The stake sale will fetch Piramal approximately ₹2,300 crore, based on the closing price of the stock on Monday. “Earlier this year in April 2019, Piramal Enterprises Ltd. had announced…

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Raghuram Rajan, corporate leaders to set up Rs750 crore university

(Standing left to right in front row) R. Seshasayee, Sajjan Jindal, Vishaka Desai, Anand Mahindra and Raghuram Rajan during the announcement of Krea University in Mumbai on Friday. Photo: PTI Mumbai: Personalities such as Anand Mahindra, R. Seshasayee, Sajjan Jindal, and former Reserver Bank of India governor Raghuram Rajan came together on Friday to announce the launch of Krea University, which will focus on liberal arts and science courses. These leaders will be associated with the university either as members of the governing or academic councils. Around Rs750 crore will be…

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Indian Railways receives over 2 crore applications for one lakh openings

The railways on Monday said it has received over two crore applications for about one lakh vacancies, with five days still remaining for the online registration to end. The online exam will be held for about 90,000 posts in group C and group D and for 9,500 openings in the Railway Protection Force. “Till date, over 2 crore candidates have applied for the posts and the number will rise further as five more days remain before the deadline comes to an end,” said a Railway Ministry official. For assistant loco…

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