Mumbai:Officials of State Bank of India, the nation’s biggest bank by assets, said the lender has been granted government approval to expand its issued capital by as much as 24%, helping it to raise money by selling shares to existing investors for the first time in a decade. The state-owned bank will be able to increase its equity capital to Rs650 crore, from Rs526 crore, the Mumbai-based lender said in a statement to the Bombay Stock Exchange.
State Bank plans to raise Rs16,700 crore from stakeholders, a government spokesman said on 30 November. The finance ministry will contribute Rs10,000 crore to retain its 59.73% stake, the lender said last month.
The funds will help prepare for the easing of restrictions on international lenders in 2009.
Ivana Trump to spice up Indian real estate
Dubai:Ivana Trump, former wife of realty and casino magnate Donald Trump, is planning to enter India next year, in association with Dubai-based developers Darvesh Group Holding, the real estate arm of Darvesh Group, also headquartered in Dubai. The group is set to roll out ‘Ivana Trump’—an international luxury brand, that covers fashion to real estate, across India and Gulf countries.
Diamond India to cut? reliance on De Beers
Mumbai: Diamond India Ltd plans to boost imports of rough diamonds directly from miners as De Beers, the world’s biggest supplier, may cut sales to a select group of customers, or so-called sightholders, in India. The company may seek supplies from miners in Russia, Angola and Botswana to pare its reliance on the world’s biggest diamond company, Sanjay Kothari, chairperson of the Gem and Jewellery Export Promotion Council that founded Diamond India, said.
RCom to move TDSAT for spectrum share
New Delhi: Code division multiple access mobile operator Reliance Communications Ltd (RCom), whose chairperson Anil Ambani had accused global systems for mobile communications (GSM) operators of hoarding spectrum, is expected to move telecom tribunal Telecom Disputes Settlement And Appellate Tribunal (TDSAT) on Thursday to seek a return of excess air waves.
Bajaj Allianz infuses Rs175 crore capital
New Delhi: Private insurer Bajaj Allianz Life Insurance Co. on Wednesday said the company has made a fresh capital infusion of Rs175 crore to speed up growth. With this, the firm’s capital base grows to Rs875 crore, a company release said.
24 trade zone plans approved across India
New Delhi: The Union government gave a nod to Dr. Reddy’s Laboratories Ltd, Steel Authority of India Ltd and 22 other proposals to set up economic zones in the country. A panel, headed by commerce secretary G.K. Pillai also gave “in-principle” approval to four applications to set up special economic zones, a statement said.
Kotak Mahindra taps Accenture veteran
Mumbai:Kotak Mahindra Capital Co. Ltd on Tuesday named Uday Bhansali as executive director for its investment banking business. Bhansali worked for 20 years with Accenture Ltd.
ONGC, Hindujas in $20 bn Iran, India plan
New Delhi: ONGC and Hinduja Group plan to invest $20 billion (Rs78,800 crore) with Iranian firms to develop oil and gas fields and set up refineries and petrochemical units in India. The development of Phase-12 of South Pars field and the Azadegan field will cost $8 billion, while a facility to liquefy the gas for export another $2 billion.