Mumbai: Banking regulator Reserve Bank of India has approved the acquisition of Centurion Bank of Punjab Ltd (CBoP) by HDFC Bank Ltd.
The merger will come into effect from 23 May, HDFC said in a notice to the Bombay Stock Exchange.
HDFC Bank’s board had in February approved the acquisition of CBoP for Rs9,510 crore, the largest financial sector merger so far. The swap ratio decided then was one HDFC share for 29 CBoP shares.
- Anup Roy
V-Guard Industries net doubles to Rs37 crore
New Delhi: Manufacturer of voltage stabilizers V-Guard Industries Ltd said its net profit more than doubled to Rs37.42 crore in 2007-08, as against Rs18.23 crore in the previous year.
Profit before tax was Rs52.43 crore as against 26.49 crore, a statement said.
The company earned non-recurring profit of Rs29.7 crore during 2007-08, which contributed to the sharp increase in the profit before tax. It said sales grew 26.16% to Rs289.1 crore during the year, against Rs229.2 crore in the previous fiscal.
- Staff Writer
125 firms file public issue documents
Mumbai: A flood of public issues is expected to hit the markets as soon as stability returns to the market. According to available data, 125 companies have filed draft offer documents (including rights and follow-on issues) with market regulator Securities and Exchange Board of India (Sebi), while still waiting for clear skies over the domestic markets.
“There is a mix of small, medium and large companies on the list and they are together expected to raise around Rs22,000 crore,” said Nimish C. Shah, managing director of Fortune Financial Services, a Mumbai-based investment banking and brokerage house.
With the equity markets witnessing severe bouts of volatility since January, these companies are waiting for better conditions to find enough buyers for their shares.
“Primary market issues depend on secondary market sentiment,” said Prithvi Haldea, founder and managing director of data provider Prime Database. “These companies are waiting for some stability in the market rather than for higher levels on key indices like the Nifty and the Sensex.”
- Indulal PM & Vyas Mohan/HT