Mumbai: Shareholders of Yes Bank on Friday approved raising the private-sector lender’s authorised capital to Rs 1,100 crore at an extraordinary general meeting held in Mumbai, the bank said in a customary filing with local exchanges. A special resolution to allow capital raising through issuance of equity shares or other convertible securities of Rs 10,000 crore was also passed at the meeting. The move comes even as the Mumbai-based bank is seeking to raise funds to enhance its growth capital. The funds would also buttress Yes Bank’s core capital, which is already above the threshold prescribed by the regulator. Earlier this week, ET reported that Yes Bank picked Cantor Fitzgerald, led by former Deutsche Bank global co-CEO Anshu Jain, and local investment banks IDFC Securities and Ambit Capital to raise funds that would help the lender expand its loan book. Yes Bank plans to raise up to $2 billion to shore up its capital base. Shareholders met to discuss increasing the … [Read more...] about Yes Bank gets shareholder nod to raise Rs 10,000 crore
Citi revamps investment bank and reshuffles management
By Eyk Henning and Gillian Tan SoftBank Group Corp. has named Akshay Naheta senior vice president, moving the Vision Fund managing partner to a new role as the company looks for ways to improve its governance and stem losses, according to people familiar with the matter. Abu Dhabi-based Naheta will assist SoftBank founder and Chief Executive Officer Masayoshi Son in managing the conglomerate’s investments function and will provide strategic advice to its global management team, said some of the people, who asked not to be identified because the appointment isn’t yet public. Naheta will start his new role in June, one of them said. Another Vision Fund managing partner, Tokyo-based Kentaro Matsui, will transition to a senior advisory role at SoftBank Group, one of the people said. The moves were mutual decisions and part of an effort to refine the originally $100 billion fund’s operating model, the person added. Both Matsui and Naheta -- whose previous roles were … [Read more...] about SoftBank hands new roles to two Vision Fund managing partners
The State government has effected a reshuffle in the upper echelons of the police department. Dr. B. Sandhya IPS, Additional Director General of Police & Director, Kerala Police Academy, is transferred and posted as Additional Director General of Police (Training). … [Read more...] about Reshuffle in police dept.
Bonds have much more money invested in them worldwide than in equities, but don’t get the column inches they deserve. That’s because bond returns don’t appear as spectacular as those in stocks, but in stressful times, they are good bets - more so if state backed. So, the latest Bharat Bond ETF issue will likely draw investors, who should earn 150 basis points more than the yields on existing tax-free debt. Set to be launched in July, the latest Bharat Bond ETF series aims to raise Rs 14,000 crore. This tranche of mutual fund units, tapping into retail savings, is estimated to yield a tax-free return of 6.21% for people in the marginal tax bracket. Those returns easily outpace the gains from existing tax-free bonds in the secondary market, perhaps by more than 150 basis points. So, these are cool bets for high net worth individuals shifting funds from risky assets. Tax Free Bonds (AAA) are now trading at 4.65% yield-to-maturity, a gauge used to measure returns on … [Read more...] about Should you invest in Bharat Bond ETF?
By Sanjeev Sanyal The prime minister has set out a clear vision for a $5 trillion economy by 2024-25, a nominal GDP of Rs 375 lakh crore. In turn, this requires sustaining a real GDP growth rate of 8% a year. What are the ingredients of a model that can generate such growth? The overwhelming evidence, especially from East Asia, is that such high growth rates have only been sustained by an economic model driven by a virtuous cycle of savings, investment and exports supported by a favourable demographic phase. As discussed in the latest Economic Survey, India has already entered a period with a high share of workingage population, & will remain in this ‘demographic dividend’ phase for over two decades. However, favourable demographics is not sufficient. Broth for Growth Cross-country data shows that sustained high growth has always been driven by investment. Indeed, a GDP growth rate of 8% will typically require an investment effort in excess of 35% of GDP. … [Read more...] about View: Improving legal system is the best investment India can make