- Yes bank reported a record loss of ₹18,564.25 crores for thee third quarter ending 31 December
- Government is considering setting up a panel to oversee steps to tide over the AGR crisis in telecom sector
Yes Bank: Crisis hit Yes bank on Saturday reported a record loss of ₹18,564.25 crores for Q3 FY20 due to a sharp jump in bad loans and higher provisioning. Also, as per the final reconstruction scheme for Yes Bank, 75% of the shareholding of the shareholders holding 100 or more shares will be locked-in for three years.
SBI, ICICI Bank, Axis Bank HDFC Bank, Kotak Bank IDFC Bank and Bandhan Bank: The Union Cabinet on Friday approved the Yes Bank rescue plan crafted by the State Bank of India. According to the proposal, SBI will infuse ₹7,250 crore in Yes bank, HDFC Ltd and ICICI bank Ltd will infuse ₹1000 crore each. Axis Bank will infuse ₹600 crore and Kotak Mahindra Bank Ltd is will infuse ₹500 crore. Bandhan Bank will invest ₹300 crore, while IDFC First will invest ₹250 crore.
SBI Cards: The credit card arm of State Bank of India will make its debut on the stock exchanges on 16 March. The initial public offering (IPO) was open for subscription from 2-5 March.
DHFL: Creditors to Dewan Housing Finance Corp. Ltd (DHFL) are examining the possibility of adjusting the fixed deposits of its customers against loans outstanding after certain depositors approached the administrator of the bankrupt mortgage lender, according to a Mint report.
HUL: The board of directors of FMCG major will meet on 1 April to announce the merger with GlaxoSmithKline Consumer Healthcare (GSKCH). HUL and GSKCH received the approval from the Mumbai and Chandigarh bench of the National Company Law Tribunal, respectively for the merger, HUL said in a regulatory filing.
Alkem Laboratories and Macleods Pharmaceuticals: Fair trade regulator CCI has asked Bengal Chemists and Druggists Association, its two district committees, Alkem Laboratories and Macleods Pharmaceuticals to refrain from indulging in anti-competitive business practices.
Jet Airways: Jet Airways’ resolution professional on Friday filed an application in National Company Law Tribunal seeking 90 days extension for the corporate insolvency resolution process of the defunct carrier.
Telecom companies: The government is considering setting up an empowered group of ministers to oversee steps to tide over the adjusted gross revenue crisis in the telecom sector, according to a report in The Economic Times.
Indiabulls Housing Finance: The housing finance company on Sunday said that the company, as well as its promoters, does not have any outstanding term loan from Yes Bank. “In relation to some rumors and misinformation in social media regarding term loans of Yes Bank to Indiabulls Housing Finance, we would like to place facts in public domain that the outstanding terms loans from Yes Bank to Indiabulls Housing Finance are Zero,” the mortgage lender said in a BSE filing.
Tata Group: Tata Sons on Friday acquired shares of its group companies from the open market. As per the bulk deal data on the NSE, Tata Sons acquired 77.95 lakh shares of Tata Steel worth ₹234 crore and 82.30 lakh shares of Tata Motors (DVR) worth ₹39 crore.