Ujjivan Small Finance Bank Ltd received a staggering response from investors to its initial public offering on the final day on Wednesday with the issue being the third most oversubscribed IPO in India. The offering of 123.95 million shares, excluding the anchor allotment portion, received bids for about nearly 20.52 billion shares towards the end of day three, stock-exchange data showed. The book was subscribed to 170 times on the final day. This is the third-best investor turnout in an IPO, after those of Apollo Microsystems and Capacit’e Infraprojects. As for Ujjivan SFB, the quota reserved for retail investors, whose bid application…
Author: Loknath Das
MUMBAI : Payments banks can apply for conversion into small finance banks (SFBs) after five years of operation, provided they meet the eligibility criteria, the Reserve Bank of India (RBI) said on Thursday, as it announced the final guidelines for on-tap licencing of private sector SFBs. The promoter of a payments bank is eligible to set up an SFB, provided that both banks come under the non-operating financial holding company (NOFHC) structure, according to the guidelines. Existing rules do not allow payments banks to lend and deposits are capped at ₹1 lakh per customer. If these entities get the licence of small…
NEW DELHI: Finance minister Nirmala Sitharaman said the recent corporate tax rate cut was aimed at attracting investments and creating jobs while clarifying that the reduction in minimum alternate tax was applicable from the beginning of the current financial year. “We think we will attract investment by reducing tax rate,” she told Parliament, while adding that several countries had done the same. She was speaking during the debate on the Taxation Laws (Amendment) Bill that was passed by the Lok Sabha, replacing a September 20 ordinance. The MAT clarification would have come as a relief as the text of the bill had said the…
Pune-based Electronica Finance Ltd (EFL) has raised over Rs 100 crore ($15 million) through the issuance of Compulsorily Convertible Preference Shares (CCPS). According to a statement released by the company, the funds will be utilised by EFL for its business growth in the existing product segments and expansion into its new rooftop solar financing business. Incorporated in 1990, EFL is a part of the SRP Electronica Group and a pioneer in the field of machine finance. It engages in machinery and other asset financings for Micro, Small and Medium Enterprises (MSMEs). Shilpa Pophale, MD, Electronica Finance Ltd Shilpa Pophale, Managing Director, Electronica Finance Ltd, said, “EFL has…
MODEL OBSESSION: Rock singer Rod Stewart, known for his partying ways and three marriages, has been faithful in one pursuit. He has spent 23 years on a project, creating a model of a gritty American city, complete with railway tracks and even skyscrapers. Netizens have gushed over his skills, with one tweeting: “Very impressive. Nice to see the geeky side of a celeb.” Stewart, 74, told the Associated Press of his creation: “There’s garbage in the streets, the windows are filthy, there’s everything you can imagine in real life.” When he built a house in Beverly Hills, he used the…
If you want to know how to improve your content marketing strategy, open your eyes and take advantage of the valuable marketing metrics you have at your fingertips. In this article, I will explain why these measures are important, what some of the most valuable metrics are and how you can use these indicators to improve your content marketing campaign and increase your marketing ROI. Marketing Metrics: Why Are They So Important? The term “marketing metrics” encompasses any measurable variable that demonstrates the effectiveness of your campaign. But this raw data alone will not tell you much. To get the…
Bengaluru: About 62% of Indian businesses accept payments via social media as compared to the global average of 55%. This has led to an increased adoption of social commerce in the country, a survey by digital payments company PayPal and market research firm Ipsos has found. Social commerce adoption has been increasing in India. About 57% purchased via this channel in the past six months, with over half of them doing so weekly. For the businesses surveyed, 55% of their sales volume was generated via social media, compared to the global average of 45%. The survey — conducted across 11 countries with about 22,000 consumers and…
NEW DELHI : The Union Cabinet on Wednesday approved the extension of the term of the Fifteenth Finance Commission to submit its report, setting 30 October, 2020 as the new deadline. This is the second extension for the Commission which was due to submit the report by 30 November. The N. K. Singh-headed Finance Commssion will now present the final report covering financial years 2021-22 to 2025-26 (April-March). The extension of the term will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2026.…
Social media is governing our lives. Of the 7.7 billion people in the world, nearly 3.5 billion use social media. In other words, roughly one in two people across the globe access popular social media platforms like Facebook, Instagram, Twitter, and YouTube. Further, an infographic by FameMass shares that the world’s population spends an average of 2 hours and 23 minutes per day on social media platforms. A majority of people use social media to stay up-to-date with the current events, connect with people, access engaging content, and (most importantly!) research or find products. All this data is enough to realize the…
Google hopes to break into the global video game industry expected to top $150 billion this year Ever-expanding Google becomes a gaming company on Tuesday with the launch of its Stadia cloud service that lets people play console-quality video games on a web browser or smartphone. The internet giant hopes to break into the global video game industry expected to top $150 billion this year, with cloud technology that could broaden audiences attracted by rich new features as well as ease of access with no more need for consoles. But analysts say Stadia’s outlook is uncertain as its faces rivals…