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October 27th 2017: Hero FinCorp plans entry into non-life insurance business

Hero FinCorp plans entry into non-life insurance business:

Hero FinCorp Ltd, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp Ltd, plans to enter the non-life insurance business and is looking to acquire a controlling stake in an existing general insurance company, two people with direct knowledge of the matter said.

Hero FinCorp was until recently in talks with Future Generali—a joint venture between Kishore Biyani’s Future group and Italy’s Generali group—but the talks were not successful, the people mentioned above said on condition of anonymity as the talks are private.

Emails sent to Hero FinCorp and Future Generali remained unanswered until press time.

“The talks failed because of mismatch in valuation,” the first person cited above said, adding that Hero FinCorp had also begun discussions with potential buyers to sell equity stake to raise capital for the acquisition.

For more information, kindly click on the following link:

http://www.livemint.com/Industry/J9PUfFM6AfXRVllupBv7RI/Hero-FinCorp-plans-entry-into-nonlife-insurance-business.html

 

October 23rd 2017: Catholic Syrian Bank expects to raise funds by December

Catholic Syrian Bank expects to raise funds by December:

Kerala-based (CSB) hopes to conclude its fundraising exercise by December.

 

T S Anantharaman, chairman, said the second half of the exercise would be concluded by then. CSB needs Rs 400-600 crore. Sources say SSG Capital Management, InCred Finance, Aion Capital, JM Financial and Everstone-backed IndoStar Capital are among the investors which have shown interest.
R Rajendran, managing director of CSB, say that 25-30 investors had shown interest and three-odd rounds of discussion were over. He said: “We have told the Reserve Bank that CSB will be listed in the next one and a half years.”
CSB had a net loss of Rs 149 crore in 2015-16 and then turned around in 2016-17, with net profit of Rs 1.6 crore, on the back of treasury gains. Anatharaman said the challenge was to have growth in operating profit this year without the benefit of treasury gain. The operating profit was Rs 9 crore in the first, June, quarter and Rs 34 crore in the September one. Net loss was Rs 14 crore in the first quarter; the next one saw a profit of nearly Rs 1 crore.

For more details, kindly click on the following link:

http://www.business-standard.com/article/markets/catholic-syrian-bank-expects-equity-investors-on-board-by-dec-117102300927_1.html

October 16th 2017: Metropolitan Stock Exchange of India raises Rs112 crore, awaits Sebi nod

Metropolitan Stock Exchange of India raises Rs112 crore, awaits Sebi nod:

Metropolitan Stock Exchange of India (MSE) has mobilised Rs112 crore through a rights issue and is awaiting regulator Sebi’s approval for launching new products, a top company official said. The exchange, which was targeting to raise Rs207 crore from the rights issue, will allot the unsubscribed portion through board approval.

Proceeds from the issue would be used towards capitalisation of MSE’s subsidiary Metropolitan Clearing Corporation of India as per regulatory requirements. “MSE launched rights issue of Rs207 crore on 16 September which closed on 30 September . During this time, MSE was successful in raising Rs112 crore,” MSE Managing Director and CEO Udai Kumar told PTI.

“Unsubscribed portion will be placed and allotted through board approval,” he added. Noting that the bourse is adequately funded for business requirements, Kumar said that “if the exchange receives over- subscription in the process of placing the unsubscribed portion, it has the option to retain it”. He added that MSE is awaiting regulator Sebi’s approval for launching new products.

For more details, please click on the following link:

http://www.livemint.com/Money/VwZfJlpvjEyRzdTrmwFwFM/Metropolitan-Stock-Exchange-of-India-raises-Rs112-crore-aw.html

October 10th 2017: SSG Capital Management, InCred in race to buy up to 15% stake in CSB

SSG Capital Management, InCred in race to buy up to 15% stake in CSB :

SSG Capital Management, a Singapore-based pan-Asian private equity investor, is in a race with former Deutsche Bank co-CEO Anshu Jain-backed In-Cred Finance to buy up to 15% stake in Kerala-based Catholic Syrian Bank after the latter’s talks with Canadian billionaire Prem Watsa-controlled Fairfax was called off on valuation differences.

Fresh negotiations would be for a secondary block from some of the shareholders wanting to exit the bank, as against the previously negotiated deal which was for a controlling holding in the company, multiple sources said.

The bank’s shareholders are expecting a valuation of Rs 1,700 to Rs 2,000 crore. An earlier deal with Fairfax fell through mainly because the Canadians only offered Rs 1,300 crore.

For more details, kindly click on the following link:

http://economictimes.indiatimes.com/industry/banking/finance/ssg-capital-management-incred-in-race-to-buy-up-to-15-stake-in-csb/articleshow/61013069.cms

 

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