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November 30th 2017: France’s Altran Tech buys Aricent for $2 billion

France’s Altran Tech buys Aricent for $2 billion:

French engineering, research and development (ER&D) company Altran Technologies SA has acquired US design and engineering services firm Aricent Inc. at an enterprise value of $2 billion in an all-cash transaction, Altran said in a statement.

Altran acquired California-based Aricent (formerly Flextronics Software Systems) from a group of investors led by private equity firm KKR and Co. LP, which had a 79% stake in the company and was advised by JPMogan Chase and Co. Aricent claims to employ 12,000 engineers, designers and consultants at 19 locations, and has offices in Bengaluru, Gurugram, Pune, Hyderabad, Noida and Chennai.

Mint first reported about Altran’s interest in acquiring Aricent on 14 November. The report said KKR was in early stages of discussions to sell Aricent and Altran was one of the potential suitors.

For more details, kindly click on the following link:

http://www.livemint.com/Companies/oRfNDxm5KWBE8lGrWhthVI/Frances-Altran-Tech-buys-Aricent-for-2-billion.html

November 29th 2017: Fino Paytech to raise ₹200 cr.

Fino Paytech to raise ₹200 cr.

Fino Paytech — the holding company of Fino Payments Bank — is planning to raise ₹200 crore from a clutch of domestic and foreign investors by the end of the financial year, said Rishi Gupta, MD and CEO, Fino Payments Bank, in an interaction.

The funds will be required to support the growth of the payments bank as well as the non-banking finance arm (NBFC) of Fino. Fino Paytech had raised ₹700 crore so far, including ₹400 crore for the bank.

The bank, which started business in July this year, had seen its operations stabilising with each of its branches adding 10-15 accounts everyday. It had 422 branches in 12 States like Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar, among others. It planned to add 200 branches in 2018.

For more details, kindly click on the following link:

http://www.thehindu.com/business/fino-paytech-to-raise-200-cr/article21115576.ece

November 28th 2017: Utkarsh Micro Finance gets RBI approval for small finance bank

Utkarsh Micro Finance gets RBI approval for small finance bank:

Micro Finance Pvt. Ltd on Monday received the final licence from the Reserve Bank of India (RBI) to set up small finance bank.

Among 10 in-principle licence holders, six entities have received the final nod so far.

Janalakshmi Financial Services Pvt. Ltd, Disha Microfin Pvt. Ltd, RGVN (North East) Microfinance Ltd and Au Financiers (India) Ltd are yet to receive the final nod.

All small finance bank licence holders need to start operations by March 2017 before the in-principle approval lapses.

For more details, kindly click on the following link:

http://www.livemint.com/Industry/pjrhB8MDOka9hRHggtzUfN/Utkarsh-Micro-Finance-gets-RBI-approval-for-small-finance-ba.html

November 15th 2017: KKR may exit Aricent; Clix Capital eyes stake in Catholic Syrian Bank

KKR may exit Aricent; Clix Capital eyes stake in Catholic Syrian Bank:

Private equity giant KKR is in talks with prospective buyers to sell its California-based design and engineering company Aricent Inc. for $1.5 billion, said media reports.

According to The Economic Times, KKR has initiated talks with private equity firm Silver Lake Partners and global IT major Accenture.

An unnamed person told Mint that though KKR was engaged in talks with other private equity investors and strategic buyers, the chances are high for the global strategic investors.

The PE firm, which has a 79% stake in Aricent, had given the mandate to investment bank JP Morgan to scout for a buyer.

Aricent is a successor to Hughes Software Systems, which was founded in 1991 as a research and development subsidiary of DIRECTV-owned Hughes Networks Systems.

For more details, click on the following link:

KKR may exit Aricent; Clix Capital eyes stake in Catholic Syrian Bank

November 24th 2017: Catholic Syrian Bank moving to a more stable and sustainable earnings base

Catholic Syrian Bank moving to a more stable and sustainable earnings base:

Catholic Syrian Bank — one of the oldest private sector banks in the country — has not fully lived up to its heritage and exploited the business opportunities that were available even as newer entrants have marched past and left it behind during the past decade. There has been churn at the top and a new chief executive at the helm every few years has affected the bank’s plans to an extent. The current incumbent CVR Rajendran, who has been in office during the last year, has focussed on cleaning up the balance sheet and putting in place a new structure to place the bank in a different growth trajectory. The bank is placing emphasis on doing business through “clearly defined verticals and clearly defined roles”,

he said in an interaction with BusinessLine. Excerpts:

The bank seemed to have done well last fiscal when it made a profit after posting a huge loss in FY16. But appears to have slid again, reporting some losses in H1 of this fiscal. Why?

The net profit of ₹1.55 crore of FY17 was driven by treasury profit of ₹196 crore. It may be noted that if we exclude the treasury profit (which was due to the favourable yield movements in FY17), there was an operating loss of ₹44 crore. But if you analyse H1 figures, we have made ₹43 crore of operating profit, of which, the contribution of treasury was only ₹2 crore. Thus, now we are fast moving to a more stable and sustainable earnings base.

For more details, kindly click on the following link:

http://www.thehindubusinessline.com/money-and-banking/catholic-syrian-bank-moving-to-a-more-stable-and-sustainable-earnings-base/article9967581.ece

November 2nd 2017: MSE raises Rs 209 crore, ties up additional funding of Rs 95 crore

MSE raises Rs 209 crore, ties up additional funding of Rs 95 crore:

Metropolitan Stock Exchange of India (MSE) has announced that it has raised Rs 209 crore in just over a span of one year and has tied up further funding of Rs 95 crore with few large investors and merchant bankers.

With this, the liquid net worth of its clearing corporation subsidiary Metropolitan Clearing Corporation will be Rs 300 crore, meeting the regulator’s securities contracts requirements, according to the statement.

Last July the exchange had raised Rs 97 crore ..

For more details, kindly click on the following details:

https://economictimes.indiatimes.com/markets/stocks/news/mse-raises-rs-209-crore-ties-up-additional-funding-of-rs-95-crore/articleshow/61436797.cms

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

 

September 20th 2017: Catholic Syrian Bank to raise Rs 400 crore capital through QIB

Catholic Syrian Bank to raise Rs 400 crore capital through QIB:

Kerala-based (CSB) Board has approved a proposal to raise capital by way of the qualified institutional buyer (QIB) allocating upto 40 million shares to the investors. The Bank which is seeking around Rs 400 crore to fund its growth till March 2019, said the process will be completed by October.

The development comes two months after Fairfax called off CSB’s plan due to a valuation issue. Canadian investor Prem Watsa’s Fairfax Financial Holdings was planning to invest around Rs 1,000 crore in for a 51 per cent stake.

For more details, kindly click on the following link:
http://www.business-standard.com/article/companies/catholic-syrian-bank-to-raise-rs-400-crore-capital-through-qib-117091800598_1.html

September 18th 2017: Catholic Syrian Bank plans QIP to raise up to Rs400 crore

Catholic Syrian Bank plans QIP to raise up to Rs400 crore:

Kerala based-Catholic Syrian Bank (CSB) Ltd is looking to raise as much as Rs400 crore by selling shares to financial institutions, following the collapse of its plan to sell a major stake to Prem Watsa owned Fairfax Financial Holdings Ltd over differences in valuation.

The bank plans to raise money through a qualified institutional placement (QIP), where listed companies sell shares, fully and partly convertible debentures, or any security other than convertible warrants, to a qualified institutional buyer.

“The board has given the approval to raise up to Rs400 crore through a QIP before end October. We have appointed JM Financial as the merchant banker,” said C.V.R. Rajendran, managing director and chief executive of Catholic Syrian Bank.

For more details, please click on the following link:

http://www.livemint.com/Industry/cGBOAg00wqMgwnAshr1sTL/Catholic-Syrian-Bank-plans-QIP-to-raise-up-to-Rs400-crore.html

September 12th 2017: GIC-backed Bandhan is said to select banks for $780 million IPO

GIC-backed Bandhan is said to select banks for $780 million IPO :
Bandhan Bank Ltd., the first Indian microfinance lender to get a banking permit, has picked arrangers for an initial public offering that could raise at least 50 billion rupees ($780 million), people with knowledge of the matter said.

The lender, which is backed by Singapore sovereign fund GIC Pte, chose Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the share sale, according to the people. Axis Bank Ltd.BSE 0.19 %, JM Financial LtdBSE 0.13 %. and Kotak Mahindra Bank LtdBSE -0.16 %. are also working on the offering, the people said, asking not to be identified because the information is private.

Bandhan Bank had a net interest margin of 10.75 per cent in the quarter ended June 30, the highest among banks in the South Asian nation, while its bad-loan ratio was 0.82 per cent, according to company filings. It was started as a microfinance company in 2001 and converted to a bank in 2015 as India approved new licenses in an effort ..

For more details, click on the following link:
http://economictimes.indiatimes.com/markets/ipos/fpos/gic-backed-bandhan-is-said-to-select-banks-for-780-million-ipo/articleshow/60475747.cms

September 12th 2017: ICICI Lombard IPO offers slice of nascent market at hefty premium

ICICI Lombard IPO offers slice of nascent market at hefty premium:

India’s general insurance market has just begun to stir, reason enough for investors to give a resounding welcome to ICICI Lombard General Insurance Co.’s initial public offering (IPO).

But that is just the first- mover advantage. ICICI Lombard holds a little over 8% of the grossly under-penetrated non-life insurance market where only 30 companies do business. Public sector firms—there are four of them—own more than half of the non-life insurance market.

The insurer has priced its share offer at Rs651-661 apiece and hopes to rake in close to Rs5,700 crore through the IPO. At this band, the company is valued at around Rs30,000 crore, a jump of 48% in just six months. In May, the general insurer’s Canadian shareholder Fairfax Financial Holdings Ltd diluted its stake that had valued ICICI Lombard at a little over Rs20,000 crore.

The general insurer’s management believes that the potential growth in business due to the sheer under-penetration in the market and the fact that ICICI Lombard has an enviable diversified distribution channel are also reasons for the appreciation in valuation.

For more details, kindly click on the following link:

http://www.livemint.com/Money/IMvPjs1sk62AKmvGrZbRFO/ICICI-Lombard-IPO-offers-slice-of-nascent-market-at-hefty-pr.html

September 11th 2017: ICICI Lombard IPO: A safe growth option

ICICI Lombard IPO: A safe growth option:

Nearly a year after listing its life insurance business, ICICI Bank will list its general insurance arm, ICICI Lombard General Insurance, the largest non-life private sector player based on gross direct premium income (GDPI).  The initial public offering (IPO) has many advantages for investors. The most eye-catching one being the first-mover advantage among private players. The under-penetrated nature of general insurance in India and the diversified product offering, along with market leadership among private players across categories, supports the investment rationale in …

For more details, click on the following link:

http://www.business-standard.com/article/markets/icici-lombard-ipo-a-safe-growth-option-117091000703_1.html

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