Yes Bank acquires over 17% stake in Fortis Healthcare, becomes largest shareholder
Posted on 14th March 2018 |
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| Yes Bank Ltd on Tuesday acquired more than 17 percent stake in Fortis Healthcare Ltd post invocation of pledge on the equity shares subsequent to default by the promoters group companies. 89,781,906 equity shares were acquired i.e. 17.31 percent of the paid up share capital of Fortis Healthcare Ltd, having nominal value of Rs 10 per share, Yes Bank said in a regulatory filing to exchanges. The private lender said that the acquisition was pursuant to “invocation of pledge on the said equity shares subsequent to default by promoters group companies in the credit facility provided by the bank.” The shares of Yes Bank Ltd were trading at Rs 316.90 up by 1.21 percent on BSE at the time of reporting. Fortis Healthcare Ltd shares were trading at Rs 158.45 up by 3.90 percent on BSE. On 15 February, the Supreme Court issued an order that financial institutions holding pledged shares of Fortis Healthcare Ltd are free to sell them. Fortis Healthcare Holding owned 38.65 percent in Fortis Healthcare and 36.58 percent was pledged to financial institutions as of August 4, 2018. Yes Bank Ltd, Axis Bank Ltd., RBL Bank Ltd and ECL Finance Ltd. are the key lenders. As a result,the stake of promoter firm Fortis Healthcare Holdings along with promoters namely Malvinder Singh and Shivinder Singh and other family entities have reduced to 5.87 percent from 34.43 percent they held earlier. On December 31, 2017, Fortis Healthcare Holding owned 34.33 percent in Fortis Healthcare Ltd, according to regulatory filing to exchange. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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