Insights and Developments in India’s Banking & Finance Market
- August 23: In a regulatory filing , PNB Housing Finance announced that it has effectively employed a targeted and multifaceted resolution approach to successfully resolve and completely recuperate a substantial non-performing corporate account worth 784 crore. This amount represents 1.3% of the company’s loan assets as of June 30, 2023.
- July 23: Utkarsh Small Finance Bank successfully raised Rs 500 crore through its primary stake sale, offering shares in the price range of Rs 23 to Rs 25 per share, with a lot size of 600 equity shares. This fresh issuance consisted of 20 crore equity shares and was available for subscription from July 12 to July 14. Impressively, the issue received an overwhelming subscription of 110.77 times overall. Remarkably high demand was observed across different investor categories: qualified institutional buyers (QIBs) bid 124.85 times, non-institutional investors (NIIs) bid 81.64 times, retail investors bid 72.10 times, and the employee category garnered 16.58 times subscription
- July 23: The extensive amalgamation of banks has reached its conclusion, with July 13 designated as the merger’s record date. Consequently, trading of HDFC shares will cease starting from July 14. Each shareholder of HDFC Ltd will receive 42 shares of HDFC Bank for every 25 shares held in HDFC Ltd.
- November 2022: Tata Capital Housing Finance, a Tata Capital subsidiary, intends to push into the home loan market significantly. To do so, it is looking for the capital of INR 3,000 crore from the National Housing Bank and intends to raise INR 1,000 crore through bonds. Both retail and real estate developers are expected to be eligible for financing from the organization.
- October 2022: Private sector lender HDFC Bank will complete its planned merger with Housing Development Finance Corp. Ltd by the first quarter of FY24 instead of the original target of the third quarter.