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Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Future Enterprises standalone net profit rises 615.37% in the June 2016 quarter

Sep 14,2016

Net profit of Future Enterprises rose 615.37% to Rs 315.48 crore in the quarter ended June 2016 as against Rs 44.10 crore during the previous quarter ended June 2015. Sales declined 67.64% to Rs 921.19 crore in the quarter ended June 2016 as against Rs 2846.84 crore during the previous quarter ended June 2015.

ParticularsQuarter Ended
n++Jun. 2016Jun. 2015% Var.
Sales921.192846.84-68
OPM %24.969.91-
PBDT295.07184.1360
PBT142.3249.92185
NP315.4844.10615

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Astral Poly Technik gets reaffirmation in credit ratings
Sep 19,2016

Astral Poly Technik has received revision in credit ratings as follows -

Long term facilities - CRISIL AA-/ Stable (Reaffirmed)
Short term facilities - CRISIL A1+ (Reaffirmed)
Commercial Paper - CRISIL A1+ (Reaffirmed)

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Cox & Kings gains after large bulk deal
Sep 19,2016

Meanwhile, the S&P BSE Sensex was up 105.68 points, or 0.37%, to 28,704.71

Bulk deal boosted volume on the scrip. On BSE, so far 17.72 lakh shares were traded in the counter, compared with average daily volume of 1.82 lakh shares in the past one quarter. The stock hit a high of Rs 242 and a low of Rs 225.10 so far during the day. The stock hit a 52-week high of Rs 276.80 on 4 November 2015. The stock hit a 52-week low of Rs 140.50 on 17 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 23.18% compared with 1.69% rise in the Sensex. The scrip also outperformed the market in past one quarter, gaining 42.75% as against Sensexs 7.41% rise.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

Cox & Kings consolidated net profit fell 23.68% to Rs 108.07 crore on 2.84% decline in net sales to Rs 2062.46 crore in Q1 June 2016 over Q1 June 2015.

Cox & Kings is one of the leading holiday and education travel companies with operations in 22 countries across 4 continents.

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PHD Chamber hails guidelines to regulate Indian Direct Selling Industry
Sep 19,2016

PHD Chamber of Commerce and Industry wholeheartedly welcomes the new guidelines to regulate Indian direct selling companies, issued by the Ministry of Consumer Affairs to safeguard the interests of consumers, as well as help protect ethical direct selling companies, said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry.

According to our projections, the annual revenue size of the Direct Selling Industry is estimated to reach upto INR 15,000 crore by 2019-20 on account of conducive policy framework and regulatory clarity by the government, he said.

The annual revenue size of the direct selling industry in 2014-15 was estimated at around Rs.7900 crore during the annual survey conducted by the PHD Research Bureau of PHD chamber

The guidelines related to grievance redressal mechanism for consumers, remuneration system for the person engaged by direct selling firms and direct sellers mandatory compliance with some rules will safeguard the interests of consumers as well as companies alike, added Dr. Gupta.

The guidelines will help to give boost to the industry which gives employment opportunities to large number of youth and women, contributes to skill development and women empowerment, gives push to MSME sector and has contributed to Governments ambitious Make in India campaign by giving boost to manufacturing sector in India, he said.

PHD Chamber of Commerce and Industry has been conducting the Annual Survey of the Indian Direct Selling Industry for the last 5 years to study the growth dynamics of the Industry, he said.

Going forward, we look forward to a clear set of standard central guidelines across the country in order to build an environment of confidence and to bring Indias Direct Selling industry at par with global levels, said Dr. Mahesh Gupta.

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Motherson Sumi gains after successfully raising funds through QIP issue
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the BSE Sensex was up 67.10 points, or 0.23%, to 28,666.13.

On BSE, so far 32,113 shares were traded in the counter, compared with average daily volume of 3 lakh shares in the past one quarter. The stock hit a high of Rs 324.45 and a low of Rs 318.55 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 0.89% compared with Sensexs 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 9.06% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Re 1.

The qualified institutional placement (QIP) issue opened on 8 September 2016 and was closed for receiving applications from investors on 13 September 2016. 6.28 crore shares were issued to qualified institutional buyers at an issue price of Rs 317 per share constituting a discount of 2.79% or Rs 9.10 per share to the floor price of Rs 326.10 per share aggregating to Rs 1993.44 crore on 16 September 2016.

The company intends to use the net proceeds of the issue for meeting general corporate purpose and for achieving the companys objectives in five year plan Vision 2020, wherein company aims to have revenues of $18 billion by 2020.

Further, preferential allotment of 1.77 crore shares was made in favour of Sumitomo Wiring Systems (SWS) at the issue price of Rs 317 per share on 12 September 2016 aggregating Rs 563.07 crore. Post this preferential allotment and the QIP allotment, SWS shareholding continues to remain above 25%.

The board of directors in a meet on 3 August 2016 had resolved to evaluate various fund raising options including issue of qualified institutional placement and also a preferential issuance to SWS, one of the promoters of the company.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Motherson Sumi gains after successfully raising funds through QIP
Sep 19,2016

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the BSE Sensex was up 67.10 points, or 0.23%, to 28,666.13.

On BSE, so far 32,113 shares were traded in the counter, compared with average daily volume of 3 lakh shares in the past one quarter. The stock hit a high of Rs 324.45 and a low of Rs 318.55 so far during the day. The stock hit a 52-week high of Rs 358.55 on 2 August 2016. The stock hit a 52-week low of Rs 206.20 on 25 February 2016. The stock had underperformed the market over the past one month till 16 September 2016, falling 0.89% compared with Sensexs 1.9% rise. The scrip had, however, outperformed the market in past one quarter, gaining 9.06% as against Sensexs 7.82% rise.

The large-cap company has equity capital of Rs 132.29 crore. Face value per share is Re 1.

The qualified institutional placement (QIP) issue opened on 8 September 2016 and was closed for receiving applications from investors on 13 September 2016. 6.28 crore shares were issued to qualified institutional buyers at an issue price of Rs 317 per share constituting a discount of 2.79% or Rs 9.10 per share to the floor price of Rs 326.10 per share aggregating to Rs 1993.44 crore on 16 September 2016.

The company intends to use the net proceeds of the issue for meeting general corporate purpose and for achieving the companys objectives in five year plan Vision 2020, wherein company aims to have revenues of $18 billion by 2020.

Further, preferential allotment of 1.77 crore shares was made in favour of Sumitomo Wiring Systems (SWS) at the issue price of Rs 317 per share on 12 September 2016 aggregating Rs 563.07 crore. Post this preferential allotment and the QIP allotment, SWS shareholding continues to remain above 25%.

The board of directors in a meet on 3 August 2016 had resolved to evaluate various fund raising options including issue of qualified institutional placement and also a preferential issuance to SWS, one of the promoters of the company.

Motherson Sumi Systems consolidated net profit rose 15.8% to Rs 439.36 crore on 16.1% increase in net sales to Rs 10352.33 crore in Q1 June 2016 over Q1 June 2015.

Motherson Sumi Systems is one of the worlds fastest growing specialized automotive component manufacturing company for original equipment manufacturers (OEMs). It is a joint venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan).

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Indo-Belarus Mutual Trade Growing At 10-15% Per Annum: Ambassador, Belarus
Sep 19,2016

Ambassador of Belarus to India, Mr. Vitaly Prima on Thursday hoped that both India and Belarus would further cement their trade and economic ties as in the last few years the mutual trade turnover between the two countries is growing between 10-15% per year.

n++With the elimination of all barriers in the bilateral trade between India and Belarus, when India recognized the latter as a full market economy country and removed anti-dumping duties on Belarusian goods, the prospects of two nations coming closer have brightenedn++, emphasized the Ambassador.

Addressing an Interactive Session on Doing Business with Belarus under aegis of PHD Chamber of Commerce and Industry, Mr. Prima recalled that the visit of the Prime Minister of Republic of Belarus in November 2012 and the first in the history of the Belarus-India relations visit of President of India to Belarus in June 2015 gave strong impetus to bilateral collaboration.

The Ambassador also emphasized that Belarus and India could become a strong partners for development and welfare in programmes such as Make-in-India, Digital India, Smart Cities and Skill India as also cooperate in the field of chemicals, petro-chemicals, agriculture, mechanical engineering, light industry and food production including information and communication technologies.

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Gold at lowest levels in three months
Sep 19,2016

Bullion prices ended lower at Comex on Friday, 16 September 2016. Gold futures finished at their lowest level in almost three months on Friday, logging a seventh drop in eight sessions to finish the week with a nearly 2% loss as the U.S. dollar climbed sharply in the run up to key central bank policy meetings next week.A report on inflation muddied the short-term fate for U.S. interest rates ahead of separate meetings of the Federal Reserve and Bank of Japan. Attention was fixed on inflation data and any implications it has for Fed decision-making. Quadruple witching, when certain futures and options expire at the same time, added volatility to the trading session, prompting prices to end closer to the days lows.

December gold fell $7.80, or 0.6%, to $1,310.20 an ounce. Prices saw the lowest settlement since June 23 and lost 1.8% for the week. December silver also fell by 17.9 cents, or 0.9%, to $18.862 an ounce, down around 2.6% for the week.

Economic data at Wall Street on Friday showed that the U.S. Consumer Price Index rose 0.2% in August, outpacing a forecast for 0.1% advance. Excluding the volatile food and energy categories, so-called core consumer prices climbed 0.3%. Consumer inflation is firming (as is producer price inflation) and there is some data-based rationalization in the core CPI rate for the Fed to raise the fed funds rate.

Both central banks are eyeing divergent directions for their respective monetary policies, when their policy-setting committees separately convene Sept. 20-21. Their actions, or simply their commentary, could influence their currencies and dollar-priced assets like metals.

Separately, the preliminary reading of the University of Michigan Consumer Sentiment Survey for September was unchanged from the final August reading, holding at 89.8.

The dollar has strengthened in response to the higher-than-expected consumer price inflation, prompting gold to drift lower. The ICE U.S. Dollar Index extended its gain after the inflation data, and traded 0.8% higher as gold futures settled. Higher rates tend to lift the dollar, dulling the appeal of greenback-priced assets including precious metals. At the same time, signs of deepening inflation risks could revive demand for gold as a hedging alternative to inflations erosive effects on other assets.

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Vipul surges after receiving environmental clearance for project
Sep 19,2016

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the BSE Sensex was up 18.57 points, or 0.05% to 28,617.60.

On BSE, so far 78,113 shares were traded in the counter compared with an average daily volume of 2.04 lakh shares in the past one quarter. The stock hit a high of Rs 84.50, so far during the day, which is a 52-week high for the stock. The stock hit a low of Rs 78 so far during the day. The stock hit a 52-week low of Rs 40 on 22 March 2016. The stock had outperformed the market over the past one month till 16 September 2016, rising 8.41% compared with Sensexs 1.9% rise. The scrip had also outperformed the market in past one quarter, gaining 38.9% as against Sensexs 7.82% rise.

The small-cap realty firm has equity capital is Rs 12 crore. Face value per share is Re 1.

Vipul said it received environmental clearance from State Environment Impact Assessment Authority, Haryana, for its project Aarohan on Golf Course road in Gurgaon. By June 2016, it had already sold more than 26% of flats in Phase 1 of the project.

Further, the company said it had raised debt from DMI Finance (DMI) to the tune of Rs 175 crore and this money was utilised toward pre-operative expenses of Project Aarohan. With permissions now in place and construction likely to commence soon, Vipul has received sanction for a loan of Rs 275 crore from PNB Housing Finance at an average rate of 13.35% per annum. Part of the amount raised from PNB Housing, will be utilised towards pre-payment of the debt from DMI, resulting in interest and cash flow savings. Vipul will prepay debt to the tune of Rs 163 crore availed from DMI Finance, Vipul added.

Vipuls net profit fell 41.7% to Rs 0.07 crore on 28.6% drop in net sales to Rs 40.37 crore in Q1 June 2016 over Q1 June 2015.

Vipul is a real estate developer in National Capital Region (NCR) besides developing properties in Gurgaon, Ludhiana, Bawal, Bhubaneshwar and Faridabad.

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Axis Bank slips after signing agreement for acquiring partial stake in ACRE
Sep 19,2016

The announcement was made after market hours on Friday, 16 September 2016.

Meanwhile, the S&P BSE Sensex was up 6.01 points or 0.02% at 28,605.04

On BSE, so far 58,300 shares were traded in the counter as against average daily volume of 7.07 lakh shares in the past one quarter. The stock hit a high of Rs 606.15 and a low of Rs 595.70 so far during the day. The stock had hit a 52-week high of Rs 638 on 7 September 2016. The stock had hit a 52-week low of Rs 366.65 on 18 January 2016. The stock had underperformed the market over the past 30 days till 16 September 2016, rising 1.37% compared with 1.69% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 14.14% as against Sensexs 7.41% rise.

The large-cap private sector bank has equity capital of Rs 477.89 crore. Face value per share is Rs 2.

Shares of IFCI were up 1.96% to Rs 28.60. Axis Bank said that it has signed a Share Purchase Agreement with IFCI for acquisition of 73.28 lakh equity shares (13.67% of total outstanding shares) of face value of Rs 10 per share in Assets Care and Reconstruction Enterprise (ACRE) from IFCI at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore. The transaction is subject to requisite regulatory approvals, including from Reserve Bank of India (RBI), Axis Bank said. The indicative time period for completion of transaction is January 2017, the bank said. ACRE had total assets of Rs 336 crore and total income of Rs 35.90 crore in the year ended 31 March 2016 (FY 2016). ACRE was registered with RBI as a securitisation company.

Separately, Axis Bank announced that the bank has kept its Marginal Cost of Funds based Lending Rate (MCLR) unchanged after a latest review. The banks MCLR for overnight loans will be 8.85%, the rate for one month will be 8.9% and for three months it will be 9.1%. The MCLR on 6-month loans will be 9.2% and for one-year loans the rate will be 9.25%, the bank said. MCLR on two-year loans will be 9.35% and for three-year loans the rate will be 9.4%. The rates are with effect from 17 September 2016. The announcement was made after market hours on Friday, 16 September 2016.

Axis Banks net profit fell 21.38% to Rs 1555.53 crore on 13.22% growth in total income to Rs 13852.18 crore in Q1 June 2016 over Q1 June 2015.

Axis Bank is one of the biggest private sector banks in India.

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Up to 6 new players may enter reinsurance market in India by January 2017: IRDA chief
Sep 19,2016

Up to six new players in the reinsurance market are likely to enter India by January 2017, the Insurance Regulatory and Development Authority of India (IRDA) chief Mr T.S. Vijayan, said at an ASSOCHAM event.

n++About five-six (companies) have come and I think by January 2017, there should be some players in this market, we will be taking a decision in October in the next authority meeting, then they have to bring capital and start working at it,n++ said Mr Vijayan while inaugurating an ASSOCHAM Global Insurance Summit.

He also said that IRDA would finalise the regulations pertaining to payment of commission or remuneration to insurance agents and intermediaries in October. n++I believe in next board/authority meeting, which will be in October, we will be able to finalise.n++

Talking about the whole process, he said, n++We discuss with everyone, we bring the draft, people give their feedback on it and we again discuss that thing. Then it is taken to Insurance Advisory Committee, looking at suggestions, they suggest it and then it goes to the authority.n++

On the listing of insurance companies, Mr Vijayan said, n++In the previous Act itself there was a provision for listing, this was changed, we wanted to have a discussion on this subject, so we brought out a paper and companies have expressed that thing, so let us see how it goes forward.n++

He said also that IRDA has not fixed any time-frame for the final regulations. n++I believe that discussions are going on how to list general insurance companies, all 5-6 of them.n++

He added that considering about five months are still left in this financial year, listing of more PSU insurance companies was possible. n++It is possible but I am not too sure, we have not got any official paper, it is in the discussion stage but nobody has approached us.n++

On the issue of insurance marketing firms, he said n++We have allowed to them sell up to three companies product, these are evolving processes.n++

He said that though insurance industry in India has grown in terms of premium collections from Rs 45,000 crore in 2000 to Rs 4,63,000 crore in 2015-16, insurance penetration against world average and other Asian countries highlight much more ground to be covered.

n++We need to focus on number of lives or risks covered, spread across geographies, gender and level of insurance coverage, as clearly indicated by around 0.7 per cent only insurance penetration observed for Indian general insurance industry against world average of 2.77 per cent,n++ said Mr Vijayan.

He said there are healthy growth prospects for insurance business in general and particularly in property, health and pension lines of business.

The IRDA chief said that home insurance penetration being very low in India, it is one of the most needed insurance cover.

n++Imparting financial literacy, incentivising Indian households to transfer savings from physical assets to financial assets and effective distribution among rural areas are expected to bring more and more individuals within insurance ambit,n++ he said.

Mr Vijayan also said that multiple models and approaches are vital to ensure last mile connectivity and reach of insurance services to address diverse social, cultural, geographical features of rural India.

He said that innovation in products, their distribution should be made in a manner that people are encouraged to buy insurance cover by realising benefits, requirement and necessity. n++An environment must be created to facilitate the same by expanding distribution reach and improving accessibility options to consumers by optimal usage of technology.n++

In his address at the ASSOCHAM conference, Mr S.K. Roy, chairman, Life Insurance Corporation (LIC) said, n++For the life insurance industry these are the best times, as the current financial year has seen fantastic growth, August 2016 has seen stupendous growth as LICs new business premium grew by more than 92 per cent for August.n++

n++We have yearned for long for this type of growth but seen very rarely, so definitely this is the very good time to be in the life insurance industry,n++ said Mr Roy.

n++Going forward, industry will be working on a more stable platform of regulations than it was in last 12-18 months, that is also a very positive feature,n++ added the LIC chief.

Mr C.V. Rao, Governor of Maharashtra while addressing the ASSOCHAM conference, said that with new insurance policies and various other steps being initiated by the government coupled with Indias demographic dividend, it will further push the countrys economy on growth trajectory.

n++As a country with more elderly population and growing middle class, there are plenty of business and opportunities for growth of insurance sector in India,n++ said the Governor of Maharashtra.

Mr Sunil Kanoria, president of ASSOCHAM, in his address at the global insurance summit said, n++The going for most of the general insurance players has been tough as they operate in a highly competitive environment. Going forward, the route to profitability should be chartered by addressing issues of distribution channels, products, customer acquisition through greater product awareness, pricing, risk management and leveraging of technology.n++

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Axis Bank keeps MCLRs unchanged
Sep 19,2016

Axis Bank has kept its MCLRs unchanged across all tenors. MCLRs with effect from 17 September 2016 are as follows -

Overnight - 8.85%
One month - 8.90%
Three month - 9.10%
Six month - 9.20%
One year - 9.25%
Two year - 9.35%
Three year - 9.40%.

The new loans will be priced at the published internal benchmark MCLRs as mentioned above with effect from 17 September 2016.

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Board of Sat Industries approves allotment of convertible warrants
Sep 19,2016

Sat Industries announced that the meeting of the Board of Directors of the Company held on 17 September 2016, the Board of Directors of the Company has approved, and allotted 4,00,00,000 Warrants convertible in to equity shares at a consideration of Rs. 13.50 per warrants in accordancc with the Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Requirements) Regulation, 2009 as amended to promoter and others.

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India Finsec announces change in compliance officer
Sep 19,2016

India Finsec announced that Richa Sharma, Company Secretary, has resigned from the post of C.S of the Company w.e.f. 26 August 2016 and pursuant to Regulation 6 of SEBI (LODR) Regulations, 2015, Gopal Bansal, Managing Director, of the Company will act as the new Compliance Officer of the Company till the appointment of new Company Secretary of the Company.

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Loss in exports lead to job losses: ASSOCHAM study
Sep 19,2016

Sharp drop in merchandise exports mainly contributed to a loss of 70,000 jobs during the second quarter of 2015 reinforcing a crucial point that the employment generation has to be led by the domestic demand in the wake of subdued global demand, an ASSOCHAM -Thought Arbitrage study noted.

It said around 70,000 workers were retrenched in the second quarter of 2015. Livelihood opportunities in export units particularly shrank during this period. While slowdown in global demand compelled some of the units to retrench people from pay roll, the reduction was facilitated by the increasing contractualisation of jobs.

n++n++.there is a concern because most of the export-oriented units in the economy are dependent on contractual workers. So, massive reduction in contractual jobs in these sectors might as well imply deteriorating conditions in the export units,n++ the paper said.

Second quarter of 2015 particularly had been bad. While contractual jobs were lost, not adequate regular jobs were added to compensate that loss. Textile has been most affected - with some new addition in regular jobs but massive drop in contractual jobs. Apart from marginal addition in jobs in leather sector, as many as seven sectors saw drastic retrenchment in both regular and contractual employment.

For the first two quarters of the fiscal 2015-16, the countrys merchandise exports had dropped by over 17 per cent. The fall in exports continues even this year despite advantage of a low base. Cumulative value of exports for the period April-August 2016-17 was US$ 108519.94 million as against US$ 111853.88 million registering a negative growth of 2.98 per cent

Given the subdued global economic scenario, rejuvenating the economy by exporting or utilising external trade remains a difficult proposition, if not immediately impossible. n++Therefore, Indian economy has to look internally at the domestic economy to restart the Indian growth story. That is only possible if there is extra demand generation within the economy. Employment generation is the most important factor to generate such extra demand. More employment means extra purchasing power in the hands of the people, and subsequently more demand generated for all kinds of commodities and servicesn++, ASSOCHAM Secretary General Mr D S Rawat said.

The negative impact on employment generation was more visible on sectors like gems and jewellery, textiles and apparels etc.

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ICICI Bank gains as ICICI Prudential IPO to open for bidding
Sep 19,2016

Meanwhile, the BSE Sensex was up 27.41 points, or 0.1%, to 28,626.44

On BSE, so far 50,256 shares were traded in the counter, compared with average daily volume of 13.02 lakh shares in the past one quarter. The stock hit a high of Rs 272.60 and a low of Rs 268.10 so far during the day. The stock hit a 52-week high of Rs 292.65 on 16 October 2015. The stock hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 5.81% compared with 1.69% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 12.25% as against Sensexs 7.41% rise.

The large-cap company has an equity capital of Rs 1163.66 crore. Face value per share is Rs 2.

The initial public offer (IPO) of private sector life insurance company ICICI Prudential Life Insurance Company (ICICI Prudential) opens for bidding today, 19 September 2016. The IPO closes on 21 September 2016. The price band for the IPO has been fixed at Rs 300 to Rs 334 per share. The offer comprises sale up to 18.13 crore equity shares of ICICI Prudential, representing about 12.63% of its equity share capital for cash, through an offer for sale (OFS) by ICICI Bank. The entire proceeds from the OFS will be paid to ICICI Bank.

ICICI Prudential raised Rs 1635.33 crore by selling 4.89 crore shares to 38 anchor investors ahead of the opening of the companys initial public offer (IPO). The shares were allotted to the anchor investors at Rs 334 per share, the top end of the Rs 300 to Rs 334 per share price band for the IPO. Anchor investors allotted shares of ICICI Prudential included Morgan Stanley Mauritius Company, Government of Singapore, UTI Trustee Co, SBI Trustee Co, Birla Sun Life Trustee Company among others.

ICICI Banks net profit fell 24.99% to Rs 2232.35 crore on 6.06% increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015.

ICICI Bank is one of the leading private sector banks in India.

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