Tuesday, September 15
IDFC First Bank’s board on Friday approved the preferential allotment of over 81.26 crore convertible cumulative preference shares (CCPS), valued at Rs 4,876 crore, on a private placement basis to Currant Sea Investments B.V.—an affiliate of private equity major Warburg Pincus.The decision was taken in a meeting held today.The bank had received in-principle approvals from both BSE and NSE on May 15.In April this year, IDFC First Bank had approved a preferential allotment of over 81.26 crore, which amounts to a 10% stake in the private lender. Through the allotment, the bank plans to fund the next leg of growth.Shares of IDFC First Bank were trading lower today, taking cues from the overall subdued sentiments amid the US' 25% tariff imposition set to come into effect from August 7. At 2
Shares of Nuvama Wealth Management have dropped 6.5% over two sessions, hit by investor concerns following income tax search operations at the firm's offices in connection with the Jane Street market manipulation probe. The stock slid as much as 4.1% on Friday to Rs 6,931.75 on the BSE, extending Thursday’s fall, as regulatory heat around its former client rattled sentiment.On Thursday, the Income Tax Department began a survey under Section 133A of the Income Tax Act, 1961, at Nuvama’s registered office. The company, formerly known as Edelweiss Broking, confirmed the development, stating that "The Income Tax Department is conducting a survey today, under Section 133A of the Income Tax Act, 1961, at the company’s Registered office. The company is extending full co-operation with the a
The US has imposed a 25% tariff on India as part of a sweeping trade action targeting nearly 70 countries, according to an executive order released by the White House.In an order titled "Further Modifying The Reciprocal Tariff Rates," President Donald Trump announced tariffs ranging from 10% to 40% on exports from multiple nations, including Japan (15%), Laos and Myanmar (40% each), Pakistan (19%), Sri Lanka (20%), and the UK (10%). For India, a 25% “reciprocal tariff, adjusted” will take effect from August 7.Trump said some countries had made or were close to making "meaningful trade and security commitments" with the US, while others failed to address trade imbalances or align sufficiently with Washington on economic and national security issues."Other trading partners, despite havin
