24th Apr 17 IDFC Alternatives buys 33% stake in Ascend Telecom
IDFC Alternatives, the private equity (PE) arm of IDFC group, has bought a 33% stake in telecom tower company Ascend Telecom Infrastructure Private Ltd. The company notifies that it has bought Ascend Telecom’s shares worth Rs. 365 crore and convertible debentures worth Rs. 220 crore. As part of the deal, IDFC Bank further reported that they will also refinance Ascend Telecom’s loans of Rs. 620 crore.
24th Apr 17 IPPB plans to sell Mutual Funds and Insurance products
Indian Post Payment Banks (IPPB) is planning to sell mutual funds and insurance products by March, 2018. As many as 100 entities including IDBI Bank, Axis Bank, Deutsche Bank, Barclays Bank, Citibank, SBI and LIC are interested for doing partnership with IPPB for various functions. As per the MD and CEO of IPPB, the target will be on providing the easy access of the products.
24th Apr 17 Capital first to raise $50 million from IFC
Mumbai based non banking financial company (NBFC), Capital first is planning to raise $50 million from International Finance Corporation (IFC). IFC, in a disclosure said that the funding will be used for lending to women owned small and medium enterprises. The World Bank lending arm said that this funding is targeted to reach out to 10 million MSMEs during the FY17-21.
24th Apr 17 HDFC Bank headcount drops by 3,200 in FY17
HDFC Bank reported a net attrition of 3,200 employees in FY17 due to increasing digitization of banking transactions. According to deputy MD, Paresh Sukthankar, India’s second-largest private sector bank had 84,300 employees in March FY17 as against 87,500 employees in March 2016. Sukhthankar stated that the lower employee count is due to the changes in process design and improvement in transaction efficiencies besides increased digitization.