Tag: share capital

Shriram Transport Finance Corporation mops up Rs 2,000 crore via QIP

Banking & Finance

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Societe Generale and BNP Paribas Arbitrage are among the top investors allotted more than 5 per cent of the equity shares in Shriram Transport Finance Company’s (STFC) Qualified Institutions Placement (QIP) issue of about Rs 2,000 crore.

The investors who have been allotted more than 5 per cent of the 1.398 crore equity shares offered in the QIP are: Societe Generale (14.27 per cent), BNP Paribas Arbitrage (10.40 per cent), HDFC Trustee Company (7.33 per cent) and ICICI Prudential Life Insurance Company (5.07 per cent).

The Securities Issuance Committee of STFC on Saturday approved the allotment of about 1.398 crore equity shares aggregating about Rs 2,000 crore to eligible qualified institutional buyers.

The allotment is at the issue price of Rs.1,430 per equity share (including a premium of Rs.1,420 per equity share). This price is at a discount of Rs.3.32 per equity share — that is 0.23 per cent of the floor price of Rs. 1,433.32 per equity share, the company said in a regulatory filing. 

The QIP issue opened on June 7, 2021 and closed on June 11, 2021.

Pursuant to the allotment of equity shares in the issue, the paid – up equity share capital of the Company stands increased by Rs 13.986 crore to about Rs 267.047 crore.

In FY2021, the standalone assets under management of the non-banking finance company grew about 7 per cent year-on-year to stand at Rs 1,17,243 crore. Pre-owned commercial vehicles financing has been a focus area for the Company ever since its inception.

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LVB-DBS merger: Plea in Delhi HC on LVB share capital write-off

Banking & Finance

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A shareholder in Lakshmi Vilas Bank has filed a Writ Petition in the Delhi High Court challenging its amalgamation with DBS Bank India.

A clause in the scheme seeks to write off the entire share capital of the troubled lender

The petition, filed by one Sudhir Kathpalia, naming also the Union of India, Reserve Bank of India and DBS as respondents, contended that the merger would leave investors and the Centre and the RBI have failed to protect investors’ rights.

Accordingly, it has sought quashing of clause 7(i) in the merger scheme, which provides for the write off of LVB’s share capital states.

The petition which was listed for January 13 before a bench of Chief Justice DN Patel and Justice Jyoti Singh has been adjourned to February 19 after the Bench was informed that the RBI has moved a plea in the Supreme Court for transfer of all pleas against the amalgamation scheme to the Bombay High Court.

Kathpalia, a lawyer, holds 20,000 shares of LVB.

The petition contended that the scheme of amalgamation was “irregular, arbitrary, irrational, unreasonable, illegal and thus, void”, and the respondent could have demanded protection for shareholders money by asking DBS Bank India to give the shares equivalent to the value of shares last traded on stock exchange post amalgamation.

“The Petitioner wants to categorically state that it is not against the scheme of amalgamation per se but the manner in which investors’ money is being written off.” The amalgamation of the banks was approved by the RBI on November 25, 2020 and the merger took place on November 27.

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