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Karur Vysya Bank confirmed the RBI's approval, specifying that HDFC AMC must ensure its aggregate holding in the bank does not exceed 9.5% of the paid-up share capital.
The company plans to utilize the proceeds from the fresh issue, amounting to Rs 240 crore, for debt repayment, with an additional Rs 10 crore allocated for the purchase of electric vehicles.
The IPO comprises a fresh issue of Rs 450 crore and an offer-for-sale of up to 24.12 lakh shares by existing shareholders and promoters.
Foreign Institutional Investors (FIIs) sold equities worth Rs 3,364.22 crore on Thursday
The acquisition of 26% of Axiom's paid-up share capital on a fully diluted basis
Asian equities are trading in mixed sentiments after a Wall Street rebound.
Over last three years, SRIN has cumulatively generated gross operating cashflows of Rs9.3bn
Later on Thursday, Fed Chair Jerome Powell is slated to speak, providing the markets with additional hints about the direction that U.S. monetary policy may take.
Asian equities are also trading in mixed sentiments in Thursday’s early morning session.
Rupee ends at 83.19/$ against Wednesday’s close of 83.22/$