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SBI, IFCI, United Bank scout for buyers to clear off Rs16,349 crore NPA

SBI has asked the bidders to submit expression of interest by 9 March 2018 and further to complete the due diligence by 22 March. Photo: Indranil Bhoumik/Mint New Delhi: State-owned State Bank of India (SBI), United Bank of India (UBI) and long-term infrastructure lender IFCI are looking for buyers to sell as many as 110 accounts that have turned dud to recover dues over Rs16,349 crore. All the three have invited bids today from eligible banks, financial institutions, asset reconstruction companies (ARCs) and non-banking financial companies (NBFCs) to prune such non-performing…

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Mahindra Group to invest Rs 2,325 crore in Maharashtra

The Mahindra Group today announced over Rs 2,300 crore investment in the state in three projects of which as much as Rs 1,700 crore will be spend towards creating an entertainment destination at Kandivali, a northwestern suburb of the megapolis. Addressing the Magnetic Maharashtrainvestor summit here this evening Mahindra group chairman Anand Mahindra said his software company Tech Mahindra will invest Rs 125 crore to create an all-green tech hub in Nagpur that will create ate least 2,500 jobs. On the Rs 1,700-crore investment announced in the city, Mahindra said, “we are exploring to set…

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UBI Posts Rs. 637.53 Crore Net Loss In Q3

United Bank of India’s operating profit saw a 65.76 per cent fall to Rs. 181.53 crore Kolkata: State-run United Bank of India (UBI) on Monday reported a net loss of Rs. 637.53 crore for the quarter ended December 31, 2017, as compared to a net profit of Rs. 64.10 crore for the a year-ago period. The net loss for the quarter was on the back of sharp fall in operating profit and a huge increase in provisions to cover rising bad loans.During the quarter ended December, the bank’s operating profit saw a 65.76 per cent fall to Rs. 181.53…

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Future Lifestyle Fashions raises Rs 350 crore through NCDs

Future Lifestyle Fashions Ltd (FLFL), part of the Kishore Biyani-led Future Group, has raised Rs 350 crore through issuance of non-convertible debentures series on a private placement basis. “The Committee of Directors… has issued and allotted 3,500 senior, secured listed, rated, redeemable non- convertible debentures series – IV (NCDs) of Rs 10 lakh each at par for cash aggregating Rs 350 crore to the investors, on private placement basis,” FLFL said in a regulatory filing. Last week, the company had reported a 3.23 per cent increase in consolidated net profit at…

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Accumulate Rs 1 Crore by Investing Just Rs 5,000 Monthly

To many, Rs 1 crore may look like an unachievable figure but it is possible to accumulate the sum by investing just Rs 5,000 per month provided you follow these rules. Invest in growth assets By this, we mean an asset class that has the potential to deliver higher returns over long-term. Equity is one such asset class. Over long term, equity has potential to deliver over 12-15 per cent annual return whereas investments in conservative assets such as fixed income will only yield you 7-8 per cent annually. See…

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