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Government seeks to raise Rs 5,316 crore by selling 3% in Axis Bank

Government seeks to raise Rs 5,316 crore by selling 3% in Axis Bank

Finance
MUMBAI: The Centre is seeking to raise around Rs 5,316 crore by selling its 3% stake, owned through the Specified Undertaking of the Unit Trust of India (SUUTI), in private sector lender Axis Bank. The stake sale is aimed at helping North Block meet its budgeted disinvestment target. The offer for sale, at Rs 689.52 apiece, translates into a 3% discount to Monday’s Axis Bank closing price of 710.35. The sale opens on February 12 for institutional investors. Bidding by retail buyers and funds that choose to extend bids not allotted yet will be held on February 13, the bank said in a stock exchange filing late Monday. About 10% of the offer size will be reserved for retail investors. Citigroup Global Markets India, Morgan Stanley and ICICI Securities are managing the share sale. The st...
SBI, Oriental Bank put on sale stressed accounts to recover dues of Rs 5,740 cr

SBI, Oriental Bank put on sale stressed accounts to recover dues of Rs 5,740 cr

Finance
State-owned State Bank of India (SBI) and Oriental Bank of Commerce (OBC) have put on sale various financial accounts to recover dues of around Rs 5,740 crore. The country's largest lender SBI has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs) to recover an outstanding of Rs 4,975 crore. The bulk of accounts up for sale by SBI are of small and medium enterprises (SMEs) that have dues amounting to Rs 4,667 crore. OBC wants to sell 13 accounts with a collective outstanding of Rs 764.44 crore, according to the bid document placed on its website. As many as 281 SME accounts are up for sale by SBI, belonging to those firms that have dues of up to Rs 50 crore. The collective dues on these SMEs are Rs 4,666.50 crore. "In terms of the bank's policy on sale...
Bank of America boosts CEO Brian Moynihan's pay 15% to $26.5 million after record profit last year

Bank of America boosts CEO Brian Moynihan's pay 15% to $26.5 million after record profit last year

Finance
Bank of America CEO Brian Moynihan got a 15 percent raise, the biggest increase among bank chiefs to disclose pay so far, after the lender reported record earnings last year. Moynihan's compensation rose to $ 26.5 million from $ 23 million in 2017, according to a regulatory filing Friday. That includes a $ 1.5 million salary and $ 25 million in stock units, some of which are performance-based. Bank of America, the second biggest U.S. lender after J.P. Morgan Chase, benefited last year from the corporate tax cut, rising interest rates and Moynihan's efforts to cut costs. The bank generated $ 28.1 billion in profits in 2018, 54 percent more than...