Andhra Bank announces book closure dates
Hyderabad: The Andhra Bank has informed the stock exchanges that the share transfer books would be closed from May 13 to 25, inclusive of both days, for the purpose of payment of final dividend for the financial year 2004-05 to the eligible shareholders on May 26.

However, this would be subject to the board of directors declaring the final dividend for 2004-05 at their meeting to be held on April 27, the bank said.
Back to News Review index page  

IRDA revokes suspension of insurance broker Avani
Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has decided to revoke the suspension imposed on the Mumbai-based direct insurance broker Avani Insurance Services Pvt Ltd.

In an announcement, the IRDA Member, Mr Mathew Verghese, said that after considering all the relevant facts, the regulator had decided to revoke the suspension on the broking company and permitted the company, now known as PNB Principal Insurance Advisory Co Pvt Ltd, to carry on normal activities as a direct insurance broker with immediate effect.

The regulator had suspended the company's broking licence last May on account of the broker selling its entire shareholding to Berger Paints India Ltd without the approval of the Authority. Subsequently, the Avani Insurance promoters approached the Authority along with the new shareholders and sought the revival of the insurance broker licence.

As against Berger Paints fully owning the stake earlier, the Principal Group, the Punjab National Bank and the Vijaya Bank have now acquired holdings in the broking company.

Following the change in shareholders, Avani also sought IRDA's approval to change the name of the broking company from Avani Insurance to PNB Principal Insurance Advisory Company Pvt Ltd, to reflect the changes in the broking company after its takeover.

Accordingly, IRDA has approved the name change to PNB Principal Insurance Advisory Company Pvt Ltd.
Back to News Review index page  

Yes Bank IPO likely mid-May
New Delhi: The initial public offer (IPO) of the Yes Bank is likely to hit the market in the second week of May, with the bank intending to offer seven crore shares through a book-built offer.
Post-IPO, the stake of the bank's two promoters - Rana Kapoor and Ashok Kapur - will come down from 52 per cent to about 40 per cent. DSP Merrill Lynch and Enam Financial Services are the lead managers of the IPO.

Officials said that YES Bank plans to raise another Rs100 crore through tier-II capital by September.
The bank has also signed a Rs87-crore ($20-million) loan guarantee agreement with USAID to promote lending to small and medium enterprises (SMEs) for projects in energy, environment and water sectors.

YES Bank will provide the entire debt component of $20 million for 8 to 12 projects and the US guarantee covers 50 per cent of net principal loss in case of default. The US loan guarantee would have to be utilised in four years, Mr Kapoor said.

The projects likely to be funded by the bank include small hydropower projects of 5 to 8 MW in Himachal Pradesh and Uttaranchal, biomass projects in Tamil Nadu and Andhra Pradesh, and wind power projects in Karnataka and Rajasthan.
Back to News Review index page