The main shareholder of Bandhan Bank is selling 337.4 million shares in the Indian lender in a block trade seeking to raise $1.4 billion, according to deal teams obtained by Bloomberg News. Those shares are offered at a floor price of Rs 311.1 ($4.16) each, according to the terms. Books will close by 11:30 pm in Hong Kong on Aug. 2. and trading will start on Aug. 3. Credit Suisse Securities (India) Private Limited, J.P. Morgan India Private Limited, Goldman Sachs (India) Securities Private Limited and JM Financial Institutional Securities Limited are joint book-runners for the deal. Bandhan Bank is exploring options to further bring down promoter's stake in the bank to the prescribed 40% of the paid-up equity capital, the lender had said in its annual report for 2019-20. According to the licensin

The Home Ministry has sought an additional three months' time for framing rules of the Citizenship Amendment Act (CAA), officials said on Sunday. The plea was made before the Department Related Standing Committee for Subordinate Legislation as according to the Manual on Parliamentary Work, the rules for any legislation should be framed within six months of the presidential assent or an extension must be sought. The controversial CAA, which facilitates granting of Indian citizenship to persecuted non-Muslim minorities of Pakistan, Bangladesh and Afghanistan, was passed by Parliament nearly eight months ago and had led to protests in different parts of the country. The President had given his assent to the legislation on December 12, 2019. "The home ministry has sought an additional three months time t

In light of Indo-China border controversies that have sparked disputes since May, steps have since been taken aiming to settle the brewing tensions. "Armies of India and China to hold Corps Commander-level talks at Moldo on the Chinese side of Line of Actual Control today. The meeting is scheduled to start at 11 AM today," revealed Indian Army sources.  It was added that the India side will focus on complete disengagement by China in the Finger area. On Thursday, India said that some progress has been committed towards the disengagement of troops along the Line of Actual Contro in Eastern Ladakh, although it has not yet been finished. There have been expectations that the Chinese sides will work for a full disengagement and focus on de-escalation and full restoration of peace and tranquillity in the border a

The overall COVID tally in India reached 17,50,724 today, which marks a single-day spread of 54,736 cases, based on data from the Union Health Ministry. On the other hand, recoveries surged to 11,45,629, including 51,255 in the past 24 hours. The death toll due to COVID-19 climbed to 37,364 with 853 people succumbing to the disease in a 24-hour span. There are now 5,67,730 active cases in the country, with the recovery rate standing at 64.53% and the fatality rate at 2.15%. Based on observations and statistics, this is the fourth consecutive day that COVID-19 cases have increased by more than 50,000. A cumulative total of 1,98,21,831 samples have been tested up to August 1 with 4,63,172 being tested on Saturday, according to the ICMR. The novel coronavirus was declared a global emergency by the World Healt

Central and state governments collected Rs 87,422 crore as Goods and Services Tax (GST) revenue in July, down over 14% from the year-ago period. July collections are also 3.8% lower on month but the numbers are not comparable as the payment schedule was relaxed to help companies facing a liquidity crunch. "Revenues for the last month (June) were higher than that of the current month. However, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19. It may also be noted that the taxpayers with turnover less than Rs 5 core continue to enjoy relaxation in filing returns till September 2020," the finance ministry said in a statement. GST tax mop-up for accounts for

During the end of 2019, it was predicted by Chief Executive Officer Elon Musk that the employee count would depict a 35% surge with just over 48,000 employees. This was suggested by Musk in an interview with trade publication Automotive News. “We are hiring a lot of people," he said. The headcount could be boosted to about 65,000 people by the end of the year with Tesla Inc. being on a hiring spree. The company managed to report its fourth straight quarterly profit earlier this month despite relatively stagnant revenue in the last couple of years. Musk, 49, is trying to change that by expanding the company’s product portfolio and production footprint. A new plant near Shanghai helped buoy output while its California car factory was idled for an almost two-month period ending in mid-May. Tesla has scores of jo

Gold sets its fresh record as observed in the course of four years. This was boosted by dollar shortcomings and low-interest rates. On the other hand, silver-headed for its best month since 1979 (Four decades). In July, Spot bullion had over 10% increase, heading for its best month since 2016 as US real yields lingered near record lows. While the ferocity of rallies in both gold and silver cooled in the middle of the week, most market watchers predict there may be more gains ahead. The potential fallouts that may further be caused by the coronavirus pandemic only fuel demand for havens and raise concerns. Gold and silver exchange-traded funds boosted holdings to a record, as both metals have added about 30% in 2020. The Federal Reserve this week repeated a vow to use all its tools to support the U.S. economy, with

JSW Energy has terminated plans to acquire GMR Kamalanga Energy five months after announcing the deal, citing uncertainties in the wake of the Covid-19 pandemic and subsequent lockdown. The Sajjan Jindal-led utility had announced in February its plans to buy the 1,050 megawatts (mw) Kamalanga project located in Odisha for Rs 5,321 crore from the highly indebted GMR Group. ‘The long stop date for the proposed acquisition of 100% stake in GMR Kamalanga Energy from GMR Energy has elapsed. Given the continued uncertainty due to Covid-19 pandemic, the parties have mutually agreed to terminate the said transaction,’ JSW notified bourses on Friday. Shares of GMR Infrastructure were trading at Rs 21.60, down 2.7 per cent from the previous close on the Bombay Stock Exchange. JSW energy was at Rs 45.80, down 0.65 per