Fairfax completes investment in Catholic Syrian Bank

CSB unlisted shares

CSB unlisted shares in demand ahead of its IPO in 2019

Prem Watsa-promoted Fairfax India Holdings Corporation (Fairfax India) announced that it has received all required regulatory approvals and has completed the initial closing of its aggregate Rs 1200 crore investment in The Catholic Syrian Bank (CSB).

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In connection with the initial closing, Fairfax India invested Rs 440 crore in equity shares and warrants of CSB. The remaining consideration is payable within 18 months following the initial closing, either upon request by CSB or at the option of Fairfax India. Upon the completion of the aggregate transaction, Fairfax India will own 51% of CSB.

This is the first deal in which a foreign investor is taking up a majority stake in a private bank after the Reserve Bank of India (RBI) tweaked ownership norms in May 2017.

On the initial public offering, the bank is going ahead with its plan to list by 2019. The bank will also have 1,000 branches against 423 now, and will become pan-Indian. Nearly half of its branches are in Kerala. The bank is headquartered in Thrissur, Kerala.

The Catholic Syrian Bank Ltd., established in 1920, is a full-service bank offering Neighborhood Banking, Non-Resident Indian Services, Small-to-Medium-Enterprise and Wholesale banking services through 423 branches and 264 ATMs across India.

Fairfax India is an investment holding company whose objective is to achieve long-term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.

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Indian Commodity Exchange (ICEX) pre IPO unlisted shares

 commodity exchange

ICEX is a leading commodity exchange  provide nationwide trading platform

Indian Commodity Exchange (ICEX) is SEBI regulated online Commodity Derivative Exchange. Headquartered at Mumbai, the exchange provide nationwide trading platform through its appointed brokers.

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Some of Prominent shareholders of ICEX are MMTC Ltd, Indian Potash Ltd, KRIBHCO, IDFC Bank Ltd, Reliance Exchangenext Ltd and Indiabulls Housing Finance Ltd.

The exchange launched world’s first ever Diamond derivative contracts. ICEX aims to provide futures trading products in India’s all economically relevant commodity. At present it offers futures contract in Diamond. Providing desired price risk hedging solution to the trade through innovative contract designing forms core value of ICEX.

This exchange is ideally positioned to leverage the huge potential of commodities market and encourage participation of actual users to benefit from the opportunities of hedging, risk management and supply chain management in the commodities markets.

Nazara Technologies Unlisted Pre-IPO shares

Nazara Technologies is Mumbai-based gaming major

Nazara Technologies is one of the leading mobile games company headquartered in Mumbai, which is engaged in acquisition of, value addition to and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.

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Ace investor Rakesh Jhunjhunwala had in December 2017 acquired a minority stake in WestBridge Capital-backed Nazara Technologies for approximately Rs 180 crore.

Asset management firm India Infoline Finance Ltd’s (IIFL) Special Opportunities Fund has acquired a minority stake worth Rs 330 crore in Nazara Technologies.

Singtel to invest Rs 2649 crore in Bharti Telecom

Bharti Telecom will sell shares to Singapore-based telecom operator SingTel International Investments Pte. at Rs 310 per share in a deal worth Rs 2648.9 crore to increase its stake by 1.73% to 48.90%. That compares with Rs 200.71, the price of each Bharti Telecom share based on the value of its stake in Bharti Airtel. Sunil Bharti Mittal-led Bharti Enterprises will continue to hold over 50% stake in Bharti Telecom.

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Bharti Telecom is the holding company with 50.1% stake in Bharti Airtel at the end of 2017. The fresh round of investment highlights the confidence of Singtel in Airtel, and the increased attractiveness of the Indian telecoms sector following the recent consolidation, said Bharti Telecom managing director Deven Khanna.

The investment comes within a span of two years of Singtel’s participation in Bharti Telecom’s rights issue of Rs 2500 crore, which was completed in February 2016.

Bharti Telecom’s biggest source of income is dividend paid by Bharti Airtel, besides investments in liquid mutual funds. The carrier has paid Rs 3.84 a share so far in this financial year compared with Rs 1.36 last year. It more than doubled the payout to Rs 750 crore. That compares with operating income of Rs 370 crore and profit after tax of Rs 326 crore in financial year ended March 2017.

Deal of the day: Selling Unlisted Shares of Metropolitan Stock Exchange (MSEI)

MSEI logo showing new stock exchange

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