Services Financial News

₹600.77 crore via the issuance of fresh equity shares, whereas existing shareholders and promoters will offload 35,161,723 shares, aggregating to ₹492.26 crore. The total size of the IPO was ₹1,092.26 crore. The price band for the offer has been fixed at ₹133–140 per equity share with a face value of ₹10 each.

₹600 crore and an offer for sale (OFS) of up to 3.51 crore shares by selling shareholders. Fedbank Financial Services IPO price band has been fixed in the range of ₹133 to ₹140 per equity share and the company plans to raise a total of ₹1,092.26 crore from the upper end of the price band. The OFS comprises up to 54.74 lakh equity shares by its promoter Federal Bank and up to 2.96 crore shares by True North Fund VI LLP.

₹600.77 crore via the issuance of fresh equity shares, whereas existing shareholders and promoters will offload 35,161,723 shares, aggregating to ₹492.26 crore. The total size of the IPO was ₹1,092.26 crore. The price band for the offer has been fixed at ₹133–140 per equity share with a face value of ₹10 each.

Fedbank Financial Services IPO opens today: The initial public offering (IPO) of Fedbank Financial Services Ltd has hit primary market today and it will remain open for bidding till 24th November 2023. This means Fedbank Financial Services IPO opens today and it will remain open for bidders till Friday this week. The NBFC has fixed Fedbank Financial Services IPO price at ₹133 to ₹140 per equity share.

₹324.67 crore from anchor investors, a day before the opening of its initial public offering (IPO) on Tuesday, November 21. The company listed the names of the 22 investors who took part in the anchor book in a regulatory filing.

Citigroup Inc. said its head of wealth services is leaving as the lender conducts a global reorganization.

OneWeb has been granted the necessary regulatory approvals from the Indian National Space Promotion and Authorization Centre (IN-SPACe) to launch commercial broadband services in India. OneWeb, which has recently completed a merger with France’s Eutelsat, has become the first entity in India to be granted the approval from IN-SPACe. With approval from IN-SPACe, the Eutelsat OneWeb has secured all the necessary permissions and now needs spectrum allocation from the Department of Telecommunications (DoT) to commence commercial connectivity services. IN-SPACe is the agency of the Government of India, responsible for regulating space activities and granting authorisation for conducting the space activities in the country. Bharti Group Chairman and Vice-President (Co-Chair) of the Board of Directors of Eutelsat Group, Sunil Bharti Mittal, said Eutelsat OneWeb is ready to deploy as soon as it receives the final spectrum authorization to launch commercial services. Any entity which wants to offer satcom services in India must get approvals from IN-SPACe, a global mobile personal communication by satellite services (GMPCS) licence and spectrum from the DoT.

India’s Jio Financial Services is in early talks with merchant bankers for its maiden bond issue, four bankers told Reuters on Monday.The company may look to raise 50 billion rupees ($600.6 million) to 100 billion rupees through the issue and may tap the market in the last quarter of this financial year, the bankers added.Jio Financial, which was carved out of Reliance Industries, is in the process of getting its credit rating and other necessary approvals, they said.

₹329.99 crore, today. Fedbank Financial Services Limited, in consultation with the Book Running Lead Managers (BRLMs), initiated a Pre-IPO placement of 23,571,428 equity shares at the upper end of the price band of ₹140 per equity share, and received board approval, the company said in an exchange filing.

DSP Mutual Fund announced the launch of the DSP Banking & Financial Services Fund. The scheme opened for public subscription on November 20, 2023, and will close on December 04, 2023. The scheme re-opens for continuous sale and repurchase within five days from the date of allotment.

Research and development firm Dfinity Foundation has partnered with artificial intelligence (AI)-focused blockchain firm SingularityNET to improve the infrastructure of decentralized AI and allow decentralized applications (DApps) on the Internet Computer blockchain to access large language models (LLMs). 

Jio Financial Services (JFS), which was recently carved out from Reliance Industries Ltd (RIL), is considering its maiden bond issue with a plan to raise up to ₹10,000 crore, a report said on November 20. The financial services arm of RIL is in talks with merchant bankers, and is planning to launch the issue in the January-March quarter of fiscal year 2023-24, the Reuters report said, citing four bankers who are privy to the development. The company may target raising ₹5,000 crore to ₹10,000 crore through the bond issue, the bankers reportedly added.

₹99 for a month for Android users and ₹135 per month for iOS users. Atrangii is an OTT platform owned by film, television and web content producer Vibhu Agarwal. The ‘super app’ will be available for ₹180 for three months for Android users and Rs.225 for iOS users while the annual Android and iOS plans will cost Rs.333 and ₹369 respectively.

DSP Mutual Fund has announced the launch of DSP Banking & Financial Services Fund (DSP BFSF), which is an open-ended scheme that offers investors an opportunity to partake in the long term structural opportunity in the banking and financial services space. 

AI is everywhere, from flying planes to recognising your face—it's shaping how we use technology. However, can AI improve customer relationships and services? Certainly, yes, it can. Artificial intelligence is a transformative force with the capacity to revolutionise customer service and enhance operational efficiency.

Saskatchewan MLA has been stripped of his duties after he was charged with obtaining sexual services for consideration according to an email release from the province.Ryan Domotor, MLA for Cutknife – Turtleford was arrested by Regina police at a business Thursday afternoon and charged for communicating for the purposes of procuring sex.According to the Canadian Press, Domotor was at the legislature a few hours before his arrest, speaking to a motion about the province’s disagreement with Ottawa’s climate policies.He was one of 16 people arrested by Regina’s vice unit during a project to fight sexual exploitation.Domotor has been kicked out of government caucus and removed of all government appointments and responsibilities.Premier Scott Moe said he took immediate action after learning about the charge.“Those in public office should be working to support vulnerable women, not exploit them,” Moe said. “There is absolutely no place in our government, nor frankly in the Assembly, for someone who has been charged with such a crime.”Domotor was elected in the Cut Knife-Turtleford constituency in the 2020 provincial election.He was the Chief Administrative Officer for the R.M.

Navi Mumbai. The government aims to build a strong network of metro lines in the Mumbai Metropolitan Region.

₹133 to ₹140 per equity share of face value of ₹10. Fedbank Financial Services IPO date of subscription is scheduled for Wednesday, November 22, and will close on Friday, November 24.

Representatives from the Investment Association, UK Finance, the Alternative Investment Management Association and the Association of British Insurers said the regulator's D&I proposals had been welcomed by members | Credit: iStock

The House Financial Services Subcommittee on Digital Assets, Financial Technology & Inclusion convened the afternoon of Wednesday, November 15th, to discuss illicit activity in regards to cryptocurrency.

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion received an education in the uses of blockchain technology in a hearing entitled “Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets” on Nov. 15. The hearing was bipartisan in nature, chair French Hill stated at the outset.