India Factoring & Finance appoints RS Reddy as independent director

RS Reddy has 34 years of  experience as a banker in multifarious assignments

India Factoring & Finance Solutions Pvt Ltd, a joint venture of the state-owned Punjab National Bank (PNB) along with Malta based FIM Bank Group, Italy based Banca IFIS and Blend Financial Services Ltd, Mumbai, has appointed RS Reddy as independent director on the board of the company. Prior to this appointment Mr Reddy was a chairman and managing director at Andhra Bank.

Mr Reddy took charge as CMD of Andhra Bank in August 2008. He has 34 years of  experience as a banker in multifarious assignments. He was also the chief executive of Bank of India's American Operations in New York for three and half years.

Sudeb Sarbadhikary, CEO and MD of India Factoring said, "We are delighted to welcome RS Reddy on the Board of India Factoring. I am confident that his vast experience, knowledge and unique insights into the lending to small and medium enterprise and cross border trade products in india and overseas would be an invaluable asset to India Factoring. We would be looking forward to his guidance to enable us to build a consistent, sustainable and growing long term business."

Mr Reddy said "India Factoring has a vision to provide financial services to the SME sector which despite being a significant contributor to the Indian economy suffers from lack of support from the financial institutions. I am delighted to be a part of the team wherein I can fruitfully use my knowledge of SME financing to assist in the development of a platform to support them by way of factoring & trade finance products."

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Sthithi Insurance increases stake in Zylog

Sthithi Insurance Services Pvt Ltd, one of the promoters of Zylog Systems increases its stake by 2.78%; total promoters holding now stands at 39.46%

Zylog Systems Ltd, a Chennai based leading technology solutions company and software service provider, today announced that Sthithi Insurance Services Pvt Ltd, one of the promoters of the company, has increased its holding in Zylog by 2.78%, bringing its total holding to 26.83% from its earlier holding percentage of 24.05%. This increase in the holding has been made through the open market acquisition of 4,57,603 equity shares. This has been carried out in accordance with the guidelines set under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. As a result of this acquisition the promoters of the company viz., Sudarshan Venkatraman, Ramanujam Sesharathnam and Sthithi Insurance Services have increased their holding in Zylog from 36.68% to 39.46%.

Sudarshan Venkatraman, chairman & CEO, Zylog Systems, said, "We see the increase of this promoter holding as a positive development, and a reflection on the strong profitability of the company. We have, through a strong focus in our areas of expertise, carved a niche for Zylog Systems in the IT products & Solutions space."

Zylog Systems has consistently shown strong performance over the last several quarters, and as reported earlier this month, the company's Q1 FY12 results have shown a 10.8% growth in revenues on a year-on-year basis, along with a PAT increase of 27.5% on a YoY basis.

On Thursday, Zylog ended 0.10% down at Rs402.95 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.85% to 16,146.33.

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