Private equity firm Amaprop earned Rs129 crore, almost double the money it paid in 2005 to buy stake in Indiabulls Finance Company
Indiabulls Housing Finance Ltd said it bought US-based private equity firm Amaprop Ltd's entire 42.5% stake in its unit Indiabulls Finance Company Pvt Ltd for Rs260 crore.
"Despite the ongoing adverse business and economic environment resulting in substantial erosion in value of most financial companies, Amaprop made a healthy return on its investment," the company said in a statement.
In 2005, Amaprop had bought 42.5% stake in Indiabulls Finance for Rs131 crore.
Indiabulls Finance Company Pvt Ltd is a non-deposit taking non-banking finance company (NBFC), registered with and regulated by the Reserve Bank of India (RBI).
Before taking over as RBI chief, Rajan would work as officer on special duty in the central bank to provide for an overlap with Subbarao, the incumbent governor
Raghuram Rajan, the designated governor of Reserve Bank of India (RBI) will work for three weeks as officer on special duty (OSD) in the central bank taking over the charge from D Subbarao.
In a release, the finance ministry said, “Dr Raghuram Rajan is... appointed as officer on special duty in the RBI for three weeks prior to his taking over as governor of RBI on 5 September 2013 to provide for an overlap with the present governor,” the Finance Ministry said.
Rajan has been appointed for a three-year term and will succeed Subbarao. At present, he is serving as chief economic advisor at the ministry of finance.
Rajan, a noted economist and former chief economist at the International Monetary Fund (IMF), will be among the youngest to occupy the high chair at the RBI. He will be 50 years and six months old when he takes over as the 23rd Governor next month.
He will be the first non-civil servant in 10 years to steer the RBI. The previous non-IAS RBI Governor was Bimal Jalan, who had an almost six-year stint that ended in 2003.
The state-run mineral producer reported modest results for the June 2013 quarter despite economic troubles, lower demand and slackening commodity price
NMDC Ltd, the state-run mineral producer, said its first quarter net profit increased 7% to Rs1, 572 crore despite economic troubles, lower demand and slackening commodity price.
For the quarter to end-June, the mineral producer said its total revenues, including sales, decline to Rs3,391.5 crore from Rs3392.5 crore same period last year.
CS Verma, chairman and managing director, NMDC said, “In spite of the challenges and down trend in the steel sector, NMDC performance in this quarter is appreciable considering the company’s focus has been to support the domestic steel industry”.
NMDC said production of iron ore during the first quarter touched 6.92 million tonnes (MT) registering a growth of about 1%, while sales of iron ore were 7.25 MT which is almost 6% more than June 2012 quarter.
NDMC shares closed Thursday 2.1% up at Rs102 on the BSE, while the benchmark Sensex ended the day marginally higher at 18,789.