Bank of Baroda plans to raise Rs 11,900 crore during the current fiscal through share sale, including Employee Share Purchase Scheme to shore up capital for meeting business expansion requirement. The bank expects to garner Rs 1,500 crore from ESPS.
Launching a massive crackdown on perpetrators of the IL&FS scam, the Serious Fraud Investigation Office has charged the erstwhile top management members of the group's financial services subsidiary IFIN of forming a "coterie" with its auditors and independent directors to defraud the Co while running the business as their "personal fiefdom". Officials also said it is just a tip of the iceberg in this massive fraud case, involving defaults totalling an estimated amount of over Rs 90,000 crore, as the SFIO's first chargesheet concerns just one entity, IL&FS Financial Services Ltd (IFIN), and the probe is already underway against the parent firm IL&FS and several other subsidiaries.
6 of the 10 most valued Indian companies together added Rs 99,994.06 crore in market valuation last week, with TCS topping the list. HDFC Bank, HUL, HDFC, Infosys and Kotak Mahindra Bank were also on the gainers’ side, while RIL, ITC, SBI & ICICI Bank suffered losses in market capitalisation (m-cap) for the week ended Friday. The valuation of TCS zoomed by Rs 55,235.1 Crore to reach Rs 8,24,342.63 Crore. HDFC Bank’s m-cap advanced Rs 14,333.73 crore to Rs 6,60,795.95 crore and that of Infosys jumped Rs 11,970.87 crore to Rs 3,21,924.71 Cr.