Tag: Board

Business

IDFC First Bank – Outcome of Board Meeting

May 31, 2024 by Sujata Muguda 0 Comments #Board, #IDFC FIRST Bank, #NNPA, #Opportunities, #Preferential Issue, #SEBI ICDR Regulations

IDFC FIRST Bank has laid a robust foundation with a strong and profitable business model. The Bank is seeing strong traction in raising deposits with customer deposits growing by 42% in FY24 over FY23. The Bank also sees significant upcoming opportunities for loan growth with high asset quality. The overall asset quality of the Bank continues to be good, with GNPA of 1.88% and NNPA of 0.60% as of March 31, 2024. In the retail, rural and sme finance book, the Gross and Net NPA continues to be quite low at 1.38% and 0.44% respectively as of March 31, 2024.

The Bank is also well positioned in terms of experience, team, technology, systems, risk management and controls, to take advantage of the growth opportunities in a stable manner. The business is also profitable with the profit after tax increasing to ₹ 2,957 crores in FY24, an increase of 21% over ₹ 2,437 crores in FY23. The capital adequacy as of March 31, 2024 is strong at 16.11%. With the objective to take advantage of upcoming growth opportunities, the Bank intends to raise funds of ₹ 3,200 crores by issuing equity shares of the Bank on preferential basis. With this proposed capital raise of ₹ 3,200 crores, the overall capital adequacy of the Bank will further increase to 17.49%, as computed on the risk weighted assets as on March 31, 2024, which will put the bank in a strong position to participate in future growth.

With the aforesaid intention, the Board of Directors (“Board”) of the Bank at its meeting held today i.e., May 30, 2024, has, inter-alia, considered and approved to Issue, offer and allot 39,68,74,600 (Thirty nine crore sixty eight lakhs seventy four thousand and six hundred) equity shares of face value of ₹ 10/- each fully paid-up, on a preferential basis, to the allottees, as mentioned in Annexure

1 (“Proposed Allottees”), at a price of ₹ 80.63/- per equity share, amounting to ₹ 3,200 crore (Rupees Three thousand and two hundred crore only) [round off] (“Preferential Issue”), in accordance with the applicable provisions of the Companies Act, 2013 and SEBI ICDR Regulations, and also subject to approval of the shareholders of the ‘Bank’.

Further, the Board of Directors of the Bank has approved a process of carrying out Postal Ballot to seek approval of the shareholders of the Bank for issuance and allotment of equity shares by way of preferential issue to the Proposed Allottees. Also, the Board has approved the draft Postal Ballot Notice to be issued to the shareholders for seeking their approval for Preferential Issue.

Disclaimer: This press release was prepared by a third party. The information is based on sources believed to be reliable but has not been independently verified. We do not guarantee its accuracy or completeness and are not liable for any loss arising from its use.

Education, News

IIM Sambalpur conducts 4th & 5th annual convocation in the virtual mode

Jun 29, 2021 by Rekha Nair 0 Comments #Board, #Chairman, #Chairman and Managing Director, #Chief guest Shri Sajjan Jindal, #Director, #IIM Sambalpur, #JSW Group, #Prof Mahadeo Jaiswal, #Smt. Arundhati Bhattacharya

Sambalpur: IIM Sambalpur, the hand-crafted IIM and one of the most promising and dynamic management institutions among the new generation IIMs of the country, concluded yet another successful academic year with the 4th (2018-2020) & 5th (2019-2021) annual convocation in the virtual mode. The convocation was graced by Chief guest Shri Sajjan Jindal, Chairman and Managing Director of JSW Group, Shri CS Nagendra D Rao President, Institute of Company Secretaries of India (ICSI), Smt. Arundhati Bhattacharya, Chairman, Board, IIM Sambalpur and former Chairperson of the State Bank of India and Prof. Mahadeo Jaiswal, Director, IIM Sambalpur along with the faculty, staff and students, media journalists, guests from the Govt of India, Govt of Orissa and other distinguished guests. A total of 187 students were felicitated in the convocation with the 5th Batch having highest gender diversity across all IIMs with 46 female students in a batch strength of 95.

While congratulating the graduating students, Chief guest Shri Sajjan Jindal, Chairman and Managing Director, JSW Group said, “The reason why IIM Sambalpur has achieved such rapid stride as a learning centre is owing to the fact that the institute has been imbibing young talent with experimental learning and orientation. I would like to thank the institute’s teachers and faculty for this achievement. These young leaders are the torch bearers of hope, and the society is looking up to for resilience during a disruption. This generation has learnt several valuable lessons at a young age from this pandemic that is how to negotiate extreme uncertainty and how to make better choices under extreme unpredictable conditions. These are among key lessons that will surely help and guide these students in a post covid world. We must remember famous Japanese Proverb “Nana korobi, ya oki” which means fall down seven times, stand up eight and never quit our endeavours no matter how many times we fail.”

Smt. Arundhati Bhattacharya, Chairman, Board, IIM Sambalpur elaborated, “I am very pleased to see 187 graduating students from the two batches and I convey my heartiest congratulations to each one of them. I am positive that the precious time they have spent at IIM Sambalpur will go a long way in creating a solid foundation for a brilliant career in whichever field they choose to explore on. They will be going out of the portals of an institution where they have played a significant part in shaping its direction and characteristics. Even though this IIM is merely 6 years old, it is developing as a revered centre of excellence. I would advise the students to embrace the guiding values of our institute of Innovation, Integrity and Inclusiveness when they embark upon their new future.”

Prof. Mahadeo Jaiswal, Director, IIM Sambalpur, stated, “The performance of IIM Sambalpur in academic year 2019 and 2020 has been remarkable and momentous despite the disruptions caused due to Global Pandemic in this period. We are extremely proud of our graduates and are confident that we have been able to mould these young minds in a way that today we are sending out responsible leaders with an entrepreneurial mindset into the world. We are optimistic that we have instilled IIM Sambalpur’s nine mantras of 3Is of Innovation, Integrity and Inclusiveness, 3Ds of Digitization, Democratization and Decarbonization of business and 3Ms of Mode, Model and Method in imparting education, and the students will use these ideals to accomplish great heights for themselves and our country in turn. These nav Mantra can neutralize the nav graha around our society. The knowledge and skill that they have gathered during their time at the institute will take them a long way in contributing towards the growth of their own, to make a mark in the organization they belong to and become a proud citizen of our country. A very difficult placement scenario was expected for all institutions during 2020 due to the global pandemic and the resultant domestic economic scenario. However at IIM Sambalpur, the Final Placement process for the MBA batch of 2018-20 witnessed close to 100 companies visiting the campus.”

While reading the Director’s report of last year, Prof Mahadeo Jaiswal reiterated the highlights of the academic year that included several milestones for IIM Sambalpur like Highest gender diversity among IIMs, Introduction of the concept of Flipped classrooms, first ever TEDXIIM Sambalpur, Laying of the foundation stone of the permanent campus of IIM Sambalpur by Hon’ble PM Shri Narendra Modi, Signing of several MoUs with International universities and B schools and with the Office of the Collector cum District Magistrate to address the COVID calamity in Sambalpur which received praise from Hon’ble Education Minister Shri Ramesh Pokhriyal, Introduction of Executive MBA degree program and many more.

IIM Sambalpur with its core values of Innovation, Integrity and Inclusiveness is focused on nation-building and is committed in their goal of contributing towards the development of the country. The institute thrives to impart these values in their students to raise responsible leaders with an entrepreneurial mindset who will work towards the betterment of their country. The 5th graduating batch of IIM Sambalpur have achieved 100% placement despite the pandemic with multi fold increase in recruiters across sectors.

IIM Sambalpur conducts 4th & 5th annual convocation in the virtual mode