October 2010
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Bajaj Holdings picks up 12.82% stake in NMCE

Bajaj Holdings and Investment (Bajaj Holdings) on Wednesday picked up a 12.82 per cent stake in the Ahmedabad-based National Multi Commodity Exchange of India (NMCE) for Rs 25 crore. The investment, along with Equirus Capital as the exclusive financial advisor to NMCE, will partially meet the regulatory capital requirement, and also help towards the strengthening of its information technology (IT) infrastructure, business development and human resources. Besides raising its share capital from Rs 16.67 crore to Rs 19.12 crore, the investment will help NMCE meet its regulatory capital requirement and strengthen its balance sheet for investment in IT infrastructure. […]

SBI buys 20% stake in its biz correspondent

The country’s largest lender State Bank of India (SBI) has bought 20 per cent equity stake in A Little World (ALW), a technology services providing company with a strong rural focus and an affiliate of the Zero Micro Finance and Savings Support Foundation, for Rs 80 crore. The other stakeholders of ALW include Enam Financial, Bellweather Microfinance Fund, India Financial Inclusion Fund and Legatum Ventures, a Dubai-based private equity fund. “SBI bought 20 per cent equity stake in ALW and henceforth we will undertake majority of work for SBI in future. Considering the enormous work that SBI plans to do undertake, there will be no time to work for other banks. At present, we have a tie-up with 24 other banks, they will be phased out gradually and while some may remain with us,” said a promoter of ALW and Zero Micro Finance and Support Foundation. A senior SBI official said, “We bought the equity stake in the company for a consideration of Rs 80 crore so that company could speed up the financial inclusion exercise of the bank.” […]