 The International Finance Corporation (IFC), a unit of the World Bank Group, has anchored an investment round of $200million in Mahindra & Mahindra Financial Services Limited (MMFSL). Mahindra & Mahindra Financial Services Limited (MMFSL) is a Rural NBFC (Non-Banking Financial Company) with the objective to create a ‘pool’ specifically for financing micro, small and medium enterprises (MSMEs) in low-income states. IFC is investing $75 million from its own account and mobilizing another $125 million as parallel loans. At the same time, Mahindra Finance has committed to invest $225 million in this fund. At least $ 100 million of this would be for women-owned MSMEs & it will be supported by blended finance from the IFC-Goldman Sachs’ Women Entrepreneurs Opportunity Facility. |
| Source: The Livemint |
 Non-bank lender Aditya Birla Finance became the first company to list its commercial papers borrowing of Rs 100 crore on the bourses. The Kumarmangalam Birla-led company listed its CPs on NSE with a value date of November 28, 2019, and maturity date on February 7, 2020, on BSE and NSE, both the bourses. ABFL is a diversified non-banking finance company (NBFC) with a long-term credit rating of AAA (Stable) from both Icra as well as India Ratings. |
| Source- Business Standard |
 Reliance Industries Limited (RIL) is the first Indian company to cross Rs.10 lakh crore in market capitalization (m-cap). Recently Vodafone India and Bharti Airtel had announced their tariff hike which will be implemented from December 2019. This has increased the share price of RIL in the market and is believed to attract more subscribers for Reliance Jio. Tata Consultancy Services (TCS), RIL’s closest rival in market capital had a share price of Rs.2,110, 2% lower on BSE and m-cap of Rs.7,71,996.87 crore. |
| Source: The Livemint |
 Muthoot Finance Ltd, the largest gold loan non-banking finance company in the country, entered into a definitive agreement to acquire IDBI Asset Management Ltd and IDBI Mutual Fund Trustee Company Ltd. Muthoot Finance will purchase 100 per cent equity shares of IDBI Asset Management and IDBI MF Trustee for a total consideration of Rs 215 crore. The transaction is expected to be completed by the end of February 2020. The deal is subject to receipt of approval from regulators including the Securities and Exchange Board of India (SEBI). |
| Source: The Business Standard |
 The Export-Import (Exim) Bank has provided a USD 30 million (about Rs 210 crore) line of credit to Ghana for a potable water project in the country. Under the arrangement, financing of export of eligible goods, works and services from India would be allowed subject to their being eligible for export under the Foreign Trade Policy of India and whose purchase may be agreed to be financed by the Exim Bank. As per the agreement, the terminal utilisation time is 60 months period after the scheduled completion date of the project. |
| Source: The Business Standard |
 The Asian Development Bank will provide a $451 million (about Rs 3,200 crore) loan to strengthen power connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu. The total cost of the project is $653.5 million, of which the government will provide $202.5 million. The estimated completion date is the end of 2024. The project will help promote economic development by delivering a more reliable and competitive power supply for industry and services in the state, which will in turn spur jobs and improve livelihoods. |
| Source: The Business Standard |
 The Reserve Bank of India has rejected the merger proposal of Indiabulls Housing Finance and Lakshmi Vilas Bank. RBI has rejected the application for voluntary amalgamation of Indiabulls Housing Finance Ltd. and Indiabulls Commercial Credit Ltd. with the Lakshmi Vilas Bank Ltd. The merger was crucial for Lakshmi Vilas Bank as it is now under the prompt corrective action framework of the RBI due to a high level of bad loans and insufficient capital. |
| Source: The Hindu |
 Infosys has been selected as the main supplier to deliver Volvo Cars’ digital transformation services for its enterprise digital commercial operations applications and products. Infosys will offer next generation application services leveraging its global delivery model (GDM), agile delivery, automation and other service optimisation levers to deliver effective service operations. Based on the Scale Agile Framework (SAFe), Infosys will enable transformation of application management and application development deliveries to a 100% agile operating model. |
| Source: The Hindu |
 Reliance Mutual Fund has been renamed as “Nippon India Mutual Fund“. The organization was renamed following the purchase of 75% stake in Reliance Nippon Life Asset Management by Nippon Life Insurance. Nippon India Mutual Fund has become the largest foreign-owned Asset Management Company in India. Sundeep Sikka will continue to lead company as the CEO. |
| Source: The Hindu |
 Securities and Exchange Board of India has imposed a penalty of over Rs 22 crore on Aurobindo Pharma and its promoters. They have been penalised for violating insider trading norms. The regulator had conducted an investigation into the trading in the scrip of Aurobindo Pharma Ltd. SEBI found that these entities purchased shares while in possession of the UPSI pertaining to Aurobindo, and made unlawful gains from having purchased its shares at a lower price before the publication of the unpublished price sensitive information (UPSI). |
| Source: The Hindu |
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