PNB may dilute stake to 30% in housing finance arm #finance #analyst

#pnb housing finance


PNB may dilute stake to 30% in housing finance arm

Dilasha Seth | New Delhi May 19, 2016 12:34 AM IST

Punjab National Bank, the country s second largest lender, is looking at lowering stake in its subsidiary PNB Housing Finance (PNBHF) to over 30 per cent as the latter goes for an initial public offer (IPO) of equity later this year.

PNB currently has 51 per cent in PNBHF. The finance ministry has been asking banks to offload non-core assets to meet capital requirements. PNBHF, the fifth largest in its segment, had 66 per cent growth in net profit during 2015-16 to Rs 326 crore, against Rs 196 crore in 2014-15. Total income grew 52 per cent to Rs 2,697 crore.

The IPO will rock the market, as it has posted a really good result. So, we are looking at whether to opt for dilution or offload something more. These are all options in hand, said a senior executive. According to market estimates, the company could raise at least Rs 2,500 crore through the IPO. The public sector bank has sent the proposal for lowering stake to the Department of Financial Services, under the Ministry of Finance.

We have to take permission from the ministry. We should cash in when the winds are good. We will certainly not like to go below 30 per cent but it will be decided by the size of the issue, the executive added.
While PNB holds 51 per cent in PNBHF, the other 49 per cent is held by Carlyle Group, an American multinational financial services company. We want the issue to happen in FY17. They need capital as they are expanding operations. For how long can they be borrowing? This is a very good time. The company is doing well. It is an opportunity for them to encash their success, said a senior banker. The housing finance company is anticipating higher growth from tier-2 and tier-3 cities and the affordable housing segment in metropolitan cities.

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Auto Loan Rates – Police and Fire Federal Credit Union #finance #news

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Rates reflect a 1/4% discount with automatic payment from an active PFFCU Checking Account or distribution from a payroll check automatically deposited with PFFCU and are SUBJECT TO CHANGE WITHOUT NOTICE. The AutoDraft can only be used to purchase or buyout a lease on an automobile (examples of vehicles that cannot be purchased using an AutoDraft are a motorcycle, mobile home, trailer, RV, boat, snowmobile, jet ski, off road vehicle, commercial vehicle, or any other untitled vehicle). The vehicle must be purchased from a business entity licensed to sell automobiles. PFFCU will only finance autos that have mileage of 90,000 or less. The maximum age of any auto to be financed is 7 years or less than the current model year (For example, as of September 1, 2016 the oldest auto to finance is a model from 2010). AutoDraft can only be used to purchase a new car in PA, NJ, DE, MD, FL and NY or a used car from a licensed dealership in PA, NJ or DE.

  1. Your rate will depend upon your credit score, loan term and model year.
  2. All payments quoted above are based on per $1,000 borrowed. To get a monthly payment for a specific borrowed amount, multiply the per $1,000 payment factor by the number of thousand dollars borrowed. For example, if you borrow $10,000, multiply 10 by the figure noted next to the specified loan product.

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If you have questions or want to apply for a loan over the phone please call us
at 1-800-228-8801 or 215-931-0300.

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Police and Fire Federal Credit Union
901 Arch Street, Philadelphia, PA 19107

©2016 Police and Fire Federal Credit Union.

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Close premium finance #south #canterbury #finance

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Financial Calculators – The Calculator Site #franchise #finance

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Financial Calculators

The finance section of The Calculator Site featuring useful financial calculator tools for loans, car/auto loans, compound interest, savings, mortgages and more.

Use these financial calculators to work out the compound interest on your savings. The first calculator works out interest on a lump sum. The second calculator allows you to include regular monthly deposits. Interest can be compounded on a monthly or yearly basis.

Are you looking to purchase a new car on credit? Use this car loan calculator to work out monthly repayment figures for a car loan. The calculator results include a monthly breakdown schedule of interest and capital repayment amounts, to show you exactly what you will be paying.

Use these credit card repayment calculators to work out effective strategies for paying off your credit card debt. There are two calculators available, depending on which type of calculation you would like to do.

A handy universal currency converter that allows you to quickly convert between more than 250 different world currencies.

If you’re want to work out what interest rate you’re currently receiving on your loan, whether it’s a secured, unsecured or payday loan, use our interest rate calculator to do the calculation for you.

Calculate your monthly repayment figures for a secured or unsecured loan using this finance calculator tool. The calculator results include a monthly breakdown schedule of interest and capital repayment amounts, to show you exactly what you will be paying.

If you are looking at the option of refinancing your existing mortgage, whether it be to lower your monthly payments or overall costs, use our mortgage refinance calculator. Simply enter the information for your existing mortgage and the interest rate at which you are considering refinancing and let the calculator do all the work for you.

If you are considering the idea of taking out a new mortgage loan, or are looking for mortgage refinancing, this finance calculator should prove useful. Once you enter the figures for the mortgage, it will provide you with a breakdown of interest and capital repayments over the life of the mortgage.

Calculate how much you might need to save per year in order to meet your retirement goals using this retirement planner. The calculator also adjusts for inflation.

Two savings calculators to help you to work out the interest paid on your savings amount. The first finance calculator is for regular savings on an initial deposit amount. The second calculator allows an option to include a regular monthly savings deposit amount.

If you want to find out how much to save each month or how long to commit to saving to achieve a financial goal, these two calculators are the ones to choose. Simply enter a few key figures and let the calculators do the rest.

Note: The finance calculators featured in this section are provided for guide purposes only. We recommend speaking to an independent financial advisor for professional guidance.

Comments and Suggestions?

Please feel free to contact me with your comments on my finance calculators, including any suggestions for possible future development.

Sebi fines Sushil Financial for violating stock broker norms #nyc #finance

#sushil finance


Sebi fines Sushil Financial for violating stock broker norms

Press Trust of India | New Delhi Feb 01, 2016 07:28 PM IST

Capital markets regulator Sebi has slapped a penalty of Rs 24 lakh on Sushil Financial Services (SFS) for violating stock broker norms.

A probe by the Securities and Exchange Board of India (Sebi) found that there was transfer of funds between securities client bank account and commodities client bank account, among others.

Commodity broker Sushil Global Commodities Pvt Ltd (SGCPL), an associate company of SFS and also a client of it allegedly used its client account to sell securities taken by it as collateral from its commodities clients towards recovery of outstanding debits from them.

Sebi, in its order, said that the rule “does not permit moneys to be withdrawn from the clients account for or towards payment of debt due to the group company of the broker from the client, or, money in respect of which there is liability of client to the group company of the broker”.

“The debt/liability of the client towards the group company of the client cannot become the debt/ liability of the noticee (SFS) with the client,” it added.

The broker also allegedly violated Sebi norms by using the credit fund balances of clients for obligations of debit balance clients.

Imposing a total fine of Rs 24 lakh, the regulator said that the fine “will be commensurate with the violations” committed by SFS.

Sebi had conducted an inspection into the books of Sushil Financial Services between the period of April 1, 2012 and September 4, 2014, to ascertain whether the broker had complied with the regulator’s norms with respect to segregation of funds and securities of clients.
Besides, Sebi probe had also found that the broker had failed to incorporate the word “Client Account” in the bank account name which is required as per the regulator’s circular.

Vehicle Finance Calculator #gmac #auto #finance

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These products are charged on a monthly basis and are added to your basic finance instalment.

All calculations made on calculators supplied on this site, together with rates quoted, are guidelines only and are subject to confirmation at the time of finalising any transactions. All information regarding the products, fees and/or costs which are included in and form a fundamental basis of the calculations are subject to change at any time prior to a final pre-agreement quote being handed to the User.

The User indemnifies WesBank against any loss or liability, which the User may suffer as a result of the use of any calculator. The site and all information provided on this site and the services provided on this site, are provided “as is”. The information provided on this site should not be treated as professional advice of any kind.

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PNB Housing Finance files draft papers for Rs 2500cr IPO #mazda #finance

#pnb housing finance


PNB Housing Finance on July 5 approached SEBI for an initial public offer worth up to Rs 2,500 crore.

The leading housing finance firm, promoted by Punjab National Bank, would be using the proceeds from the share sale mainly towards augmenting its capital base.

According to the Draft Red Herring Prospectus (DRHP), the company plans to raise up to Rs 2,500 crore through the initial share sale and a portion would be reserved for the employees.

The housing finance company plans to utilise the proceeds to augment the company’s capital base and for general corporate purposes, as per the DRHP.

“We believe that the listing of our equity shares will enhance our visibility and brand name among existing and potential customers,” it added.

For the year ended March 2016, PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operations stood at Rs 2,699.54 crore in the same period.

At the end of March 2016, PNB had 51 per cent stake in the company. Post IPO, it would “continue to hold approximately 35-37 per cent of the issued and paid-up share capital”, according to the DRHP.

Kotak Investment Banking, BofA Merrill Lynch, JM Financial, J P Morgan and Morgan Stanley are the global coordinators and book running lead managers for the proposed issue.

The company plans to grow business and loan portfolio by consolidating position in key geographies as well as by expanding into specific target markets such as the affordable housing segment.

Sushil Finance #gruh #finance

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Stocks Talk Forum

Hi everyone, I was looking at Pitti Laminations, a micro cap with a m-cap of 78 Cr. Its India s largest metal laminations company. The company is in steel laminations business primarily but has also diversified from steel laminations to tooling, forging etc. Company is a net exporter to many countries a clientele is quite good: [ ]

What are members view, which will give better return in next five years between Infosys or HDFC bank.

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SUSHIL FINANCIAL SERVICES PVT LTD s Complaints at BSE, NSE and MCX #southern #finance

#sushil finance



Sushil Financial Services Pvt Ltd (Sushil Finance) was founded in 1982 and acquired membership of BSE in the same year. The company is amongst the leading stock broking houses engaged in offering services such as trading in equities/derivatives/currency/ commodities, online trading, MFs & IPOs, institutional equities, insurance, depository, NRI/QFI services and loan against shares among others. It holds active membership of the cash and derivative segments of NSE and BSE. It is also a DP with CD.

Complaint against SUSHIL FINANCIAL SERVICES PVT LTD By Financial Year

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List of consumer complaints received for SUSHIL FINANCIAL SERVICES PVT LTD by its clients at BSE and NSE. These are some of the serious grievances which were not resolved by the brokers and the customer of SUSHIL FINANCIAL SERVICES PVT LTD filed a legal complaint against them.

The list also shows the number of active clients trading member SUSHIL FINANCIAL SERVICES PVT LTD has by the exchange and financial year. The data is provided by the exchange and update on quarterly. Please visit stock exchange’s for latest updates.

Summary of complaints received against brokers