Withdrawal Exemption Of Up To 5 Lakh In PMC Bank

Withdrawal exemption of up to 5 lakh in PMC Bank, those with a deposit up to 5 lakh rupees, can withdraw the principal amount in a lump sum.

Those who had deposits of less than Rs 5 lakh in Punjab and Maharashtra Co-operative (PMC) Bank can now withdraw their entire amount in one go.

Its acquirer Unity Small Finance Bank (SFB) has gave this information on Thursday. Unity SFB said that depositors of PMC Bank can withdraw up to Rs 5 lakh in a lump sum, or keep the deposit if they wish.

Now there is no restriction on their withdrawal up to Rs 5 lakh. The depositors who keep their deposits will get interested at the rate of seven percent per annum.

Withdrawal exemption of up to 5 lakh: Those who wish to withdraw will get the principal amount back.

The number of such depositors in PMC Bank is 96 percent. On Tuesday this week, the Finance Ministry approved the merger of PMC Bank with Unity SFB.

This also saved PMC Bank from the process of the asset sale and protected the interests of all its depositors.

Unity SFB has also said that all employees of PMC and around 110 branches will now operate under the new brand.

It may be mentioned that Unity SFB started operations in November last year. Its asset base was around Rs 2,400 crore.

Adani Wilmar’s IPO gets a 57% subscription from retail investors on day one. Adani Wilmar’s IPO got a 57 percent subscription on the first day.

According to the data provided by stock exchanges, the institutional investor portion of the IPO was subscribed by 30 percent, a high net worth individual stake by 54 percent, and a retail quota by 96 percent.

The Adani Group firm has fixed a price band of Rs 218-230 per share for the IPO. The company’s market cap at the top-end would be around Rs 30,000 crore.

Adani Wilmar is raising Rs 3,600 crore of fresh capital through IPO. The company has already allotted shares worth Rs 940 crore to anchor investors.

The company plans to raise Rs 3,600 crore from the capital market through IPO.

According to the Red Herring Prospectus (RHP), the company proposes to use Rs 1,900 crore for capital expenditure.

Rs 1,058.9 crore for repayment/prepayment of its borrowings, and Rs 450 crore for strategic acquisition and investment funding. Is.

On the financial front, Adani Wilmar Ltd’s revenue rose to Rs 24,957.28 crore in the six months ended September in the current fiscal, as against Rs 16,273.73 crore in the same period last year.

Profit increased to Rs 357.13 crore from Rs 288.78 crore in the same period. The company posted a revenue of Rs 37,195.65 crore and a profit of Rs 728 crore in the entire 2020-21 financial year.