Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Wednesday, October 23, 2013

Have all approvals for QIP; need to raise Rs 900cr: IOB 
Speaking to CNBC-TV18, M Narendra, chairman, Indian Overseas Bank says that bank requires Rs 2100 crore capital and with the government giving it Rs.1200 crore, it will need to raise less than Rs 900 crore from QIPs. 

Calling the Indian government’s plan to infuse capital in PSU banks an encouraging move, M Narendra, chairman, Indian Overseas Bank  says the bank will need less than Rs 900 crore through qualified institutional placement (QIP). 

Speaking to CNBC-TV18, Narendra says that bank requires Rs.2100 crore capital and with the government giving it Rs 1200 crore, it will need to raise less than Rs 900 crore from QIPs 

Additionally, Narendra says that the bank has already received all the approvals for the same. “We had already got these approvals in the board. Now we will only have to discuss government placement and preferential allotment in the Extraordinary General Meeting (EGM). Other than that, approvals for overall capital raising are already there with us. Through our last AGM we have taken all the necessary approvals. So, that will not be difficult. Parallelly, according to the right time we may look at the other options too,” he adds. 

Below is the edited transcript to CNBC-TV18. 

Q: Have you heard anything decisive from the government and what would Indian Overseas Bank's ( IOB ) requirement be in terms of capital infusion? 

A: Yesterday there were discussions. The equity infusion is a very encouraging sign. The coming funds will help the bank also in terms of the future credit growth. Our requirement at the rate of around 14 percent credit growth maybe around Rs 2,100 crore taking into account a certain level of profit plough back. So, to that extent, we may look at other alternative options by private placement or Qualified Institutional Placement (QIP) and we will decide timing of that appropriately. 

Q: So if you all have to do a QIP it would be for the balance of Rs 2,100 crore minus whatever the government gives you. So if it is Rs 1,200 crore, it will be Rs 900 crore. 

A: Yes, depending upon our requirement, it maybe slightly lower. Rs 2,100 crore was estimated earlier. Now Rs 1,200 crore is coming. So, we may look at what extent we should go for private placement or QIP. 

Q: How soon will you all take a decision on whether you will do this private placement? When is the next board meeting etc.? 

A: We had already got these approvals in the board. Now we will only have to discuss government placement and preferential allotment in the Extraordinary General Meeting (EGM). Other than that, approvals for overall capital raising are already there with us. Through our last AGM we have taken all the necessary approvals. So, that will not be difficult. Parallelly, according to the right time we may look at the other options too. 

On October 23, 2013, Indian Overseas Bank closed at Rs 49.85, down Rs 0.5, or 0.99 percent. The 52-week high of the share was Rs 94.85 and the 52-week low was Rs 37.15. 

The company's trailing 12-month (TTM) EPS was at Rs 4.97 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 10.03. The latest book value of the company is Rs 145.63 per share. At current value, the price-to-book value of the company was 0.34. 

Courtesy: www.moneycontrol.com