Bajaj Allianz Life launches plans for expansion
Ahmedabad: Bajaj Allianz Life Insurance Company Ltd hopes to treble its premium income in the next financial year through an aggressive expansion drive.

The company said that it is set to cross Rs750-crore insurance premium in the current financial year. As on December 31, it had done Rs426 crore, a growth of over 300 per cent over last year. The company hopes to continue to grow at the same rate and log a premium income of over Rs2,200 crore, it said.

Bajaj Allianz Life will increase its number of branches to over 300 from the present 220 and have over 3,000 agency managers by the end of the current financial year, it has said. The company is also planning to induct more agents to take the figure to nearly 43,000 from the present 36,000.

The company has filed a new product for working women with the Insurance Regulatory and Development Authority and hopes to get clearance in the next couple of weeks.

The company also said that it was in the final stages of working out a health product that would be filed for approval with the regulator soon.
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HDFC Bank ADS priced at $39.26
Mumbai: HDFC Bank is raising $260 million through an offering of 6,644,665 American Deposit Receipts. Each ADS representing three equity shares is priced at $39.26, the closing price of the ADS on the NYSE on Thursday, according to a JM Morgan Stanley press release, one of the arrangers to the issue.

The issue also has a green-shoe option of $39 million. HDFC Bank has granted the underwriters an over-allotment option to purchase an additional 996,700 ADS.

The offer price is equivalent to Rs571.89 per equity share at the January 20 exchange rate. Merrill Lynch International and Morgan Stanley are the joint global co-ordinators and joint book-runners for the offering. Net proceeds from the offering will be used to fund the bank's future growth, said the release. The offering is scheduled to close on January 25.
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Centurion Bank to raise Rs.600 crore
Kolkata: Centurion Bank is seeking to raise up to Rs600 crore from the market to meet its long-term capital requirement for expansion plans. It has not ruled out tapping global investors.

The bank will soon seek shareholders' approval for issuing fresh equity shares, which might include an international offering. Shares of Re 1 are likely to be issued.

The bank has already sought the shareholders nod to pass an enabling resolution for the proposed issue of equity shares. In the resolution, it has kept all options open regarding the proposed issue. According to the resolution, it can either be an American Depository Receipt or Global Depository Receipt or foreign currency convertible bonds or a domestic issue.
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Dena Bank employees to strike on Jan 24
Kolkata: The All India Dena Bank Employees Coordination Committee will organise a strike as part of its strategy to oppose the government's move to reduce its holding in the bank to 51 per cent.

The committee has proposed to take organisational steps, including strikes, as a way of expressing its protest, a statement here said, adding that an all-India strike would take place on January 24.
The United Forum of Bank Unions has resolved to support the proposed strike.
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