State Bank of India on Friday said it will raise Rs 5,681 crore by issuance of preferential shares to the central government, its majority shareholder.

"The Committee of Directors for Capital Raising of the Bank...has accorded its approval to fix the issue price at Rs 269.59 per share of face value of Re 1 each, including a premium of Rs 268.59 per share and accordingly, to issue 21,07,27,400 equity shares...On preferential basis to Government of India, for a consideration of Rs 5,680.99 crore," SBI said in a BSE filing.

Exchange of banned Rs 500 and Rs 1,000 notes will continue to be available at counters of the Reserve Bank of India (RBI), up to the current limits per person, the RBI said in a release on Friday.

The announcement comes after the government, on Thursday, extended the last date for use of the denotified Rs 500 notes for allowed exemptions till December 15, and stopped the over-the-counter exchange of cash at banks with immediate effect.

On Saturday, some formidable captains of the information technology (IT) sector will be here for the start of the National Association of Software & Services Companies (Nasscom) conclave of chief executives, a three-day affair.

It is Odisha's first attempt to host such a conference -- in fact, the first occasion when this is being held outside of a metropolitan city.

Point of Sale (PoS) transactions in State Bank of India surged 300 per cent in numbers and 200 per cent by value, indicating that digital transactions have really gone up, SBI chairperson Arundhati Bhattacharya said. “Digital transactions have really gone up in the sense that if you look at my PoS transactions, it is 300 per cent up in numbers and 200 per cent by value,” Bhattacharya told reporters in response to a query on increase in cashless transactions in SBI.

Nasscom Foundation on Thursday in its yet-to-be-released report, has said that a substantial number of companies have spent more than 60-70% of their corporate social responsibility (CSR) spend in education initiatives and the remaining half spend between 30-40% of their budget in education.

"Education forms the major chunk of CSR spend: A substantial number of companies interviewed have spent more than 60-70% of their CSR spend in education initiatives and the remaining half spend between 30-40% of their budget in education," the report, to be released shortly at a different event, said here.

National Highways Authority of India (NHAI) has raised Rs 10,000 crore from retirement fund body EPFO's bonds so far this financial year, while LIC has in-principle has agreed to subscribe to its taxable bonds worth up to Rs 8,500 crore till March-end, Parliament was informed on Thursday.

NHAI in the current financial year has raised Rs 10,000 crore through taxable bonds of Employees Provident Fund Organisation (EPFO), data presented by Minister of State for Road Transport and Highways P Radhakrishnan in Lok Sabha showed.

Mumbai: GVK Airport Developers Ltd, a unit of GVK Power and Infrastructure Ltd, is in talks to raise close to $200 million in structured debt to refinance a part of its borrowings, two people aware of the discussions said.

“GVK has been looking at refinancing options of its existing loans as the transaction with Fairfax Group to sell a controlling stake in Bengaluru International Airport Ltd (BIAL) is yet to receive security clearance from the government of India,” one of the two people said on condition of anonymity as the talks are private. GVK is in talks with a clutch of lenders, including Goldman Sachs India, the person added.

This investment from its innovation fund, will help Stellaris back entrepreneurs building applications for global businesses, SMBs and consumers in verticals such as financial services, retail, healthcare and education.

Stellaris had earlier invested in Taxisforsure, Bigbasket, Simplilearn etc.

Tata Consultancy Services (TCS) today announced that it would implement a unified global process blueprint for chip-making equipment manufacturer ASML, aiming to “simplify business processes, improve operational efficiency and elevate stakeholder experience.”

Recently, TCS set up an exclusive centre for ASML in its Hyderabad campus, which was inaugurated by chief information officer, Louis Luijten and executive vice president and chief financial officer of ASML, Wolfgang Nickl.

MUMBAI/NEW DELHI: From currency note conversion desks to mobile ATMs and temporary cash withdrawal counters, India Inc. is going all out to help its employees tide over the cash crunch after the government made high-denomination notes illegal two weeks ago.

The sudden invalidation of 86% of India’s currency by value, along with curbs on withdrawals from bank accounts and ATMs and on exchange of old notes, made cash scarce and resulted in long queues outside banks every day.

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