Financial Daily from THE HINDU group of publications
Wednesday, Apr 28, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 28, 2004 |
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Money & Banking
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Mergers & Acquisitions SBIDFHI arrives Rukmani Vishwanath
Mumbai , April 27 PRIMARY dealers (PDs) in debt securities across the country may have to sit up and take notice. India's largest PD has finally been born. The country's largest dealer in debt securities formed by the merger of SBI Gilts and Discount and Finance House of India (DFHI) filed with the Registrar of Companies last Friday the High Court order approving the merger. On that day, SBI Gilts, a subsidiary of State Bank of India, wound up its operations in the market, after a stint of seven years. The new entity, which has provisionally been christened `SBIDFHI' will have as its Managing Director and Chief Executive Officer, Mr M.M. Lateef, who is also a Deputy Managing Director with SBI; and Mr A.K. Purwar as Chairman. Mr Lateef was earlier, Managing Director, SBI Gilts. Sources said plans were already under way to shift personnel, from what was earlier SBI Gilts, to the DFHI premises. SBI Gilts' current headquarters in Mumbai may be converted into a Disaster Recovery Management Site for the new entity.
More Stories on : Mergers & Acquisitions | Debt Market
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