Industry News

IBERIABANK Corporation's board of directors approved a quarterly cash dividend of about USD0.41 per depositary share or USD164.00 per share on the company's 6.60% fixed-to-floating non-cumulative perpetual preferred stock, series C of par value USD1.00 per share, it revealed on Monday. Also, the company said that on 9 May 2016 it issued a total of 2,300,000 depositary shares, each representing a 1/ 400th ownership interest in a share of the series C preferred stock, with a..."/>
IBERIABANK announces preferred stock dividend of USD0.41 per depositary share
Simmons First National Corp., has completed its acquisition of Citizens National Bank in Athens, Tenn. Citizens National Bank will temporarily remain a separate bank and continue its operations as a subsidiary of Simmons First National Corp. until it is merged into Simmons Bank. The merger and system conversion is slated to occur on Oct. 21.."/>
Simmons First National completes Athens bank purchase [Chattanooga Times Free Press, Tenn.]
Houlihan Lokey, Inc., the global investment bank, today announced that Laurens van Asselt has joined the firm as a Managing Director. He is based in Amsterdam, supporting the firm's power& utilities, environmental, and infrastructure coverage efforts in the Benelux region and across continental Europe. Mr. van Asselt joins from Rabobank, where he was a Managing Director in the Corporate Finance Advisory group, responsible for the utilities,..."/>
Houlihan Lokey Expands Its European Corporate Finance Business With Senior Hire in Amsterdam
Tata Steel Ltd's consolidated losses widened to Rs.3, 183 crore in the June quarter compared Rs.317 crore a year ago as India's largest steel maker had to account for the divestment of its Long Steel UK Ltd factory. A Bloomberg poll of brokerages projected a net profit of Rs.376.9 crore and consolidated net sales of Rs.28, 468 crore. Consolidated revenues fell 5.7% from a year ago as steel deliveries fell in some European markets."/>
Tata Steel net loss widens tenfold to Rs3,183 crore [Mint, New Delhi]
ICICI Bank Ltd and Prudential have both agreed to shed their stake in the insurer to achieve minimum public shareholding norms with a floor of 54% and 20% respectively, said the insurer's draft red herring prospectus."/>
Prudential may pare stake by up to 5.83% in ICICI Prudential Life after IPO [Mint, New Delhi]
HPL Electric to launch IPO on 22 September [Mint, New Delhi]
Edelweiss Financial Services to advise it," said one of the two people on condition of anonymity as the talks are private."/>
Palogix Infra in talks with private equity firms to raise Rs150 crore [Mint, New Delhi]
Indiabulls Housing Finance Ltd on Monday announced its first public issue of secured and unsecured redeemable non-convertible debentures for a total amount of Rs.3, 500 crore, with an option to retain over-subscription up to Rs.3, 500 crore. The company aims to use the net proceeds towards "lending, financing, and repayment of interest and principal of existing borrowings", according to the prospectus. The company has privately placed Rs.7, 180 crore of NCDs..."/>
Indiabulls Housing Finance's maiden NCD to kick off on 15 September [Mint, New Delhi]
Tata Steel Ltd's consolidated loss widened to Rs3, 183 crore in the June quarter from Rs317 crore a year ago as India's largest steel maker had to account for the divestment of its Long Steel UK Ltd factory. Consolidated revenue fell 5.7% to Rs26, 406.10 crore in the quarter from Rs28, 025.43 crore in the year-ago period. A Bloomberg poll of analysts had projected a net profit of Rs376.9 crore on consolidated net sales of Rs28, 468 crore."/>
Tata Steel net loss widens tenfold to Rs3,183 crore [Mint, New Delhi]
Welspun Enterprises Ltd on Tuesday became the first company to achieve financial closure under the hybrid annuity model for highway construction in which the government will share 40% of the project cost. The company has managed funding of around Rs.400 crore from a consortium of banks including Punjab National Bank, State Bank of Hyderabad and Union Bank of India where PNB is lending Rs.200 crore and the rest are giving loans of Rs.100 crore each."/>
BRIEF: Welspun achieves financial closure under hybrid annuity model for highway work [Mint, New Delhi]
Moody's Investors Services warned Monday. The major credit-rating agency said it placed New Mexico's general obligation bonds "under review for possible downgrade" from its Aa1 status, the second best classification. "The review for downgrade is triggered by the state's recently released August revenue estimates..."/>
Moody's puts state bonds under review for possible downgrade [The Santa Fe New Mexican]
Chase Appoints 3 Mortgage Executives [Mortgage Daily]
MasterCard touched on the need for diversity in the global workforce, embracing rapidly changing technology, and operating in a world that has become very unpredictable. Ajaypal "Ajay" Singh Banga, a native of India who became a U.S. citizen in 2007, also talked of incidents overseas and in New York after being asked about them by fireside chat moderator Marc..."/>
MasterCard CEO discusses diversity, technology, unpredictable world and personal incidents [Columbus Ledger-Enquirer, Ga.]
M and A Navigator: Deal pipeline –13 September
VersaBank and PWC Capital Inc. today jointly announced that they have entered into an agreement to merge by means of an amalgamation under the Bank Act. After the Amalgamation, which is subject to regulatory and other approvals, the combined entity will continue to be named VersaBank. Concurrently with the Amalgamation, PWC will undertake a series of transactions, such that immediately prior to the Amalgamation its issued and outstanding share capital will be..."/>
VersaBank & PWC Capital Agree to Merge
BBX Capital Corp. is the new franchisee of MOD Pizza in South and Central Florida, with plans to open 50 or more restaurant locations over the next seven years. BBX Capital said it will open stores in major metropolitan markets including Fort Lauderdale, West Palm Beach, Miami, Orlando and Tampa. "This is a direction we want to go," BBX President and acting CEO Jarett Levan said."/>
BBX Capital to bring MOD Pizza to South Florida [Sun Sentinel]
KeyCorp has set the dates when seven KeyBank branches in the area will shut down as part of the First Niagara Financial Group acquisition. A branch at 2345 Union Road in West Seneca will close Nov. 18.. Six other locations will close Dec. 2.."/>
BRIEF: KeyCorp sets closing dates for seven KeyBank branches [The Buffalo News, N.Y.]

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