Advait Palepu

Mumbai

Wealth Reporter at Bloomberg News

Wealth Reporter at Bloomberg News India @business. Views are personal.

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Articles

Wealth Manager Lures India Bankers With 60% Revenue Sharing

5 days ago | bloomberg.com | Advait Palepu |Saikat Das

Residential and commercial buildings in Mumbai, India, on Monday, Feb. 19, 2024. India recorded its best year for home sales since 2008. Photographer: Dhiraj Singh/Bloomberg(Bloomberg) -- A $6 billion Indian money manager plans to ramp up hiring of senior bankers by allowing them to keep up to 60% of the revenue they bring in, showing how competition for talent is heating up in one of the world’s fastest growing wealth markets.
India’s Largest Bank Plans to Raise $3 Billion in Share Sale (1)

1 week ago | news.bloombergtax.com | Advait Palepu

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
India’s Largest Bank Plans to Raise $3 Billion in Share Sale

1 week ago | bloomberg.com | Advait Palepu

A State Bank of India (SBI) branch in Mumbai. (Bloomberg) -- State Bank of India plans to raise 250 billion rupees ($3 billion) through new shares and this fiscal year, marking the first equity raising by the state lender in seven years. Net income at the country’s biggest lender fell 9.9% to 186.4 billion rupees in the three months through March, from a year earlier, according to a statement Saturday. It managed to beat the 179.9 billion rupees average estimate of 18 analysts.
Hinduja-Backed IndusInd Bank Shares Drop After CEO Quits (1)

2 weeks ago | news.bloomberglaw.com | Advait Palepu

Shares of IndusInd Bank Ltd.’ — backed by billionaire Hinduja brothers — declined the most in a week after Chief Executive Officer Sumant Kathpalia resigned over a 19.6 billion-rupee ($230 million) accounting discrepancy in the Indian bank’s derivatives book, according to an exchange filing. The private lender’s stock declined as much as 3.2% in Mumbai trading, as doubts swirl over the lender’s business amid a top management exodus in recent days.
IndusInd Bank CEO Quits Over $230 Million Accounting Lapse (1)

2 weeks ago | news.bloomberglaw.com | Advait Palepu

IndusInd Bank Ltd. Chief Executive Officer Sumant Kathpalia resigned over a 19.6 billion-rupee ($230 million) accounting discrepancy in the Indian bank’s derivatives book, according to an exchange filing. Kathpalia said in his resignation letter that he took “moral responsibility, given the various acts of commission/omission that have been brought to my notice.” He’s been with the bank for 17 years and was named managing director and CEO in March 2020.
IndusInd Bank CEO Quits Over $230 Million Accounting Lapse (1)

2 weeks ago | news.bloomberglaw.com | Advait Palepu

IndusInd Bank Ltd. Chief Executive Officer Sumant Kathpalia resigned over a 19.6 billion-rupee ($230 million) accounting discrepancy in the Indian bank’s derivatives book, according to an exchange filing. Kathpalia said in his resignation letter that he took “moral responsibility, given the various acts of commission/omission that have been brought to my notice.” He’s been with the bank for 17 years and was named managing director and CEO in March 2020.
IndusInd Bank CEO Resigns Over $230 Million Derivatives Gap

2 weeks ago | bloomberg.com | Advait Palepu

Signage at an IndusInd Bank Ltd. branch in New Delhi, India, on Tuesday, March 11, 2025. Shares of IndusInd Bank recorded their worst day ever after the Indian lender said it found discrepancies in its derivatives portfolio and warned of a one-time hit to earnings.
India’s Biggest Bank Plans Fund Raising Via Share Sale This Year

2 weeks ago | bloomberg.com | Advait Palepu

A State Bank of India bank branch in Mumbai. (Bloomberg) -- State Bank of India Ltd., the nation’s biggest lender, plans to raise capital by issuing new shares this fiscal year, following similar announcements by some of its private peers. The board of the state-run bank will discuss the proposal for fresh capital either through a follow-on public share sale, rights issue or qualified institutional placement on May 3, according to an exchange filing Tuesday.
Axis Bank to Raise $6.4 Billion Through Debt and Equity

2 weeks ago | bloomberg.com | Advait Palepu

An AXIS Bank branch in Mumbai, India. (Bloomberg) -- Axis Bank Ltd plans to raise 200 billion rupees ($2.3 billion) through a share sale as part of a bigger capital raise that includes debt. The Mumbai-based bank plans to raise 350 billion rupees ($4.1 billion) through local rupee bonds or foreign currency bonds, Additional Tier-1 bonds, infrastructure bonds and other debt, the bank said in an exchange filing Thursday.
India’s Ultra-Rich Find New Route to Buy Global Stocks, Bonds to Invest Overseas

2 weeks ago | bloomberg.com | Advait Palepu

India’s richest families have found a new way to buy global stocks and bonds through the nation’s low-tax hub, offering a rare path for the super-wealthy to invest overseas. Investments routed abroad through funds in the Gujarat International Finance Tec-City more than tripled to $778 million in six months through December, according to official data. The Reserve Bank of India opened the way for family offices to invest via the Overseas Portfolio Investment route in June.