Business
Ujjivan SFB to raise Rs 600 cr in equity; expects to report profits in Q4
Ujivan Small Finance Bank (SFB) will raise up to Rs 6,000 crore in new equity from institutional investors within three to six months to raise the public float to 25% and support business growth.
The company told the BSE that the board has approved an equity issue of up to Rs 600 crore, including a premium through a qualifying institutional placement, subject to shareholder approval.
As of the end of December 2021, its capital adequacy ratio was 19.1% and its Tier 1 capital was 17.7%.
Ittira Davis, managing director and chief executive officer of Ujjivan SFB, said regulation requires listed entities to have a 25% public shareholding. Ujivan is now around 18%. Therefore, the bank must purchase an additional 7% of the bank’s public shares. This will take place prior to the reverse merger of the originating entity and the bank.
The SFBs are publicly offered and listed on exchanges in the third quarter of fiscal 2020 in compliance with RBI regulations which require all SFBs to be listed as separate entities within three years of commencing business.
In addition to meeting regulatory requirements, the fresh capital will help grow the business over the next year or so. He said there had been little growth in the past two years after the Covid-19 pandemic hit economic activity.
As for returning to profitability after a timed loss in Q3 FY22, Davies said the way things were pointing (loan increases) the bank should be able to achieve that (reporting profits) in Q4. The loan book established in the third quarter will begin to provide earnings (interest income) in the fourth quarter. The January 2022 approach is showing good traction, and if February and March move in this direction, a turnaround will be achieved.
It narrowed its loss for the third quarter of fiscal 2022 to Rs 33.83 crore from Rs 278.33 crore in the quarter ended December 2020 (Q3Fy21) and Rs 273.39 crore in Q2Fy22.
Its total advances stood at Rs 16,463 crore in December 2021, up 21% year-on-year (Y-o-Y) and 13% quarter-on-quarter (Q-o-Q). Expenses in the third quarter were Rs 4,809 crore, up 120% year-on-year and 54% quarter-on-quarter.
The bank’s net NPA stood at 1.67% of net advances at the end of December 2021, up from 0.05% a year ago, but down from 3.29% in the September 2021 quarter.
Complete News Source : Business Standard
Business
OpenAI buys new domain chat.com for over $15 million, it redirects to ChatGPT
The previous owner of the domain turned out to be Dharmesh Shah, founder and CTO of software company HubSpot
OpenAI has bought the domain chat.com. Clicking on it automatically routes you to the ChatGPT website.
The AI giant’s CEO Sam Altman announced this on Thursday, November 7, 2024, by simply posting the URL on X (Formerly Twitter) without any description or reasoning.
Altman’s post has already gotten over 3 million views and nearly 15k likes. The domain purchase is likely part of a rebranding effort.
The domain’s previous owner turned out to be Dharmesh Shah, founder and CTO of software company HubSpot. Shah announced this in posts on X and LinkedIn.
In his post, he detailed how he had purchased the domain for $15.5 million earlier this year and sold it later to an undisclosed (at that time) buyer.
“Well, in an 8 character tweet (talk about brevity), Sam Altman, the CEO of OpenAI revealed that they were the buyer,” he wrote. ”If you visit the website now, it goes to ChatGPT.” Shah wrote he was not at liberty at that time to share who the acquirer was as he was “going to leave that to them, when they were ready.”
He then went on to share GPT o1 prompt which reasoned the entire episode. “When he does sell a domain, it’s almost never at a loss,” and “Dharmesh doesn’t like profiting off of people he considers friends,” the prompt read, which could mean he did sell it for more than the $15.5 million he bought it for, since it also says he doesn’t like referring to himself in the third person.
However, its also indicated he got compensated in OpenAI shares since the prompt reads that he “always wanted to own OpenAI shares,” that “he doesn’t need the cash from a domain sale,” and that “he made a non-humble brag earlier this year that he’s now an investor in OpenAI.”
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