As per the proposed structure, ABNL will be the promoter of Payments Bank holding 51 per cent equity capital. Idea Cellular Ltd, an Aditya Birla Group company where ABNL is largest promoter shareholder, will be hold the balance 49 percent.
Diversified firm Aditya Birla Nuvo Ltd (ABNL) today applied for the payments bank licence with the Reserve Bank of India.
"Aditya Birla Nuvo on February 02, 2015, submitted an application to the Reserve Bank of India for obtaining licence for setting-up Payments Bank," the company said in a BSE filing.
As per the proposed structure, ABNL will be the promoter of Payments Bank holding 51 per cent equity capital. Idea Cellular Ltd, an Aditya Birla Group company where ABNL is largest promoter shareholder, will be hold the balance 49 percent.
The company added that "the Board of Directors of ABNL has also approved that equity participation of Idea may be increased up to 60 per cent, if permitted, from time to time with approval of regulatory bodies as applicable."
As per RBI guidelines on Payments Bank, they can raise deposits of up to Rs 1 lakh per individual, issue ATM/debit cards and sell simple financial products such as mutual funds and insurance products.
Payment Banks would be allowed payments and remittance services through various channels.
However, Payments Banks, cannot issue credit cards or undertake lending activities.
Aditya Birla stock price
On February 02, 2015, Aditya Birla Money closed at Rs 29.35, down Rs 0.05, or 0.17 percent. The 52-week high of the share was Rs 39.15 and the 52-week low was Rs 11.19.
The company's trailing 12-month (TTM) EPS was at Rs 1.07 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 27.43. The latest book value of the company is Rs 4.93 per share. At current value, the price-to-book value of the company is 5.95.
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