Recent Reserve Bank of India (RBI) data on a sharp fall in savings rate of Indian households during the last financial year has created a lot of controversy. Critics of the current government alleged that the sharp fall in savings rate to 5.1% of GDP — the lowest in 47 years and considerably lower than […]
Reliance Industries has raised $4 bln (around Rs 30,000 cr) via the largest ever foreign currency bond issuance by an Indian entity. The amount will be used to retire the group’s existing debt. The bonds have been issued in 10-year, 30-year and 40-year maturities, and also mark the first time any BBB-rated Asian company outside […]
With interest rates at multi-year lows, Bharti Airtel has used money raised from the market to prepay liabilities associated with its spectrum purchases during the auction of 2014. Under India’s spectrum auction rules, winners can opt to pay the majority of their obligations in the form of instalments over a period 10 years or more, […]
Indiabulls Housing Finance, which recently generated over Rs 800 cr from retail investors by the way of non-convertible debentures (a kind of corporate fixed deposit), said it paid back NCDs worth Rs 7,075.84 cr in September. It also said it was on track to pay back dollar bond holders by May. It said the NCDs […]
Tata Steel said its European subsidiary, Tata Steel Netherlands Holdings, has refinanced its bank debt by raising term loan facilities of 1.75 billion euros. In comparison, Tata Steel’s European operations had reported a debt of over 2.2 billion euros as of March. “This represents a reduction of EUR 500 million versus the external debt outstanding […]
Vodafone Idea, one of the top three telecom players in the country, warned that it will be able to continue as ‘a going concern’ only if it is able to obtain relief from the government. Going concern refers to a company that has the ability to continue to operate and does not face the threat […]
Debt-ridden airline operator Jet Airways said it was grounding four more aircraft due to non-payment of lease amounts, and that it will also default on interest payments to its debenture holders due tomorrow. It is estimated a total of 40 plus aircrafts have been grounded by the airline so far. “..the payment off interest due […]
Anil Ambani Group’s Reliance Communications has given up on reaching a debt resolution plan acceptable to all its lenders and has decided to start bankruptcy proceedings at the Mumbai National Company Law Appellate Tribunal. The original plan, unveiled in 2017, envisaged a step-by-step asset sale process through which the company planned to raise tens of […]
Zee Entertainment Enterprises Ltd, the country’s largest listed media company, confirmed that its promoter is in talks to sell a part of its stake in the company, but also said that the talks are still ongoing. “Promoters have been in discussions/negotiations with various prospective investors,” the broadcasting company said. “The Company is not in a […]
ECL Finance Ltd, the NBFC arm of Edelweiss Group, said it plans to raise up to Rs 1,000 cr in the form of non-convertible debentures, a form of debt. The non-convertible debentures have a face value of Rs. 1,000 each, and the company could raise anywhere between Rs 250 cr or Rs. 1,000 cr, depending […]
NTPC, India’s biggest power producer, said it has taken a loan of Rs 5,000 cr from the State Bank of India to fund its capital expenditure. The loan is repayable over a period of 12 years. This is one of the first large corporate loans extended by Indian banks after the NPA crisis, in which […]
Hotel Leelaventure, one of India’s biggest hotel groups, said it missed yet another interest payment on debt issued to Life Insurance Corporation of India. “The company has defaulted in payment of quarterly interest of Rs 212.67 lakhs, which was due on 19 September, 2018,” it said in a statement. Leela had raised debt of Rs […]
Fitch Ratings has revised Jaguar Land Rover Automotive plc’s outlook to ‘negative’ from ‘stable’, indicating a higher risk of a downgrade in its credit rating in the future. The move comes in the wake of higher investments by the company into research and development and rising depreciation of past investments, resulting in more cash burn […]
YES BANK, India’s fourth largest private sector Bank, said it has taken a syndicated loan of $400 million loan facility from a syndicate led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Limited and Westpac Banking Corporation. The money was borrowed out of […]
Reliance Jio Infocomm, the telecom subsidiary of Reliance Industries, said it will take a loan of $1 bln from Korea Trade Insurance Corporation to purchase goods from Korean companies Samsung and Ace Technologies. “The Facility is K-SURE’s largest deal in India as well as the largest deal supported by K-SURE in the telecom sector globally,” […]
Yes Bank said it recovered 66% of its total claim of Rs 325 cr from bankrupt steelmaker Bhushan Steel after it was taken over by Tata Steel. “With this recovery, the Bank now has an exposure to only one account, aggregating to only Rs 23.4 Crores (with 50% provision) as on March 31, 2018, from […]
Fortis Healthcare confirmed a report that the company had availed of a three-year loan of Rs 160 cr, but denied that it was done to avoid bankruptcy. “We wish to confirm that the Company has availed a secured financing facility upto Rs. 160 crore from RattanIndia Finance Private Limited on March 29, 2018.. We would […]
Anil Ambani-led Reliance Communications said it is confident of completing the sale of the assets related to its mobile network to Reliance Jio on time. The company’s statement was in the context of the Supreme Court refusing to give any urgent relief on the stay imposed on the asset sale by the National Company Law […]
Reliance Communications said it had received the nod of the majority of its bondholders to its plans for selling most of its mobile network assets to Reliance Jio, and disclosed further details of its restructuring plan. “Noteholders holding in aggregate 44% of the principal amount of outstanding Notes were present or represented at the Adjourned […]
Dhanlaxmi Bank said it will raise Rs 150 cr by issuing non-convertible, 7-year bonds. The bonds will carry interest of 11% paid every six months. The debentures, of face value Rs 10 lakhs each, will be sold on a private placement basis. The notes will be of subordinated Tier-LI status, the private bank added. Dhanalakshmi […]
