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...
DEBT
Zee Entertainment confirms talks for stake sale, no buyer identified
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,”...
Edelweiss’ NBFC arm to raise up to Rs 1,000 cr via debentures
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...
NTPC takes Rs 5,000 cr loan from SBI to fund capex
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...
Hotel Leelaventure misses interest payment to LIC, says exploring asset sale
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...
Fitch Ratings changes JLR’s outlook to ‘negative’ from ‘stable’
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...
Yes Bank raises another $400 mln via syndicated loan for GIFT ops
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...
Reliance Jio to buy $1 bln worth of goods from Samsung, Ace Tech
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...
Bhushan Steel: Yes Bank recovery at 66% thanks to Tata Steel buy
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...
Fortis Healthcare says no risk of bankruptcy
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...
RCom says confident of completing asset sale to Reliance Jio on time
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...
RCom discloses additional details on restructuring and asset sale to Reliance Jio
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...
Dhanlaxmi bank to raise Rs 150 cr via 11% bonds
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...
NTPC launches $400 mln USD bonds at 4.5% interest
NTPC Ltd, India’s largest power producer, said it is raising $400 mln (Rs 2,600 cr) by selling dollar-denominated bonds that carry a 4.5% interest. The bonds were priced yesterday and the issue is now open, the company said. The notes will mature on March 19,...
Edelweiss offers investors 8.75% – 9.25% interest per year via NCDs
Edelweiss Financial Services Ltd said its subsidiary Edelweiss Retail Finance is offering interest rates of 8.75% to 9.25% to retail investors who want to put in Rs 1,000 or more in the company’s debentures. Debentures are like bonds, and are issued by a company with...
RCom says sale to Reliance Jio likely to be over next month
Anil Ambani Group’s Reliance Communications said it is on track to complete the sale of its mobile network assets by the end of next month. Speaking in the context of gaining shareholder approval for the scheme, the company said: “RCOM’s asset monetization is proceeding on...
IndusInd Bank takes $500 mln overseas term loan
Indusind Bank, part of the Hinduja group, said it has raised $500 mln (about Rs 3,300 cr) by way of syndicated term loans from a group of overseas lenders. The tenor of the facility is 3 years and will be used for general banking purposes,...
ICICI Bank raises $500 mln via Dubai bonds
ICICI Bank said it raised international debt $500 mln at an interest cost of 3.8%. “The notes carry a coupon of 3.80% and were offered at an issue price of 99.728,” India’s second biggest private sector bank said. The sale of the 10-year bonds was...
Yes Bank raises Rs 2,600 cr from banks in Japan, Taiwan
India’s fifth largest private sector bank Yes Bank said it is raising $400 Mn — about Rs 2,600 cr — through two five-year syndicated loans from banks in Taiwan and Japan. It will raise $250 Mn from Taiwanese banks and 16.5 Bn Yen — about...
Reliance Industries to raise Rs 5,000 cr next week via listed debentures
Reliance Industries said it would raise Rs 5,000 cr from the debt market by issuing debentures on Wednesday, November 8. The debentures issued will not be convertible to equity shares and will be sold privately (private placement) without a public offering, RIL added. Unlike shares,...