Page 3 - Latest Updates on IL&FS Crisis
PE/VC firms invested over $2 bn in NBFCs, despite IL&FS crisis of 2018
According to Venture Intelligence data, this year's total come from 33 deals; there were 37 in 2018
 "PE/VC firms invested over $2 bn in NBFCs, despite IL&FS crisis of 2018")
MFs' exposure to NBFCs down 30% in 15 months since IL&FS crisis broke out
Fund houses have particularly pruned exposure to troubled NBFCs
 "MFs' exposure to NBFCs down 30% in 15 months since IL&FS crisis broke out")
IL&FS money laundering case: ED summons Raj Thackeray, Manohar Joshi's son
The federal agency is probing Raj Thackeray's involvement in the case in connection with the IL&FS group's loan equity investment of over Rs 850 crore in a company called Kohinoor CTNL
 "IL&FS money laundering case: ED summons Raj Thackeray, Manohar Joshi's son")
Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG
All the four entities, for which data was sought by Irdai on October 9, have been downgraded by credit rating agencies recently
 "Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG")
NPS' debt assets in AAA-rated papers up by 1.83 percentage point to 37.87%
According to experts, the increase in AAA-rated papers signifies risk aversion in the aftermath of the IL&FS crisis.
 "NPS' debt assets in AAA-rated papers up by 1.83 percentage point to 37.87%")
Not a solution
A test will not ensure accountability of independent directors
 "Not a solution")
Rising risk of contagion in India's financial sector, cautions S&P
A recent contagion analysis released by the Reserve Bank of India (RBI) suggested that the failure of any top-five HFC or NBFC could result in the default of up to two banks
 "Rising risk of contagion in India's financial sector, cautions S&P")
The struggle to keep IL&FS story intact a year after new board took over
The board expects to recover or resolve at least 50% of group's domestic debt; InvIT model likely for entities that have received low or no bids
 "The struggle to keep IL&FS story intact a year after new board took over")
Put off by bank woes, investors ditch value buying for growth stocks
India's banking industry has been caught in turmoil over souring loans, with the crisis first emanating from the less-regulated non-bank financial companies such as IL&FS Group
 "Put off by bank woes, investors ditch value buying for growth stocks")
Two PGIM India schemes write back dues from Anil Ambani firms, NAVs soar
Ultra Short-term Fund, Short Maturity Fund see single-day jump of 40-50 per cent in NAVs
 "Two PGIM India schemes write back dues from Anil Ambani firms, NAVs soar")
Expect Gujarat Urja to return IL&FS' assets, pay dues: NCLAT
Debt-laden IL&FS approaches NCLAT, says GUVNL owes them close to Rs 140 crore
 "Expect Gujarat Urja to return IL&FS' assets, pay dues: NCLAT")
RCap's $5-bn debt at risk on default rating, revives India's credit scare
The default rating is set to exacerbate a yearlong credit crunch among India's shadow lenders, which started with the collapse of IL&FS Group last year
 "RCap's $5-bn debt at risk on default rating, revives India's credit scare")
Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms
NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon
 "Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms")
FIDC bats for NHB as a refinancing body for the entire NBFC sector
FIDC has suggested that the National Housing Bank (NHB) which acts as the refinancing body for HFCs can be made the apex refinancing body for the entire NBFC sector
 "FIDC bats for NHB as a refinancing body for the entire NBFC sector")
IL&FS fallout: Mother Dairy loses CARE's triple-A credit rating
Mother Dairy had to make a impairment provision of Rs 190.85 crore from the investments in IL&FS in the form of unsecured short-term inter-corporate deposits
 "IL&FS fallout: Mother Dairy loses CARE's triple-A credit rating")
Cash-strapped IL&FS Group puts nearly 494 acres of land parcel on block
IL&FS, through its group firms IL&FS Township and Urban Assets and IL&FS Engineering and Construction Company holds a total of 80 per cent equity stake in HCPL
Cash-strapped IL&FS receives Rs 13,000 crore bids for road assets
IL&FS group companies have been classified between Amber, Red and Green, depending on its cash crunch
 "Cash-strapped IL&FS receives Rs 13,000 crore bids for road assets")
Top 10 biz headlines: External benchmarking of rates, GST cut mooted & more
From RBI making it mandatory to link all fresh retail loans to an external benchmark to the FinMin crunching numbers to estimate revenue loss from GST rate cuts, here are today's top business news
 "Top 10 biz headlines: External benchmarking of rates, GST cut mooted & more")
Year after collapse, IL&FS on road to recovery; a quarter of debt addressed
A quarter of the beleaguered group's debt has been taken care of
 "Year after collapse, IL&FS on road to recovery; a quarter of debt addressed")
Confidence crisis at home forcing NBFCs to cough up more for funds overseas
The cash squeeze threatens a broader fallout, as the higher cost of funds is passed on to merchants getting micro loans and property tycoons looking to roll over debt
 "Confidence crisis at home forcing NBFCs to cough up more for funds overseas")
