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Private lender RBL Bank on Monday said its board approved the mobilisation of up to USD 1 billion from overseas investors through bond issuance. The board approved the establishment of a Euro Medium Term Note Programme (EMTN Programme) in accordance with Regulation S of the US Securities Act, 1933, subject to regulatory, statutory and other approvals, RBL Bank said in a stock exchange filing. The board cleared a proposal to enable issuance of foreign currency bonds/notes/any other debt securities up to USD 1 billion in the future, from time to time, through one or more transactions, subject to the market conditions and regulatory compliances, for raising funds through permissible modes under the EMTN Programme, the bank said. The private lender informed the stock exchanges that the board also gave the go-ahead to delegate certain powers and authorities to the bank's Borrowing Committee to decide and undertake all necessary actions in connection with the EMTN Programme and the issuan
State-owned India Infrastructure Finance Company Ltd (IIFCL) has kick-started its USD 1.8 billion External Commercial Borrowing (ECB) fund-raising programme by mobilising USD 200 million through international markets. The mobilisation marks the first milestone in IIFCL's broader international fund-raising programme, following government approval to raise about USD 1.8 billion through ECBs, the company said in a statement on Sunday. The company is pursuing opportunities across international financial markets with a focus on competitive pricing, prudent risk management and mobilisation of long-term resources to support India's infrastructure financing requirements. As part of the programme, IIFCL is envisaging raising about USD 1 billion through long-term ECBs, with tenors of up to 15 years, under the MIGA Guarantee Facility, in multiple tranches, it said. The Multilateral Investment Guarantee Agency (MIGA), a world Bank Group arm, provides guarantees against non-commercial risks to
Fundraising through corporate bonds jumped 28 per cent year-on-year in June as lower yields on government securities, easing borrowing costs and improving market sentiment prompted companies to return to the debt market after a subdued two months. According to Prime Database data, Indian companies raised Rs 1.33 lakh crore through corporate bond issuances in June, compared to Rs 1.04 lakh crore in the year-ago period and Rs 93,675 crore in May. "The sharp increase in corporate bond issuances during June was primarily driven by a favourable shift in market conditions after a relatively muted April and May. The most important catalyst was the significant decline in benchmark government securities (G-Sec) yields, which reduced borrowing costs across the corporate bond market," said Venkatakrishnan Srinivasan, managing partner at Rockfort LLP. Mataprasad Pandey, vice president at Choice Wealth, said the surge in issuances was driven by factors such as the US-Iran peace deal, which pulle
State Bank of India (SBI) on Thursday said its board has approved a proposal to raise up to Rs 60,000 crore in the current fiscal through the issue of debt instruments. The funds would be raised either in rupee and /or any other convertible currency by issue of debt instruments like long-term bonds, Basel III-compliant Additional Tier 1 Bonds and Basel III compliant Tier 2 Bonds. The funds would be raised through public offer or private placement mode to Indian and /or overseas investors during FY27, SBI said in a regulatory filing. Shares of SBI were trading at Rs 1,040.25, up 1.39 per cent over previous close on BSE.