Page 14 - Bonds

IIFL Finance to raise $242 mn via rights basis, non-convertible debentures

The company will raise the funds through the issue of shares on rights basis and non-convertible debentures via a private placement, it said in an exchange filing

Day after Supreme Court rap, SBI submits electoral bond details to EC

State Bank of India (SBI) on Tuesday evening submitted details of electoral bonds to the Election Commission of India in compliance with the Supreme Court order. The Supreme Court on Monday ordered SBI to disclose the details of electoral bonds to the Election Commission by close of business hours on March 12. As per the order, the Election Commission will have to publish the details shared by the bank on its official website by 5 pm on March 15. According to sources, SBI has complied with the orders of the apex court and submitted the details of the electoral bonds to the Election Commission. The SBI has issued Electoral Bonds worth Rs 16,518 crore in 30 tranches since the inception of the scheme in 2018. The Supreme Court, however, in a landmark verdict on February 15 scrapped the Centre's electoral bonds scheme that allowed anonymous political funding, calling it "unconstitutional" and ordered disclosure by the EC of donors, the amount donated by them and recipients. SBI had s

Electoral bonds: Petition seeks action against SBI for disobeying SC order

A petition has been filed in the Supreme Court seeking contempt action against the State Bank of India (SBI) alleging it "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The plea, filed by two NGOs, claimed SBI's application seeking extension of time till June 30 to disclose the details of electoral bonds encashed by political parties has been deliberately filed at the last moment to ensure that details of donor and the amount of donations are not disclosed to the public before the upcoming Lok Sabha elections. A bench headed by Chief Justice D Y Chandrachud on Thursday took note of the submissions by advocate Prashant Bhushan, who appeared on behalf of NGOs Association for Democratic Reforms and Common Cause, that he wanted initiation of contempt proceedings against the SBI. Bhushan said the SBI's application is likely to be listed on March 11

EC yet to receive details from SBI on electoral bond encashed by parties

The State Bank of India has not shared details of the electoral bonds encashed by political parties till Wednesday, the deadline set by the Supreme Court. The State Bank of India (SBI) had on Monday moved the Supreme Court seeking an extension of time till June 30 to disclose details of each electoral bond encashed by the political parties. The SBI's plea has not been listed for hearing by the apex court so far. Sources said that no details have been shared with the poll panel. Last month, a five-judge constitution bench headed by Chief Justice D Y Chandrachud had struck down electoral bonds scheme and directed the SBI to disclose details of each electoral bond encashed by the political parties. The information should include the date of encashment and the denomination of the bonds and be submitted to the poll panel by March 6. In its application before the apex court, the SBI had contended that retrieval of information from "each silo" and the procedure of matching the informati

Borrowing cost of states declines by 4 bps to 32-week low of 7.40%

Amid continuing lower supplies, the borrowing cost for states fell to a 32-week low of 7.40 per cent Tuesday, down by 4 bps from the previous week's auctions. Throughout January, the interest rates were hovering at a two-year high of close to 7.9 per cent. Then rates started falling after states began to auction lower than earlier disclosed debt after the government cleared the Central share of tax devolution in early February. Eleven states raised Rs 28,000 crore from state government securities (SGS), which is 27 per cent lower than the Rs 38,200 crore indicated for this week in the auction calendar, according to a note by Icra Ratings. As a result, the weighted average cut-off eased by 4 bps to 7.40 per cent, the lowest in the past 32 weeks. The fall in the pricing was despite a mild increase in the weighted average tenor to 15 years from 14 during the week. The spread between the cut-off of the 10-year state bonds and the benchmark 10-year G-sec (7.18 GS 2033) yield narrowed t

RBI bars JM Financial Products from financing against shares, debentures

"This action is necessitated due to certain serious deficiencies observed in respect of loans sanctioned by company for IPO financing as well as NCD subscriptions," RBI said

10-year govt bond yield remain flat in absence of any major triggers

Indian bond yields opened lower after U.S. yields eased on Friday, with the 10-year U.S. yield falling to levels last seen three weeks ago

Powergrid board approves proposal to raise up to Rs 1,200 crore via bonds

Power Grid Corporation of India (Powergrid) on Monday said its board has approved a proposal to raise up to Rs 1,200 crore by issuing bonds. "The Committee of Directors for Bonds approved the raising of bonds as unsecured, non-convertible, non-cumulative, redeemable, taxable Powergrid bonds - LXXVI (76th) issue up to Rs 1,200 crore," the company said in an exchange filing. On the size of the issue, the company said the base size is Rs 400 crore, along with the green shoe option of Rs 800 crore. The bonds are redeemable at par at the end of the 10th year, and interest payment on a yearly basis, the company said. Powergrid, under the Ministry of Power, is India's largest electric power transmission utility with 1,76,762 ckm of transmission lines.

National Highways Infra to debut private bond placement by April: Report

The company is a wholly-owned subsidiary of National Highways Authority of India and manages toll road projects

Adani Energy Solutions aims to raise about $400 mn via oversees bonds

The group's ability to raise funds offshore has been under close scrutiny since the 2023 crisis triggered by shortseller Hindenburg Research's allegations of malfeasance

REC to issue deep-discount bonds to raise Rs 5,000 crore in March

The state-run financier plans to raise the money through 10-year, deep-discount bonds and the issue is likely to see strong investor demand, the sources said

Canada sells first bond worth $3 bn in program that allows nuclear finance

The 10-year bonds have a 3.5% coupon and yield half a basis point less than Canadian government debt due in December 2033

Equity investors make best returns when interest rates decline: UBS

Equities have dominated bonds, while bonds have outperformed treasury bills

Torrent Power raises Rs 700 crore through non-convertible debentures

Torrent Power on Wednesday said it has raised Rs 700 crore through Non-Convertible Debentures (NCDs) issued on a private placement basis. The NCDs are proposed to be listed on wholesale debt market segment of the NSE, a regulatory filing said. According to the statement, the company has issued and allotted Series 13 -- 70,000 secured, rated, listed, taxable, non-cumulative, redeemable NCDs of Rs 700 crore at a coupon rate of 8.32 per cent per annum on a private placement basis. The first coupon will be paid on February 28, 2025 and subsequent coupon payments will be made on an annual basis, the statement added.

Debt-addicted cos turn towards selling equity as interest costs skyrocket

Late last year, the chief financial officer at Myriad Genetics Inc. took a different tack, one the DNA-testing company hadn't seriously considered in over 16 years - selling shares

US yields flat to modestly lower as weak data keeps rate cuts on track

In late morning trading, the benchmark US 10-year yield was flat to modestly lower at 4.291%. US 30-year bond yields was also flat at 4.415%

Vedanta coupon payment on $894 million bond booked With 7 days delay

As part of the agreement, Vedanta paid investors $57 million up front for bond due in August 2024 and extended the maturity of the remaining $894 million in principal

A thumbs up for transparency

The Supreme Court's verdict on electoral bonds is very welcome, but corruption remains a huge challenge for India

World Bank, others issue offshore rupee bonds worth $1.4 bn as demand soars

These offshore bonds, with maturities ranging from 4 years to 10 years, are denominated in Indian rupees but settled in U.S. dollars, the sources said

Nirma issues bonds to fund Glenmark Life Sciences acquisition: Bankers

Earlier in the day, the detergent maker had invited bids for bonds maturing in one year and two days, two years, one month and 16 days, and in three year, one month and 16 days