Debt

IRB Infrastructure to raise debt of up to $200 million via bond issue

As per the company's stock exchange filing, the amount is to be raised 'to meet the company's financial requirements'

EAM Jaishankar's visit was crucial in ending debt restructuring: Sri Lanka

Sri Lanka on Tuesday said the recent visit by External Affairs Minister S Jaishankar was important in ending its debt restructuring with international sovereign bond holders. Jaishankar, who made a day-long trip to Sri Lanka on October 4, became the first foreign dignitary to visit the island nation after Anura Kumara Dissanayake assumed office as the new president on September 23. Cabinet spokesman and foreign affairs minister Vijitha Herath told reporters here that India's signing up for the agreement as a bilateral creditor endorsing that the agreement was compatible with the comparative treatment principle in debt restructuring. Ahead of the presidential polls last month, cash-strapped Sri Lanka had on September 19 announced that it had reached an in principle agreement with the external commercial creditors for the restructuring of approximately USD 17.5 billion of external commercial debts. Sri Lanka declared its first-ever sovereign default in mid-April 2022, having run out

Microfinance body MFIN tightens underwriting guidelines for members

The microfinance industry's self-regulatory body MFIN on Tuesday announced that it has tightened loan underwriting guidelines for its members amid concerns about over-indebtedness among the borrowers. Micro Finance Industry Network (MFIN) said the revised guidelines take care of current challenges in lending, wherein a lender does not get data on monthly outflows from a household on account of previous loans or even the 'bullet repayments' wherein money is paid at the end of a loan period. Microlenders are carrying out varying practices at present, and hence, MFIN has issued the guidelines to ensure "uniformity in the treatment", and help lenders to have a robust underwriting policy dealing with cases of bullet repayments/missing EMIs. The body, however, did not elaborate on the exact steps undertaken. It can be noted that there have been concerns around over-indebtedness among MFI borrowers, wherein a single borrower has been given over five loans in many cases. Some of the indus

Sri Lankan govt reaches debt-restructuring agreement with bondholders

The Sri Lankan government has announced a long-delayed debt restructuring agreement with its sovereign bondholders, in a major relief to the cash-strapped island nation. In a statement on Friday, the Ministry of Finance said it reached an agreement with representatives of its international and local holders of International Sovereign Bonds (ISB) on September 19. Sri Lankan authorities have "completed their consultations with Sri Lanka's Official Creditor Committee (OCC) and the IMF (International Monetary Fund)," said the statement from the Treasury. It added that the agreement is compatible with the comparative treatment principle. The announcement came as the new National People's Power (NPP) government led by President Anura Kumara Dissanayake expressed willingness to accept the agreement during the talks held with the visiting IMF delegation here in Colombo on Thursday and Friday. During the two days of talks, Dissanayake reiterated Sri Lanka's position that some of the rigid

Committed to IMF's bailout package, hope to discuss terms: Sri Lanka govt

The new Sri Lankan government during its first meeting with the International Monetary Fund said it is committed to the global lender's USD 2.9 billion bailout package clinched by the previous Wickremesinghe regime and hoped to renegotiate certain conditions. The meeting between the IMF team and the Sri Lankan government on Wednesday came two weeks after President Anura Kumara Dissanayake of the National People's Power (NPP) was elected two weeks ago. The government team was represented by its economic council members headed by Prof A J Fernando, who was named as President Dissanayake's economic and finance advisor only two days ago. On September 23, Dissanayake, the leader of the Marxist Janatha Vimukthi Peramuna party's broader front, the NPP, was sworn in as Sri Lanka's ninth president, amid hopes that he will bolster the country's economy and eliminate corruption. The primary objective of the visit was to initiate discussions on the progress of the IMF Programme and necessary .

Govt's debt of Rs 176 trn puts burden of Rs 1.26 lakh on each citizen: Min

Congress MP has earlier raised several issues related to monetary matters

Sebi cuts listing time to T+3 working days for debt securities issue

Sebi on Thursday decided to reduce the timeline for listing of public issue of debt securities to three working days from six days at present, to facilitate faster access to funds. This new timeline will be optional for the first year and mandatory thereafter. "It has been decided to reduce the listing timeline in case of public issue of debt securities and NCRPS to T+3 working days from the existing timeline of T+6 working days," the Securities and Exchange Board of India (Sebi) said in a circular. The move would help in enabling faster access to funds for issuers. Also, the move would align the listing timeline in case of the public issue of debt securities and non-convertible redeemable preference shares (NCRPS) with that of non-convertible securities issued on a private placement basis and specified securities. Further, to ensure ease of compliance for issuers, the listing timeline of T+3 working days will be applicable on a voluntary basis to public issues of debt securities

Reliance Power's subsidiary Rosa prepays Rs 850 cr debt to Varde Partners

The prepayment brings Rosa Power closer to achieving zero debt, following its parent company's debt-free status earlier this month

Finance ministry asks banks to set up oversight mechanism for pending DRTs

The Finance Ministry on Saturday asked banks to put in place effective monitoring and oversight mechanisms for efficient management of pending cases in Debt Recovery Tribunals (DRTs). Financial Services Secretary M Nagaraju, who chaired a meeting with chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of Debt Recovery of Tribunals (DRTs) also discussed some of the best practices followed in DRTs. It has been emphasied that some of the best practices can be adopted across DRTs for better outcomes, an official statement said. During the meeting it was also deliberated that banks should clearly define the policy for small and high-value cases pending in DRTs for optimising the recovery and all stakeholders should work collectively to reduce pendency and take effective measures for optimisation of recovery. Faster recovery would help in ploughing back the capital stuck in pending cases to the economy for productive use, it said. While formulating settleme

Byju's may not have to pay Glas Trust; verified claim is only Rs 20 cr: CEO

Think & Learn, which owns Byju's may not have to pay any amount for the disputed USD 1.2-billion Term Loan B due the present "behaviour" of Glas Trust -- an agency which is representing US-based lenders -- Founder and CEO of the edtach major Byju Raveendran said. In an interview to PTI, Raveendran said the verified debt claim on Byju's as per the insolvency resolution professional (IRP) is now only Rs 20 crore. Glas Trust has filed an appeal against Byju's claiming dues of USD 1.35 billion, or Rs 11,432.98 crore, arising out of the raising of USD 1.2 billion by the edtech firm as Term Loan B (TLB) from the lenders in the US. Raveendran said the TLB is a traded instrument that is currently trading around 20 cents, putting the current value of the debt raised by the company at USD 240 million. "The way they (Glas Trust) are acting, they are not going to get any money. They only might drop it to zero value. The first question, when Glas comes to the court, who is Glas? Now, we are ...

Revamped strategy for India's fiscal architecture in post-pandemic times

India's post-pandemic fiscal architecture should be anchored in debt and be holistic (encompassing Centre and states), dynamic (responsive to changing macro conditions), and conservative

Tourist haven destination Maldives under markets pressure as debt slumps

The security due 2026 dropped to 70.24 cents on the dollar Thursday, a record low. The sukuk has posted double-digit losses in August

Debt exposure of domestic banks and NBFCs in Adani Group increase to 36%

Indian lenders, including domestic banks and non-banking financial companies, have extended Rs 88,100 crore to the Adani Group, out of its total debt of Rs 2,41,394 crore as of March 31, 2024

RCap lenders raise concerns over Rs 7.3k cr debt term sheet offered by IIHL

Lenders to debt-ridden Reliance Capital (RCAP) have raised concerns regarding the term sheet provided by the Hinduja Group firm IIHL for Rs 7,300 crore debt mobilisation to fund acquisition. The committee of creditors (CoC) has expressed concerns that bankers to IndusInd International Holdings Ltd (IIHL) have imposed numerous conditions for offering Rs 7,300 crore debt and some of these conditions can only be met by IIHL after the resolution plan has been executed, sources said. This makes the drawdown of funds needed to settle payments to the debtors of RCAP for the resolution plan virtually impossible, sources said. Message to IIHL seeking comments on the issue did not elicit any response till the filing of the story. Besides, sources said, the term sheets indicate that additional terms and conditions may be introduced in the final binding agreements. The CoC has requested that IIHL should also provide these definitive documents for review, they said. Notably, IIHL is raising R

Sri Lanka needs to raise fiscal revenue to maintain economic stability: IMF

IMF has also provided Colombo and financial advisors of the country's bondholders an assessment on a provisional deal

Stressed debt worth Rs 1.25 trillion on NARCL's radar: Economic Survey

Incorporated in 2021, with majority stake held by public sector banks and the balance by private sector banks, NARCL has the mandate to acquire fully provisioned stressed assets from banks

Freebies announced despite state reeling under heavy debt: Sanjay Raut

Shiv Sena (UBT) leader Sanjay Raut on Thursday alleged that the Mahayuti government in Maharashtra was announcing freebies despite the state reeling under the debt burden of Rs 8 lakh crore as the ruling parties suffered setbacks in the Lok Sabha elections. His remark comes a day after Chief Minister Eknath Shinde announced a job training and stipend scheme for youth, tentatively named 'Ladka Bhau' Yojana. The scheme was announced days after the government introduced a monthly financial assistance scheme for eligible women. Under the 'Mukhyamantri Majhi Ladki Bahin' scheme announced in the state Budget, married, divorced, and destitute women aged 21-60 will receive Rs 1,500 per month, with the annual family income of beneficiaries capped at Rs 2.5 lakh. "The government copied the Madhya Pradesh government's (Ladli Behna) scheme to provide women Rs 1,500 per month, while under the Ladka Bhau scheme, men who are Class 12 pass will get Rs 6,000 and unemployed graduates will get Rs ...

Debt, cashflow from biz to fund Tata Power capex: N Chandrasekaran

Chandrasekaran said, the company has expanded into so many different areas now, each of these areas focusing on growth and cash flow generation

Set up emergency fund, priortise spending to avoid falling into debt trap

A debt trap is a situation where a person is forced to take new loans to meet debt obligations

India hails Lanka's debt restructuring pact; reaffirms support to recovery

India on Wednesday welcomed Sri Lanka's debt restructuring agreement with a group of creditor nations and said it will continue to support the island nation's economic recovery, including by promoting long-term investments. India is one of the co-chairs of the Official Creditors Committee (OCC) that was formed in April last year to finalise a plan for restructuring Sri Lanka's debt. The Sri Lankan government said it has finalised a long-delayed debt restructuring agreement for USD 5.8 billion with its bilateral lenders, including India and China. "After several rounds of engagements, the OCC signed the Memorandum of Understanding (MoU) on debt restructuring on June 26," the Ministry of External Affairs (MEA) said. It said this milestone demonstrates the strong progress made by Sri Lanka in stabilising its economy and moving towards reform and growth. "As one of the co-chairs of the OCC, along with France and Japan, India has been steadfast in its commitment to the stabilisation, .