Page 10 - Debt

Cholamandalam Investment to raise Rs 5,000 cr through AA-rated NCDs

Cholamandalam Investment and Finance Company, the financial services arm of the diversified Murugappa Group, on Thursday announced its maiden public issue of debt sales worth Rs 5,000 crore in multiple tranches with an opening issue pegged at Rs 1,000 crore. Cholamandalam Finance said the move is to diversify its funding source which currently is heavily skewed towards banks. The Rs 1,000-crore first tranche will open on April 25 and close on May 9, offering an annual coupon of up to 8.40 per cent for 60 months and 8.25 per cent for 22 months. The first tranche includes a base issue of Rs 500 crore with an option to retain oversubscription of up to Rs 500 crore, D Arulselvan, President and Chief Financial Officer of the Chennai-based company, told reporters. The AA-rated NCDs will be listed on the BSE and NSE, and the primary investor target (up to 85 per cent) is retail customers, he said. Arulselvan said that the company's asset under management (AUM), which is heavily auto-loan

Adani Group's debt pile up almost 21%, relies on global banks for funding

The ratio of net debt to run-rate earnings before interest, tax, depreciation and amortization was about 3.2 in the 2023 fiscal year, which ended in March

Nusli Wadia-owned Go First to receive Rs 600 crore more by April end

This is in addition to Rs 3,000 crore already invested by promoters in the past 20 months

Sovereign debtors, creditors agree steps to jumpstart debt restructurings

The meeting came amid ongoing delays in finalizing debt treatment agreements for Zambia, Ghana and Ethiopia under the G20 Common Framework

Need to address growing debt distress across the globe: Nirmala Sitharaman

Sitharaman also emphasised the need for debt transparency, information exchange, and clarity regarding the treatment of different debt situations on par, predictability of the process, and timeliness

India Inc leans on InvITs to reduce debt, generate returns for investors

Reliance Retail to join the club; High returns attract overseas investors to InvITs

HDFC Bank says it will raise $6 billion in debt over next one year

The proposed fund raise would be by issuing perpetual debt instruments, or Additional Tier-1 (AT-1) bonds, Tier-II capital bonds and long-term bonds, the bank said in an exchange filing

China's debt diplomacy threatens African countries' natural assets

The crisis is worrying as most African countries with Chinese loans are witnessing a repayment crisis and are seeking deferment of interest payments and re-negotiating loan terms

Pak needs to pay $77.5 bn in debt; risk of default 'real': US think tank

Pakistan needs to repay a whopping USD 77.5 billion in external debt from April 2023 to June 2026 and the cash-strapped country may face "disruptive effects if it ultimately defaults, a prominent US think tank has warned. The analysis published on Thursday by the United States Institute of Peace (USIP) warned that amid skyrocketing inflation, political conflicts, and rising terrorism, Pakistan is facing the risk of a default due to its massive external debt obligations, the Geo News reported on Friday. Pakistan, currently tackling a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves. The USIP report called the USD 77.5 billion that Pakistan needs to repay in external debt from April 2023 to June 2026 a hefty amount for a USD 350 billion economy. It stated that if Pakistan ultimately defaults, there will be a cascade of disruptive effects. In the next three years, the debt-struck country has to make major ...

The next day: Adani Group stocks rise after group denies news reports

As a result, the combined market capitalisation of the group rose by over Rs 20,000 crore

Renewed debt worries trigger sharp sell-off in Adani Group stocks

The group has been on a sticky wicket ever since the US-based short seller Hindenburg Research, in a report, alleged -- among other things -- stock manipulation and concerns about its debts

How India is breathing easy on corporate debt amid crisis elsewhere

Indian companies are doing better than peers, but business is slowing down

IMF, World Bank to convene next sovereign debt roundtable for April 3

The meeting comes amid continued delays in securing debt treatment agreements for Zambia, Ghana, and Ethiopia that US officials and others blame on foot-dragging by China

FRL insolvency: Creditors invite fresh bids, divide assets into 5 clusters

The creditors of Future Retail Ltd have now invited new expressions of interest where the prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters" of its assets as it failed to attract a resolution plan in over four months. Despite finalising 11 prospective bidders like Reliance and Adani group' JV April Moon Retail, FRL against which the corporate insolvency resolution process (CIRP) was initiated on July 20, 2022, failed to receive any bids till February 20, 2023 despite two extensions in deadline for submissions. Following this, lenders have decided to divide the assets into clusters to make them more attractive to buyers. "... the last date of receipt of resolution plans was December 15, 2022, which was subsequently extended to January 16, 2023 and thereafter to February 20, 2023. However, no resolution plans were received for FRL by the due date of submission of resolution plans for the Corporate ...

Avoid excess exposure to risky assets in times of high market volatility

Build emergency corpus, buy adequate life and health insurance, and don't take on too much debt

Road developers' debt to rise to Rs 30,000 crore by FY25: Crisil Report

Revenue growth also pegged to be high on strong awarding, says study

ADP merger likely to give wings to GMR Airports Infrastructure stock

Current fair value of Rs 48-Rs 50 indicates room for upside

Adani Group pre-pays over $900 million worth share-backed financing

Adani Group has been looking to ease concerns about its credit profile after a U.S.-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation

33% debt investments in FY22 were to women-led enterprises: Caspian Debt

Multiple platforms, organisations and initiatives have come up that can help women set up, grow and lead businesses, fostering a more inclusive and innovative environment

Adani in talks for $400 mn debt against Australian coal port assets: Report

North Queensland Export Terminal, which is controlled by Adani family trust, is being considered to raise funds for the group, according to the report on Monday, citing sources aware of fundraising