Page 12 - Debt

Macrotech Developers aims to cut debt by nearly 40% in 2023: MD Lodha

Realty firm Macrotech Developers Ltd aims to cut its net debt by nearly 40 per cent to around Rs 5,000 crore by the end of this calendar year with the help of surplus cash flow from strong housing sales, a top company official said. Mumbai-based Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand. In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha sounded bullish on the long term growth potential of India's residential real estate market. Sales bookings and cash flows have been very strong so far this fiscal year, resulting in reduction in debt by Rs 753 crore in the December quarter to Rs 8,042 crore, he said. "We are hoping to reduce debt further by Rs 1,000 crore by end of this fiscal year to about Rs 7000 crore," Lodha said. The company plans to cut debt by Rs 500-800 crore every quarter. "We will hope to be close to Rs 5,000 crore of net debt sometime by end of this calendar ye

Debt per Indian increased from Rs 43,124 to Rs 1,09,373 in 9 yrs: Congress

Vallabh said, "As per IMF for 2022, our Debt to GDP was 83 per cent, far above our peers, emerging market and developing economies (EMDEs), which have average Debt of 64.5 per cent

Adani Group plans to demerge more business; dismisses debt concerns

The corporate house plans to spin off, or demerge, its metals, mining, data centre, airports, roads and logistics businesses, said Jugeshinder Singh

Sri Lanka concludes debt restructuring talks with Japan: Wickremesinghe

Sri Lanka has concluded debt restructuring talks with Japan and will continue to hold such meetings with India this month, President Ranil Wickremesinghe announced on Saturday, as the cash-strapped country looks to carve a path out of its worst financial crisis. The crisis-hit island nation, which is trying to secure a USD 2.9 billion bridge loan from the International Monetary Fund (IMF), has been trying to get financial assurances from its major creditors China, Japan and India which is the requisite for Colombo to get the bailout package. The IMF bailout has been put on a halt as Sri Lanka pursues talks with creditors to meet the global lender's condition for the facility. Addressing trade unionists here, the president said that the debt restructuring talks with China's Exim bank were held this week and further dialogue is in progress. On January 19, the Indian foreign minister is expected to visit and we will continue to have debt restructuring talks with India, Wickremesingh

Siva Shelters & Construction repays IL&FS debt worth Rs 80 crore

IFIN, a subsidiary of IL&FS, the bankrupt infrastructure financing and construction company, had disbursed Rs 50 crore as loan to SSCL

India's external debt at $610 billion in Q2 FY23; declines by $2.3 billion

India's external debt stood at USD 610.5 billion in the second quarter of 2022-23, down by USD 2.3 billion from end-June 2022, the finance ministry said on Thursday. The external debt to GDP ratio stood at 19.2 per cent as at end-September 2022 as compared to 19.3 per cent at end-June. "At end-September 2022, India's external debt was placed at USD 610.5 billion, recording a decrease of USD 2.3 billion over its level at end-June 2022," it said. Valuation gains due to the appreciation of the US dollar vis--vis major currencies such as the euro, yen and Indian rupee was placed at USD 10.6 billion. "Excluding the valuation effect, the increase in external debt would have been USD 8.3 billion instead of a decrease of USD 2.3 billion at end-September 2022 over end- June 2022," it noted. At end-September 2022, long-term debt (with original maturity of above one year) was placed at USD 478.7 billion, recording a fall of USD 8 billion over its level at end-June 2022, it said. On the othe

Credit market cracks widen as distressed debt nears $650 billion

Distressed debt in the US alone jumped more than 300 per cent in 12 months, high-yield issuance is much more challenging in Europe and leverage ratios have reached a record by some measures

InvITs improved credit quality of Rs 46,000 cr debt in road sector: Crisil

Aided by regulatory guardrails and structural benefits, infrastructure investment trusts (InvITs) in the road sector have enhanced the credit quality of around Rs 46,000 crore debt till now, credit rating agency Crisil said on Tuesday. According to Crisil, since 2016, 19 InvITs have been registered in India and these include 11 from the roads sector of which nine have been floated or are set to be launched soon. These nine comprise 94 road assets valued over Rs 1.1 lakh crore, it said, adding that toll roads account for 70 per cent of this while annuity, annuity plus toll and hybrid annuity models comprise 13 per cent, 11 per cent and 6 per cent, respectively. Historically, Crisil said credit profiles of toll roads had seen challenges, such as high leverage, long delays in construction and lower-than-expected traffic. InvITs have addressed many of these problems, it added.

Fund mobilisation through equity, debt routes down 20% to Rs 11 trn in 2022

Fund mobilisation by companies through equity and debt routes has dropped 20 per cent in 2022 to nearly Rs 11 lakh crore, as exuberance dwindled this year due to expensive credit avenues and volatile markets. The first half of 2023 could continue to remain challenging. The year 2021 was extraordinary for fundraising from the equity and debt routes, while 2022 has seen a slowdown in capital raising owing to elevated volatility provoked by unprecedented inflation globally and the Russia-Ukraine war. "The first half of 2023 could continue to be challenging, largely driven by global macro developments. If the slowdown/recession in the US is mild, then we could see a rally in global markets in the second half of next year, which would aid investor sentiment and the Indian markets as well," said Vishal Chandiramani, Managing Partner Products and COO, TrustPlutus Wealth (India) Pvt Ltd. Even with a bounce back in markets, it will be more difficult to garner funds over the next few years as

Indian households outdo emerging market peers on cutting debt levels

Only one among BRIC countries to have cut leverage to levels to pre-pandemic levels

Inox GFL Group raises around Rs 1,500 cr across entities to pare down debt

Inox GFL Group on Thursday said that it has raised around Rs 1,500 crore across its entities in the last fortnight. The Inox GFL Group, recently embarked on a journey towards deleveraging across all its operating entities. Towards this goal the Group has been on a significant fundraising spree, raising almost Rs 1,500 crore across its entities in the last fortnight, a company statement said. This funding has been used to pare down debt substantially across its operating companies and consequently the interest outgo will reduce substantially, it added. Around Rs 740 crore was recently raised through an IPO (initial public offering) of Inox Green Energy Services Ltd (IGESL) and the funds raised have been majorly utilized towards debt repayment, it stated. Further the promoters have recently raised Rs 720 crore through sale of shares of Gujarat Fluorochemicals Ltd (GFL). The sale proceeds, net of expenses and taxes, have been infused in Inox Wind Ltd (IWL). In turn IWL has repaid the

Vodafone Idea's fundraising put on hold as govt delays equity call

The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion including hefty dues to the government

Adani group to refinance ACC, Ambuja Cement debt of $3.5 billion

Adani currently holds 63.15 per cent stake in Ambuja Cement and 56.69 per cent in ACC

Strengthening debt market on Sebi's agenda, says Ananth Narayan

The market capitalisation of the equity market is almost Rs 290 trillion, but the corporate outstanding is at Rs 40 trillion, indicating more traction is needed on the debt side

LIC's move to sell Reliance Capital's debt to ARC upsets lenders, bidders

Days ahead of the deadline to submit binding bids, LIC's move to sell its Rs 3,400 crore secured principal debt of cash-strapped Reliance Capital Ltd (RCL) to an asset reconstruction company (ARC) has irked its lenders and bidders. The last date for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is November 28. LIC is conducting a Swiss Challenge process to invite bids from Asset Reconstruction Companies (ARCs) to sell its exposure in RCL, sources said, adding prospective bidders will be asked to better the offer. However, the sources said, Asset Care and Reconstruction Enterprise will have the first right to match the counteroffer. The last date to submit the bids is November 25, while the deadline for submission of binding bids for RCL is November 28. According to the sources, the Committee of Creditors (CoC) of RCL are upset as to why LIC has initiated a parallel process to sell its debt so close to the bids submission deadline. LIC is a member of

G20: Leaders see deteriorating debt woes in middle-income nations

The leaders said they would step up efforts to implement the Common Framework for debt treatments in a "predictable, timely, orderly and coordinated manner"

EvolutionX Debt Capital makes maiden investment in PharmEasy parent firm

Debt financing platform's investment amount was not revealed; it will make equity infusion later

Pakistan requests China to rollover $6.3 billion debt maturing in 8 months

Pakistan has requested China to rollover its USD 6.3 billion debt that is maturing in the next eight months as part of its overall plan to arrange USD 34 billion in the current fiscal year to meet its debt and external trade-related obligations, according to a media report on Sunday. Another proposal was also under consideration to seek a fresh Chinese loan to repay the maturing bilateral debt during the fiscal year 2022-23, ending on June 30, the Express Tribune newspaper reported. The issue of rollover and refinancing of nearly USD 6.3 billion commercial loans and the central bank debt was discussed in a meeting between Chinese Ambassador to Pakistan Nong Rong and Finance Minister Mohammad Ishaq Dar on Saturday, the paper said. The USD 3.3 billion Chinese commercial loans and USD 3 billion worth of Safe deposits loans were maturing from now till June next year, according to the Ministry of Finance officials. The Safe deposit is on the balance sheet of the central bank. In additi

Poor nations face peril over elusive G-20 debt relief push: An analysis

Two years ago the Group of 20 launched the Common Framework - a mechanism designed to provide a swift and comprehensive debt overhaul to nations buckling under debt burdens after Covid-19 shock

Suzlon rights issue subscribed 90% a day ahead of close, stock up 20%

The company is issuing 2.4 billion new shares at Rs 5 apiece; proceeds will be used pare debt, which currently stands at Rs 3,272 crore