Page 13 - Debt

NCLT extends Reliance Capital resolution process deadline to Jan 31

The National Company Law Tribunal (NCLT) has for the third time extended the deadline for debt-ridden Reliance Capital's resolution process to January 31. The earlier deadline was November 1, 2022. This is the third extension as the timeline has been extended twice in the past, sources said. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days, by June 3, 2022. Earlier, the lenders of Reliance Capital had given an extension of 30 days to the bidders for submission of binding bids, along with an EMD of Rs 75 crore, by October 31. The bidders were not happy with this 30 days extension as most of them had sought an extension by 2-4 months. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Two options are available for the bidders. The fir

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

Asia now world's largest debtor and saver; high risk of debt distress: IMF

Asia's economies will need to focus on fiscal stability in order to offset surging debt and to support monetary policy, the International Monetary Fund has warned.

India's debt ratio projected to be 84% of its GDP by end of 2022: IMF

India's debt ratio is projected to be 84 per cent of its GDP by the end of 2022, which is higher than many emerging economies, but its debt is a little bit easier to sustain, a senior IMF official has said. Stressing that it is important for India to now have a very clear medium-term objective on the fiscal, Paolo Mauro, Deputy Director, Fiscal Affairs Department, International Monetary Fund, said there's still not a whole lot of clarity on the fiscal anchor. "It would be very important to give reassurance to people and to investors that things are under control, and things are going to become less vulnerable over time," Mauro, told PTI in an interview. "In terms of the debt ratio, India right now at the end of 2022, we're projecting it at about 84 per cent of GDP. That is higher than in many emerging economies, he said. Of course, India has a lot of special features being the most populous country in the world by now and being a very large, emerging economy, he said. The other ..

Suzlon Energy looks to pare debt by Rs 583.5 crore after rights issue

Targets repaying remaining debt in eight years; Rs 1,200 crore opened on Tuesday

Net inflows into equity MFs jump 130% to Rs 14,100 crore in September

SIP inflows surged 2 per cent month-on-month (MoM) in September to Rs 12,980 crore, according to the latest data released by the Association of Mutual Funds in India (Amfi).

US' gross national debt surpasses $31 trillion as new fiscal year begins

The nation's gross national debt has surpassed USD31 trillion, according to a US Treasury report released Tuesday that logs America's daily finances. Edging closer to the statutory ceiling of roughly USD31.4 trillion, an artificial cap Congress placed on the US government's ability to borrow, the debt numbers hit an already tenuous economy facing high inflation, rising interest rates and a strong US dollar. And while President Joe Biden has touted his administration's deficit reduction efforts this year and recently signed the so-called Inflation Reduction Act, which attempts to tame 40-year high price increases caused by a variety of economic factors, economists say the latest debt numbers are a cause for concern. Owen Zidar, a Princeton economist, said rising interest rates will exacerbate the nation's growing debt issues and make the debt itself more costly. The Federal Reserve has raised rates several times this year in an effort to combat inflation. Zidar said the debt "should

Nabha Power secures approval to convert Rs 5,341-cr debt to equity

When contacted, L&T did not comment on Nabha Power debt conversion or its sale

JSW Ports repays Rs 862 cr; to be net debt-free in 2-3 yrs: CFO JSW Infra

The second-largest private sector port operator JSW Ports, which has completed capacity expansion at an investment of Rs 4,000-crore, eyes to be a net-debt-free company over the next two-three years having already pared Rs 862 crore so far this fiscal. The company financed the repayments of higher-cost rupee loans from a consortium of lenders, which were priced at 9.5 per cent, partly with internal accruals and the rest from the USD 400-million overseas bond issuance in February this year, Lalit Singhvi, the chief financial officer and a director at JSW Infrastructure, the fully-owned arm of the Sajjan Jindal-run JSW Group and the holding company of the ports business, told PTI on Friday. After paying back Rs 862 crore of debt, he said, the company will have on its book a net debt of Rs 2,700 crore and gross debt of Rs 4,200 crore. With this JSW Ports has already repaid over Rs 2,800 crore in the past few years. The rupee debt was from a consortium of banks comprising Axis Bank, ...

India is counting on debut sovereign green bond to lower financing costs

The govt has developed a framework to sell the debt in line with widely-used principles from the International Capital Market Association, and is also liaising with the World Bank over best practices

GMR Warora Energy signs pact with lenders to recast Rs 3,000 cr loans

Loans would be repaid progressively over 15 years, giving the company additional time of about seven years to extinguish the liability

CreditSights finds calculation errors in debt report on Adani Group firms

CreditSights said it had discovered calculation errors in its recent debt report on two power and transmission companies controlled by Gautam Adani, following a conversation with the management

Adani Green's key debt ratio is set to improve, says Nomura Holdings

The Adani conglomerate has committed to invest a total of $70 billion by 2030 across its green energy value chain to become the world's largest renewable energy producer.

Pak forex reserves fall to lowest since 2019 due to increased debt: Report

Data by the State Bank of Pakistan said that country's foreign reserves have dropped by $555 mn or 6.6% on a weekly basis due to increased debt payments and a lack of external financing this month.

Future Consumer Q1 net loss widens to Rs 95.14 cr, revenue down 65%

The company had posted a net loss of Rs 31.54 crore in the April-June quarter a year ago, said FCL, the FMCG arm of the Future group, in a BSE filing.

HDFC executes unusual trade to hedge borrowings against interest rate risk

The switch in hedging tools comes as markets are buffeted by surging policy rates, with the Reserve Bank of India having hiked by 140 basis points since May to tackle inflation

Ukraine's creditors agree on two-year freeze on $20-bn overseas debt

Ukraine said it would save around $5 billion over the next 24 months as it manages its dwindling financial resources.

DLF cuts net debt by 16% sequentially to Rs 2,259 cr in Q1 on strong sales

It asserted that the completed inventory and receivables from customers against sold units would be sufficient to discharge all current liabilities

IL&FS sells 2 firms in energy business for Rs 77.5 cr to reduce debt

IEDCL sold 27.75 per cent of its stake in Urjankur Nidhi Trust, where Maharashtra Energy Development Agency has a 50 per cent stake and Shree Datta Shetkari Sakhar Karkhana Ltd holds 22.25 per cent.

Statsguru: Six charts explain state of stressed finances in India

The RBI study turned the spotlight on 10 states that were reeling from financial stress and on their growing inability to service their debt