Chandrasekaran said, the company has expanded into so many different areas now, each of these areas focusing on growth and cash flow generation
A debt trap is a situation where a person is forced to take new loans to meet debt obligations
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, .
Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank, the bank said in a regulatory filing. The board of the bank presented the result of voting on the proposal for amalgamation before the NCLT. "We wish to inform that the resolution approving the Scheme was passed by the overwhelming majority of 99.95 per cent of the equity shareholders, representing more than three-fourths in value of the equity shareholders of the bank voting through remote e-voting and e-voting during the meeting, in terms of the provisions of Sections 230-232 of the Companies Act, 2013," the lender said. In a separate filing, it said the proposal was passed by the overwhelming majority of 99.99 per cent of the NCD ...
A further 19 developing countries lack the liquidity to meet the spending targets without help, though they would not approach default thresholds
Realty firm Signature Global's net debt increased by 6 per cent last fiscal to Rs 1,160 crore due to land acquisitions for the development of housing projects. According to the latest operational update, the company's net debt stood at Rs 1,160 crore at the end of 2023-24 fiscal, as compared to Rs 1,090 crore in FY23. "The increase in net debt is due to significant addition to our land portfolio during the current financial year," Gurugram-based Signature Global said. On Sunday, Signature Global reported that its sales bookings more than doubled to Rs 7,270 crore in 2023-24 from Rs 3,430 crore in the previous financial year. In March, the company sold 1,008 luxury homes for around Rs 3,600 crore in its new project at Gurugram, Haryana, helping the company achieve record sales bookings during the last fiscal and beating the target of Rs 4,500 crore for 2023-24. The company sold 4,619 units during the last fiscal, as against 4,512 units in 2022-23. In terms of area, Signature Globa
Congress general secretary Jairam Ramesh also stressed that the Congress' 'Nyay Patra' is a direct response to the "failures" of the government and said "dus saal anyay kaal" ends on June 4
Total gross liabilities of the government increased marginally to Rs 160.69 lakh crore at the end of December 2023 from Rs 157.84 lakh crore at September-end, the finance ministry said on Thursday. This represented a quarter-on-quarter increase of 1.8 per cent in the September quarter of 2023-24, said the public debt management quarterly report (October-December 2024). Public debt accounted for 90 per cent of total gross liabilities during the third quarter of the current fiscal year. "During the quarter, the yield on Indian domestic bond initially rose but softened thereafter on account of decline in crude oil prices, lower than expected domestic CPI prints for October and November and news about possible inclusion of Indian Government Bonds (IGBs) in a major global emerging market index," the report said. Further, an ultra-long 50-year G-sec was introduced to cater to the demand from long-term investors. On the other hand, US treasury yields remained volatile during the quarter .
Mining conglomerate Vedanta Ltd is on track for the demerger of its key businesses, including aluminium, into separate listed companies and allocation of debt across the demerged entities would be done in proportion to their assets, sources familiar with the matter said. Vedanta is in advanced stages of engagement with its lenders on the issue, and the process has proceeded smoothly, they said. There is clarity about the allocation of debt across entities after the demerger. "The debt will get divided amongst the resulting demerged entities in the ratio of assets getting allocated to them as per the prescribed rules and regulations," a senior company official said at a recently concluded investor event. Citing the example of Vedanta Aluminium, the official said the debt that would get allocated to the company would be in direct proportion to the book value of the assets held by it. This is to ensure that the transaction is tax-neutral. Vedanta had in September last year announced t
Reliance Power on Wednesday said its two subsidiaries have settled debt worth Rs 1,023 crore with Authum Investment's arm Reliance Commercial Finance. Reliance Power Ltd's two subsidiaries -- Kalai Power Pvt Ltd and Reliance Cleangen Ltd, have signed a debt settlement and discharge agreement with Reliance Commercial Finance Ltd (RCFL), a wholly-owned subsidiary of Authum Investment & Infrastructure Limited, a regulatory filing said. In a stock exchange disclosure, the company informed that the value of total outstanding debt that has been settled stood at Rs 1,023 crore. The debt settlement with Reliance Commercial Finance came a few days after Reliance Power announced the sale of its 45 MW wind power project in Maharashtra to JSW Renewable Energy, for a consideration of Rs 132 crore. In December 2023, Kalai Power had sold the development rights of its proposed 1,200 Megawatt hydro-electric project in Arunachal Pradesh to THDC India Ltd for Rs 128 crore. According to a company ...
Robust equity markets are not enough to kickstart a private sector capex cycle. India needs easily accessible debt financing
Economic growth has slowed in developing countries, with growth falling to barely 4% from 6% in two decades, Banga said
The Centre told the Supreme Court on Wednesday it is ready to allow the Kerala government to borrow Rs 5,000 crore, subject to certain conditions, to deal with the financial issues facing the state as a "very special and exceptional measure". However, the Kerala government said Rs 5,000 crore "does not take us anywhere" and the absolute minimum requirement stood at Rs 10,000 crore. The Centre's statement came a day after a bench of Justices Surya Kant and K V Viswanathan asked it to consider providing a one-time bailout package to Kerala by March 31 to deal with the resource crunch. The apex court was hearing a suit filed by the Kerala government accusing the Union of India of interfering in the exercise of its "exclusive, autonomous and plenary powers" to regulate the state's finances by imposing a ceiling on borrowing. "However, giving utmost consideration to the suggestion of the court, as a very special and exceptional measure, not to be used or cited as a precedent by any othe
This comes amid group's bet on semiconductor, EV battery biz
Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt over the next three years, a senior official said at an analyst meeting. "Deleveraging is our priority. We would be deleveraging the debt of Vedanta Resources by USD 3 billion over the next three years. Vedanta Ltd's cash flow pre-growth capex is estimated to be USD 3.5-4 billion for the financial year 2025, sufficient for secured debt maturities of USD 1.5 billion," said Navin Agarwal, Vice Chairman, Vedanta Ltd and member of Promoter Group, at a recently concluded analysts' meet, according to analysts who attended the meeting. The financial year 2025 maturities of USD 1,100 million and close to USD 750 million of interest servicing would be managed through brand fees, dividends from operating companies, asset monetisation and other strategic initiatives. "Vedanta is a dynamic organisation that continuousl
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
Barclays said the agreement reflected its recently-announced strategy to prioritise growing lending to consumers, and would reduce the bank's risk weighted assets by around 1 billion pounds
Adani Green Energy Ltd, the renewable energy arm of billionaire Gautam Adani's conglomerate, plans to raise USD 409 million through US dollar-denominated bonds to repay a debt obligation falling this year. In a regulatory filing, the company said the bond will have a door-to-door tenor of 18 years. The proceeds will be used to redeem the USD 500 million 6.25 per cent senior secured notes due 2024, it said adding these notes were issued on June 10, 2019. Three subsidiaries of Adani Green Energy Twenty-three Ltd, a unit of AGEL, are co-issuers. AGEL has a portfolio of 20,844 MW of operational and under execution projects to produce electricity from solar energy. Separately, Fitch Ratings said it has the proposed bond issue an expected rating of 'BBB-(EXP)'. "The Outlook is Stable." "The company plans to use the proposed US dollar notes to refinance its five-year bullet USD 500 million senior secured notes due 2024. The proposed notes will have security and protective structural fea
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
Borrowing at the accounting firm more than tripled from a year earlier to $983 million as of June 30, 2023, as it expanded an existing floating credit rate facility and took out a new one