Page 3 - Debt

Sobha Q2: PAT jumps to 75% to Rs 26.1 cr, net revenue grew 24% annually

The company's total revenue grew to Rs 965.2 crore as against Rs 773.6 crore, up 24.77 per cent

SpiceJet clears $90.8 million EDC debt, secures full ownership of 13 planes

As part of the settlement, SpiceJet has acquired full ownership of 13 Q400 aircraft previously financed by EDC

Vedanta Resources debt reduced by $4.7 bn in 2 years, says Anil Agarwal

Debt at Vedanta Resources - the parent firm of the Mumbai-listed mining conglomerate Vedanta Ltd - has been cut by USD 4.7 billion in two years as financial discipline helped deleverage the group, its chairman Anil Agarwal said. In a letter to shareholders, he said Vedanta Ltd delivered its highest-ever EBITDA of Rs 20,639 crore in the first half of the current fiscal year as a result of "focus on achieving higher production levels, driving operational excellence, and successfully navigating a dynamic global environment". Vedanta's aluminium and zinc production volumes have reached record levels. "In the near future, we are aiming to double the production levels at our subsidiary, Hindustan Zinc Ltd, increase oil production at Cairn Oil & Gas to 3 lakh barrels of oil equivalent per day, and increase the capacity at our aluminium smelter to 3 million tonnes per annum," he said. Additionally, Vedanta remains committed to becoming a greener and more sustainable company by producing ..

State Bank of India to raise Rs 5,000 cr through AT-I bonds this week

The issue size is Rs 2,000 crore, with a green shoe option of Rs 3,000 crore

KBC Global raises around Rs 100 cr from Falcone Peak Fund, Patanjali Food

Construction and infrastructure firm KBC Global has raised nearly Rs 100 crore from Falcone Peak Fund, Patanjali Food and Herbal Park and other investors, a statement said on Monday. The company raised around Rs 99.50 crore through an issue of 45.23 crore warrants on a preferential basis to investors, the company said. The company board has approved the issuance of warrants at a price of Rs 2.20 per warrant, it added. Out of the total issue, Falcone Peak Fund (CEIC) Ltd will be allotted 26 crore warrants for around Rs 57.2 crore. Patanjali Parivahan Pvt Ltd and Patanjali Food and Herbal Park will be allotted 4.55 crore warrants and Foresight Holding Pvt Ltd is expected to be allotted 2.28 crore warrants, the company said. Post issue of the warrants, the shareholding of Falcone Peak Fund (CEIC) Ltd in KBC Global Ltd is expected to be 8.48 per cent, Patanjali companies around 1.48 per cent and Foresight Holding Pvt Ltd around 1.04 per cent respectively. The warrants shall be converted

Sebi introduces liquidity window facility for investors in debt securities

Sebi on Wednesday introduced a liquidity window facility for investors in the debt securities through a stock exchange mechanism. The liquidity window facility allows investors holding listed debt securities to sell them back to the issuer using a put option on specific dates, ensuring liquidity. This facility, available from November 1, will be of immense utility to investors, especially retail investors, and can serve to enhance their investment in such debt securities, Sebi said in a circular. The regulator observed that corporate bonds are seen as illiquid because many institutional investors hold them until maturity, leading to low trading activity. To improve liquidity, especially for retail investors, Sebi introduced a framework where issuers can offer liquidity window facility. Under this, issuers can choose whether to offer this facility for debt securities at the time of issuance. It applies to new issuances of debt securities, either through public offers or private ...

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