Page 8 - Fundraising

SDI issuances by corporates to rise to Rs 100 crore in FY2024: ICRA

According to ICRA, since FY20, 18 SDIs have been issued by corporate entities, totalling approximately Rs 250 crore

Swan Energy's QIP opens with starting price fixed at Rs 703 per share

Swan Energy on Tuesday announced opening of its Rs 4,000 crore fund raise through a qualified institutional payment (QIP), with a starting price fixed at Rs 703.29 per share. In a stock exchange filing, Swan said pricing of the issue would be decided on February 26. Swan Energy, in December 2023, acquired Reliance Naval and Engineering through Hazel Mercantile, a special purpose vehicle.

Fundraising in India to be stronger than ever over next 2 years: BofA

Purohit expects between 5 and 10 tech firms and two or three local subsidiaries of multinational companies to launch initial public offerings in the period.

Future Consumer defaults on payment of Rs 133 crore towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 132.97 crore towards payment of principal and interest of Non-Convertible Debentures (NCD) issued by the company to CDC Emerging Markets. FCL had defaulted on payment towards interest amount of Rs 32.97 crore and principal amount of Rs 100 crore, according to a regulatory filing by the FMCG arm of the debt-ridden Future Group on Friday. "The company has been unable to service its obligations towards payment of principal and interest due on unlisted Non-Convertible Debentures issued by the company to CDC Emerging Markets Ltd," it said. The default happened on February 15, 2024. Future Consumer had sought deferment for payment of principal and interest amount due towards NCDs, the filing added. It had NCDs of Rs 200 crore for a tenure of seven years with a coupon rate of 11.07 per cent per annum. This was applicable from the date of allotment, which is February 15, 2018. FCL, part of the Kishore Biyani-led Future Group, i

Electoral bonds worth Rs 16k cr sold so far, BJP got nearly 55%, shows data

Electoral bonds have accounted for more than Rs 16,000 crore worth funds contributed to various political parties so far, a lion's share is estimated to have gone to the BJP, data shows. All political parties put together received more than Rs 12,000 crore till last fiscal since the introduction of the now-annulled electoral bond scheme in 2018, of which the ruling BJP got nearly 55 per cent or Rs 6,565 crore, according to the data available with Election Commission and Association for Democratic Reforms (ADR). While the party-wise data for the current fiscal 2023-24 would be available later after they file annual audit reports for the year, ADR put the collective amount of funds generated through sale of electoral bonds between March 2018 and January 2024 at Rs 16,518.11 crore. On an average, these bonds are estimated to account for over half of total contributions received by the parties, though it is more than 90 per cent in case of some regional parties that are in power in thei

Canara Bank raises Rs 2,000 crore funds from bonds at coupon of 8.40%

State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth. The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40 per cent, Canara Bank said in a regulatory filing. Additional Tier I bonds qualify as core capital or equity capital, and it is one of the means of raising capital by banks.

Hinduja nears Rs 4,000 cr borrowing deal for Reliance Capital acquisition

The group's acquisition is still pending court and regulatory approvals. If the transaction is successful, IIHL, along with other entities, will have a controlling stake in Reliance Capital

Four state-owned banks may be approved to raise funds in H1 of FY25

Punjab National Bank eyes FPO, Central Bank of India seeks approval for OFS; move aimed at accelerating lending business and improving public participation

Gujarat state civic body accepts bids for maiden green bonds: Bankers

The city, situated in the Western state of Gujarat, has set a semi-annual coupon of 7.90%, and had invited bids from bankers and investors for the issue earlier in the day

BoB Q3 results: PAT up 19% at Rs 4,579 cr; to raise upto Rs 2,500 cr in Q4

Its Capital Adequacy Ratio stood at 14.72 per cent with Common Tier I Capital of 11.11 per cent at the end of December 2023

Tata Capital Housing Finance to raise Rs 8k cr; board to discuss on Feb 5

As per banking source, of the Rs 8,000 crore, the company will raise debentures qualifying as subordinated debt, or Tier II capital, of up to Rs. 500 crore

Byju's to raise $200 million via rights issue from existing investors

Byju Raveendran said that Byju's is now less than a quarter away from achieving operational profitability

Switzerland-based responsAbility to invest up to $25 million in BluSmart

The announcement said that the investment will help BluSmart expand its EV charging infrastructure across the country

Elon Musk's AI start-up seeks to raise up to $6 bn from global investors

Thanks to the popularity of OpenAI's chatbot ChatGPT, the AI industry has been a rare bright spot in a subdued start-up funding environment

Malaysia's Khazanah in talks to lead Oyo's $400 million fund raise

The once-high-flying company, founded by Ritesh Agarwal, filed for an initial public offering for the second time in March, after slashing the target amount to be raised by about two-thirds

Adani Green Energy raises Rs 2,337 crore capital through issue of warrants

Adani Green Energy has raised Rs 2,337.51 crore through an issue of warrants to Ardour Investment Holding on a private placement basis. "Management Committee of Board of Directors of Adani Green Energy at its meeting held on Thursday, has approved the allotment of warrants of the Company, on a preferential basis by way of a private placement, to Ardour Investment Holding Ltd", a BSE filing stated. As per the filing, as many 6,31,43,677 warrants of Rs 1,480.75 each totalling Rs 23,37,51,57,789 are issued. Upon conversion and exercise of the warrants into equity shares of the Company (which shall rank pari passu to the existing fully paid-up equity shares), the warrant holder will hold 3.83 per cent equity stake in the Company, on a fully diluted basis. The equity shares issued upon conversion of the warrants so issued will be listed on BSE Limited and the National Stock Exchange of India Limited.

SBI Card raises Rs 525 crore via issuance of non-convertible debentures

SBI Card on Wednesday said it has raised up to Rs 525 crore by issuing non-convertible debentures to fund its business growth. It will allot 525 fixed rate, unsecured, rated, taxable, redeemable, subordinate tier II, listed, non-convertible debentures aggregating to Rs 525 crore on a private placement basis, according to a regulatory filing. They will have a face value of Rs 1 crore each and carry a coupon rate of 8.33 per cent, it said.

Indel Money aims IPO in FY27, floats debentures worth Rs 200 crore

Gold loan company Indel Money, which aims at initial public offering (IPO) in 2026-27, on Tuesday announced public issue of debentures worth Rs 200 crore. The fourth public issue of secured, redeemable non-convertible debentures (NCDs) of Rs 1,000 face value would open for subscription on January 30 and offers highest rate option of 12.25 per cent for 72 months. The issue includes a base size for an amount of up to Rs 100 crore with an option to retain over-subscription up to Rs 100 crore aggregating up to Rs 200 crore. Asked as to why public offer of NCDs, Indel Money CEO Umesh Mohanan said, "this is in anticipation for IPO that we are targeting in 2026-27". The funds raised through NCD issue will be used for the purpose of onward lending, financing and for repayment/prepayment of principal and interest on borrowings of the company, he said. "Our business strategy is designed to capitalize on our competitive strengths to enhance our position in the gold loan industry and to expan

Edtech major Byju's to slash $22 bn valuation by 90% to raise fresh funds

The company is focusing on rebuilding its core business and will double down on recent attempts to jump on to the next big bandwagon in education

State Bank of India raises Rs 5,000 crore funding through AT1 bonds

The nation's largest lender State Bank of India has raised Rs 5,000 crore through its second Basel III compliant additional tier 1 (AT1) bond sale this fiscal. The bank, in a statement on Thursday, said the perpetual bond with a call option after 10 years and every anniversary thereafter, is priced at a coupon of 8.34 per cent. The issue got an overwhelming response with an oversubscription of 2.65 times from a range of investors with 108 bids of Rs 5,294 crores against the base issue size of Rs 2,000 crore. The main investors include mutual funds, provident and pension funds, banks, and insurance companies, among others, the statement said. Its Chairman Dinesh Khara said the tight pricing and the diverse investor base for an instrument, which has its own challenges, shows the trust investors place in the bank. The chairman said that going by the high response, the bank has decided to accept bids of Rs 5,000 crore at a coupon rate of 8.34 per cent payable annually. The bonds were