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Indel Money launches fourth public issue of NCDs, aims to raise Rs 200 cr

The company had launched three public issues of NCDs since 2021 and raised more than Rs 260 crore

RBI proposes tighter norms for deposit-taking housing finance companies

Deposit-taking HFCs told to maintain 15% liquid assets

Higher demand could offset competitive pressures for housing finance cos

Can Fin Homes would see credit costs normalize after it took a provision of Rs 40 crore for fraud in Q2FY24 but net profit may fall by 5.0 per cent QoQ to Rs 1,390 crore

NBFC lender 360 One Prime to raise Rs 1,000 cr from reedemable NCDs

Non-banking financial company 360 One Prime, formerly IIFL Wealth, on Monday said it will raise up to Rs 1,000 crore debt through its maiden public issue of secured, redeemable, Non-Convertible Debentures (NCDs). The first tranche of the issue, which will be listed on the BSE, will open for subscription on January 11, with a base issue size of Rs 200 crore and an option to retain over-subscription of up to Rs 800 crore, the company in a statement said. The proceeds from the issue will be used for onward lending, financing/refinancing existing debt and interest payment of existing borrowings and other general corporate purposes. The company offers a coupon rate of 8.91-9.66 per cent per annum, depending on the tenor -- 18, 24, 36, and 60 months with monthly and annual interest payment options across eight series -- Karan Bhagat, Founder, and Chief Executive of the company, said. 360 One Prime is a wholly-owned subsidiary of 360 One WAM, which was formerly known as IIFL Wealth ...

Vehicle loan AUM for NBFCs to cross Rs 8 trillion in 2024-25: CRISIL

The growth in AUMs will be driven by rising demand for commercial vehicles, cars, utility vehicles, and two-/three-wheelers

Mahindra Finance to foray into life, health, and general insurance

The company will initially invest Rs 5 crore to Rs 10 crore towards technology, hiring and training and certification

NIIF-backed shadow bank considers raising $100 mn with $600 mn valuation

The Indian shadow bank aims to complete the funding round by the end of March, said another person. Deliberations are ongoing and details of the fundraising could still change

Kirloskar Group's NBFC aims to add Rs 800 crore to AUM by March 2024

Arka Fincap, a non-bank lender promoted by the Kirloskar Group, on Tuesday said it is aiming to add another Rs 800 crore to its Assets Under Management (AUM) by March 2024. The shadow bank, which announced its plans to raise up to Rs 300 crore from a non-convertible debentures issue, will be focusing on lending to small businesses going forward, according to a statement. Its AUM currently stands at Rs 4,200 crore and the NBFC is aiming to close FY24 with an AUM of Rs 5,000 crore, the statement said. Further, it said the company plans to open 10 more branches by March to take its overall network to 40 branches, and will be adding about 175 employees to take its overall staff size to 500 by March 2024. Kirloskar group had infused Rs 1,000 crore into the NBFC commenced operations in 2019. It is offering coupons of up to 10 per cent on the NCDs, the statement said, adding that the NCDs come in three tenors of 24 months, 36 months and 60 months.

Unsecured loan growth to moderate after RBI norms on lending: NBFCs

The NBFCs are also looking to diversify their source of borrowing post the central bank's mandate as the funds from banks are expected to be affected

Credit card spending in India rises to Rs 1.78 trn in Oct, sets record

Industry likely to see loan growth moderating after RBI asks banks, NBFCs to increase risk weight for unsecured lending

Jio Financial Services seeks RBI approval to convert as CIC from NBFC

According to the central bank, a CIC is a company whose assets are broadly invested in their group companies either in the form of equity, preference shares, convertible bonds or loans

Pidilite to enter lending business, to acquire promoter group's NBFC firm

Adhesive and construction chemicals manufacturer Pidilite Industries plans to enter the lending business, providing small-value retail loans. To facilitate this, Pidilite Industries, would acquire an existing NBFC -- Pargro Investments, belonging to its Promoter Group, according to a regulatory update. "Pidilite Industries Ltd, intends to set up a Lending Business," the company said. Over the next two years, to build the new business, the company expects to invest up to Rs 100 crore in tranches, through an optimum mix of equity and debt. "The new business would provide credit to its domain ecosystem to support their business growth. This credit will be provided primarily in the form of small-value retail loans," said Pidilite, the makers of Fevicol, Dr Fixit, Fevikwik and M-Seal. Pargro will be acquired by Pidilite through a wholly-owned subsidiary under a Share Purchase Agreement (SPA) to be entered by March 31, 2024. "The acquisition of Pargro will be done at a fair value of up

Yield on high-rated NBFC to harden further by December, tracking g-sec

The AAA-rated bond yields settled at 7.83-7.92 per cent on Monday, whereas, the yields on AA-rated bonds settled at 8.63-8.66 per cent

Sidbi announces growth programme for small NBFCs to help secure funding

National development bank Sidbi on Monday announced a growth accelerator programme for small NBFCs to help them become eligible for bank funding. Under the initiative, being carried out in association with the global alliance for mass entrepreneurship and national NBFC lobby FIDC (Finance Industry Development Council), it has onboarded 18 small NBFCs as the first cohort of the programme. The five-month-long programme is designed to scale small NBFCs (Non Banking Financial Company) through design interventions, enabling them to apply for institutional funding based on holistic evaluation parameters, Sidbi chairman & managing director Sivasubramanian Ramann told reporters here. The programme includes mentorship from domain experts on risk, operations, governance, and technology and is structured to encourage and facilitate peer learning, reviews and networking through a blend of in-person, virtual and individualised sessions, Umesh Revankar, FIDC chairman and executive vice-chairman

Govt orders probe into Tamil actor's bribery allegations against CBFC

Union Information and Broadcasting Ministry on Friday said the government has "zero tolerance" for corruption and has initiated an inquiry into the claim by Tamil actor Vishal that he paid Rs 6.5 lakh bribe to obtain censor certification of the Hindi version of his film 'Mark Antony'. On Thursday the actor took to social media application X to allege that officials from the Central Board of Film Certification (CBFC) Mumbai office had demanded Rs 6.5 lakh in exchange for the screening and granting of a U/A certificate for his film."The issue of corruption in CBFC brought forth by actor @VishalKOfficial is extremely unfortunate. The Government has zero tolerance for corruption and strictest action will be taken against anyone found involved," according to a statement by the I & B Ministry.The ministry said a senior officer has been deputed to conduct an inquiry into the matter."A senior officer from the Ministry of Information & Broadcasting has been deputed to Mumbai to ...

Bank lending to NBFCs jumps 23.6% in July to Rs 13.8 trillion: Report

Banks' credit exposure to non-banking financial companies rose 23.6 per cent on-year to Rs 13.8 lakh crore in July, pushing up their overall share to 9.3 per cent during the month, an analysis of the RBI's monthly data by a ratings agency showed. The month also saw lower borrowings from international markets due to the prevailing elevated global interest rates following tightening of monetary policies by global central banks, according to a note by Care Edge. There has been a consistent upward trend in bank credit to NBFCs in the second half of FY22, coinciding with the phased reopening of the economy after the pandemic. The growth momentum further accelerated during FY23 and in the first quarter of FY24. However, NBFCs' overall borrowings on a month-on-month basis declined 3.3 per cent, primarily due to the merger of HDFC with its subsidiary HDFC Bank from July 1, Care Edge said. Mutual funds' debt exposure to NBFCs, including Commercial Papers (CPs) and corporate debt, jumped 60.

NBFC-MFI disbursements increase 45.8% to Rs 30,398 crore in Q1FY24

Assets Under Management (AUM) grew to Rs 1,26,053 crore in June 2023 from Rs 89,005 crore a year ago and Rs 1,21,326 crore as of end-March 2023

Capital Group offloads NBFC Shriram Finance's shares for Rs 884 crore

US-based financial services company Capital Group on Wednesday offloaded shares of NBFC Shriram Finance for Rs 884 crore through open market transactions. Capital Group through its investment vehicles SmallCap World Fund Inc and New World Fund Inc sold the shares of Shriram Finance on the BSE. According to the bulk deal data available with the BSE, SmallCap World Fund Inc offloaded 20,26,102 shares and New World Fund Inc disposed of 26,77,660 shares of Shriram Finance in two tranches. The shares were sold at an average price of Rs 1,880.28, taking the combined transaction value to Rs 884.43 crore. Details of the buyers could not ascertained. Shares of Shriram Finance fell 1.64 per cent to close at Rs 1880.70 apiece on the BSE.

Motilal Oswal MF buys Jio Financial Services' shares worth Rs 754 cr

Motilal Oswal Mutual Fund on Friday acquired 3.72 crore shares of Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group, for Rs 754 crore through an open market transaction. According to the bulk deal data available with the NSE, Motilal Oswal Mutual Fund bought 3,72,00,000 shares, amounting to a 0.6 per cent stake in Jio Financial Services. The shares were purchased at an average price of Rs 202.80 apiece, taking the transaction value to Rs 754.41 crore. Shares of Jio Financial Services jumped 3.82 per cent to close at Rs 221.60 apiece on the NSE. Jio Financial Services Ltd (JFSL) listed on the stock exchanges on August 21. On Friday, the market capitalisation of the financial services company stood close to Rs 1.35 lakh crore on the BSE. In a separate transaction on NSE, Ascent Investment Holdings Pte divested a 3.7 per cent stake in Amber Enterprises India for Rs 353 crore through an open market transaction. Amber ...

RBI governor Shaktikanta Das asks NBFCs to strengthen governance standards

Reserve Bank Governor Shaktikanta Das on Friday asked non-banking financial companies (NBFCs), including housing finance companies, to strengthen governance standards and assurance mechanisms. The governor held a meeting with MD & CEOs of select large NBFCs. Government NBFCs and housing finance companies (HFCs) also participated in the meeting, the RBI said in a statement. These entities constitute nearly 50 per cent of the total assets of all NBFCs, including HFCs. Acknowledging the important role played by the sector in delivering credit to the unbanked and underserved areas, Das advised that NBFCs and HFCs need to remain alert to avoid any complacency during good times. "The governor highlighted the need for further strengthening the governance standards and assurance mechanisms viz. compliance, risk management and internal audit in these entities," the central bank said. Discussions were also held on diversifying the resources for NBFCs and HFCs to contain the increasing ...