Government allowed foreign investors to invest up to $75 billion in Indian bonds compared to the earlier limit of $65 billion. The government raised this limit by allowing foreign investors to deploy an additional $5 billion each in corporate bonds issued by non-infrastructure companies and government bonds. Inves
Author: admin (Infratructure Today)
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Issurers unsure of retail participation in bond issue
Issuers are not sure whether there would be sufficient participation from retail investors for their tax-free infrastructure bond issues in order to meet the regulatory requirement. According to government norms, issuers must raise at least 40 percent of the capital mopped up through public bond issue from retail
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Ramesh finds fault at microfinance model
Union Rural Development Minister Jairam Ramesh remarked that it is not possible to alleviate poverty through microfinance institutions (MFIs). In his valedictory address at the recently held Micro finance summit, the minister said one should be somehow more modest in the expectation of micro-finance and micro-finance institutions. To think that we are g
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REC to raise $500 mn via ECBs
Rural Electrification Corporation (REC) is in the process of raising $500 million through external commercial borrowings or ECBs. The company is said to have invited bids for ECBs and whosoever offers the cheapest rates would be selected, Rajeev Sharma, Chairman and MD of REC said. So far in the current fiscal, the company has raised and disbu
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Board allows McNally to raise upto Rs 1.2 bn
In a move that may contribute to the business growth of McNally Bharat Engineering, the board of the company cleared the proposal to issue non-convertible preference shares of up to Rs 120 crore in one or more tranches. Consequently, the board also permitted the raising of the authorised share capital of the firm to Rs 160 crore from Rs 40 crore earlier. In a communication to the stock exchange, the company said i
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FIPB clears only one FDI proposal out of 14
While considering 14 proposals for Foreign Direct Investment (FDI), the Foreign Investment Promotion Board (FIPB) approved only one proposal worth Rs 27.27 crore, the Finance Ministry said in a statement. Of the remaining proposals, decision on six were deferred while seven other proposals were rejected. Decision of these 14 pending proposals was deferred at its earlier meeting, the Finance Ministry said in
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Sales of RINL rises 5% in Nov
According to a company statement, sales of Rashtriya Ispat Nigam (RINL) grew 5 per cent to Rs 1,085 crore in November from Rs 1,028 crore in the year-ago month. During the month, sales of iron and steel registered a growth of six per cent, while pig iron sales expanded 48 per cent.According to the statement, the company is increasing its prese
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Govt may offload 10% stake in Oil India by Jan 15
The 10 percent stake sale in Oil India, through which the government aims to garner Rs 2,500 crore, may be completed by January 15, reports suggest.
It is learnt that there is consensus between finance and oil ministries on the stake sale date. The oil ministry had earlier expressed reservations over bringing issues of oil sector companies "in a hurry", saying at least two offers for s
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New Mangalore Port receives 2 cruise vessels
It is learnt that two cruise vessels from the US and the UK called at New Mangalore Port recently carrying a total of 1,088 passengers. Both the vessels sailed out to Kochi after a brief halt at the New Mangalore Port. With these two vessels, the New Mangalore Port has received seven cruise vessels so far in the current fiscal. A pre
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Govt to give more powers to banks in road projects
Banks in India are going to be given more functional and supervisory powers by the government with regard to road projects.