Exim Bank has raised $500 million by selling bonds to offshore investors. The bond has a tenure of five-and-a-half years offering a yield of 3.961 per cent. The issue was rated as BBB- by rating company S&P. Investors across Asia, Europe and the US have subscribed this issue. Asian investors' subscription was to the tune of 62 per cent while European investors bought 33 per cent of the stake.
Author: admin (Infratructure Today)
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REC to raise funds for RE projects
Rural Electrification Corporation (REC) plans to raise funds from Germany's development bank Kreditanstalt fur Wiederaufbau (KfW) for financing renewable energy (RE) projects. REC had earlier received about Eur100 million loan from KfW. REC has reported a 19.5 per cent growth y-o-y in net profit for the third quarter backed by strong revenues.
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NDB Bank gets IFC loan
The National Development Bank (NDB) was provided with a syndicated loan of $125 million by the International Finance Corporation (IFC). The loan will be used to aid the financing of 50,000 micro, small and medium enterprises by 2018. The Chief Executive Officer of NDB Bank Rajendra Theagarajah said that there would be second loan granted by the IFC by June 2014 amounting to nearly $200 million.
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Japan ODA for five projects
Japan has announced a Rs 15,000-crore official development assistance (ODA) loan for five projects in India including expansion of Delhi Metro and works related to wind and solar energy. The loan agreement will include three energy sector projects - new and renewable energy, micro, small and medium enterprises energy saving, and Haryana Distribution System Upgradation.
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NCMSL to get funding from NABARD
The National Bank for Agriculture and Rural Development (NABARD) will lend Rs 130 crore to the private sector company National Collateral and Management Services (NCMSL) through its Rural Infrastructure Development Fund. NABARD, which generally lends only to government-owned warehousing entities, has utilised the special window opened by the Centre to fund established private sector warehousing companies like NCMSL.
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FDI dips 3 per cent in 2013
Foreign Direct Investment (FDI) in India dipped by 3 per cent to $22.03 billion in 2013, according to data from the Department of Industrial Policy and Promotion (DIPP). In 2012, India attracted $22.78 billion of FDI. Services, pharmaceuticals, automobiles, construction development, telecom, computer software and hardware, chemicals and power were among the sectors that attracted FDI in 2013.
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IDFC and Bandhan get banking licence
The Reserve Bank of India (RBI) has decided to issue permits to IDFC and Bandhan, the country's largest micro lender based in Kolkata. After the Election Commission gave its clearance to grant of new licences, RBI's committee of central board met to deliberate on the two names placed before it and decided to give its in-principle approval. IDFC and Bandhan will get a year and a half to begin operations, failing which their licences could be cancelled.
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Leapfrog buys stake in IFMR
The US-based Leapfrog Investment has bought a minority stake in financial services provider IFMR Capital Finance for Rs 174 crore. IFMR helps micro-finance firms, small businesses, affordable housing companies and commercial vehicle financiers raise money on the debt markets. IFMR will use the funds raised from Leapfrog to expand into other segments like agriculture and capital market access to SMEs, besides going deeper into its existing segments.
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New Dy Chairman at Mormugao Port
Cyril C George, Secretary, Cochin Port Trust has been appointed as the Deputy Chairman of the Mormugao Port Trust. George started his career in the shipping sector as a Labour Officer with Kandla Port Trust in 1987. He also served as the Deputy Chairman of Kandla Dock Labour Board. He became the Deputy Secretary of Kandla Port Trust in 2001 and was transferred to Cochin Port Trust as Secretary in 2003.
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Vizag port handles 58 mt in 2013-14
The Visakhapatnam port has handled a little over 58 million tonne of cargo during 2013-14. The port has suffered loss of cargo during the past few years due to several reasons. Stiff competition from the neighbouring ports, the many ongoing projects in the port in
recent years affecting cargo-handling and the fall in iron ore exports are some of the main reasons for slump in the fortunes of the port.