City Union Bank (CUB) on July 29 said it plans to raise about Rs 350 crore from share sale to institutional investors. The board has resolved to seek the approval of the shareholders of the bank to augment capital up to Rs 350 crore, inclusive of premium through a process of Qualified Institutional Placement (QIP), the private bank said in a filing to the BSE. The decision is subject to the applicable laws and regulations including the guidelines issued by RBI and market regulator SEBI by passin
Category: Infrastructure Finance
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Canara Bank seeks Rs 1,000 cr for overseas expansion
Canara Bank has sought Rs 1,000 crore infusion from the government to fund its overseas expansion. The bank has approached the Union government for the capital infusion," Canara Bank Chairman and Managing Director RK Dubey said in Delhi on July 29. Although the bank don't require funds for domestic credit expansion this fiscal, capital would be needed for overseas expansion, he said.
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Potential of Thoothukudi as Industrial hub
As the Tamil Nadu government targeting the southern parts of the state for industrial development, Thoothukudi on July 27 launched a two-day roadshow to woo investors in Chennai. Former president of The All India Chamber of Commerce and Industries T Vel Shankar said the idea was to make Thoothkudi the investment hub.
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Port projects face implementation hurdles
Owing to factors hurdles in land acquisition, environmental and other statutory clearances and financial closure, several projects in major and non-major ports are held up. According to a study conducted by Icra, there are about 30-40 greenfield non-major ports that have high promise and potential but low implementation. These proje
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RBI steps help stabilise rupee exchange rate
The recent measures taken by Reserve Bank of India (RBI) has some effect on stabilising rupee exchange rate against dollar. The central bank took some measures in order to make the domestic currency much costlier. In recent trading session, rupee-dollar exchange rate is hovering in a 58.80 to 59.20 range. Some sources hinted that foreign banks were seen selling the doll
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PE investors struggle to exit investment
A study by Deloitte India shows that private equity investment in India exceeded $100 billion since 1995, but only $25 billion of the investment has been withdrawn. In other words, in 80 per cent of investment, PE players have not got their money back, are struggling to find an exit and in some cases even written off their investment
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Dena Bank wants govt to infuse Rs 20 bn capital
The tier-I capital of Dena Bank declined below 8 per cent by June 30 and this prompted the state-run bank to seek Rs 2,000 crore capital infusion from the central government, reports indicate. Ashwani Kumar, Chairman and Managing Director of Dena Bank expects the central government to provide this
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World Bank willing to finance preparation of master plans
Multilateral lending agency World Bank expressed willingness to finance the preparation of preliminary master plans of Auraiya Investment Zone and Allahabad-Naini-Bara Investment Zone. Recently, a team of officials from the World Bank met top officials of the UP government to plan the initiative. It may be recalled that the Uttar Pradesh government agreed to become a stakeholder in the Amri
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Lanco approaches CDR cell to recast Rs 90 bn debt
In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000-crore is fund-based exposure and Rs 5,000-crore non-fund-based.
The company is holding discussions with bankers in this rega
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Cost of funds for realty firms may rise
Reserve Bank of India's recent measures to contain depreciation of rupee against dollar may raise cost of borrowing for developers and affect their ability to service debt, industry players feel. It may be recalled that the central bank limited the daily borrowing of banks under its liquidity adjustment window
to 0.5 per cent of their net deposits against 1 per cent earli