ICICI Bank raised Chinese Yuan (Renminbi) 650 million ($106 million) by issuing bonds in the currency at a coupon rate of 4 per cent. The bond, which will be listed on the Singapore exchange, have been issued under the bank’s $5 billion Medium Term Note (MTN) programme. ICICI Bank is the second domestic lender to sell bonds to offshore Chinese investors. Earlier, IDBI Bank had tapped this fund-raising route. Rating agency S&P has given a ‘BBB
Category: Infrastructure Finance
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Rs 100 cr special grant to U’khand to rebuild tourism infra
To rebuild tourism infrastructure in Uttarakhand, in the aftermath of the recent devastation of floods in the state, the Union government has sanctioned a special financial package of Rs 100 crore. With the sum is meant for restoration and reconstruction of the affected Government tourist facilities in Uttarakhand. This will be in addition to the Central financial assistance of about Rs 95 crore already sanctioned during the current financial year for developing tourism infrastructure in the Sta
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Plea for attracting pvt investment in infra sector
Planning Commission deputy Chairman Montek Singh Ahluwalia asked Goa Chief Minister Manohar Parrikar to promote private participation in the development of physical infrastructure. Ahluwalia urged Goa to try and cover all urban areas with sewerage network using latest technology to achieve the goal of total sanitation in the state. He offered the Planning Commission's full support to Goa in solid waste management and to make Goa plastic free
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Oil India to borrow to fund acquisition
TK Ananth Kumar, Director (Finance) of Oil India informed that the firm would borrow from the overseas market to fund its acquisition of the Mozambique gas project. He said the firm is considering to raise 80 per cent to 90 per cent of its share of $1 billion (in the acquisition).
In other words, the firm may raise a maximum of $900 million from overseas markets
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Govt made over 1 mn direct cash transfers for LPG
According to an official statement, the central government has made over 1 million (10 lakh) direct cash transfers to consumers' bank accounts under its Direct Benefit Transfer for LPG (DBTL) scheme, launched in 18 districts on June 1. The government has so far given Rs 41 crore of subsidy to consumers directly under the above scheme since June 1, the statement shows
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Edelweiss plans to set up bank, to seek RBI’s licence
For setting a new private bank, Edelweiss Financial Services is to apply to Reserve Bank of India. It will transfer its existing merchant banking business to subsidiary as a step to comply with norms prescribed by RBI for new banking license, said the firm on June 24. The firm will make an application to the RBI for a Banking License, in accordance with the provisions of the Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013, the company informed the Bombay Stock
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Federal Bank to set up 15K ATMs, hires Tata firm
To install 15,000 White-Label ATMs (WLAs) across India, private sector lender Federal Bank has tied up with Tata Communications, the Bank said on June 24. White-Label ATMs are to be set up by non-banking entities on behalf of 'sponsor banks' but they would not carry the brand label of any bank, and would be accessible to card-holders of all the banks for a fee.
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DIPP to consult ministries on FDI hike proposal
Department of Industrial Policy and Promotion (DIPP) will consult with different central government ministries separately on the proposal to raise the foreign direct investment limit in different sectors. It may be recalled that the Mayaram Committee recommended raising FDI limit in almost all sectors to 49 per cent through the automatic
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Prudential norms for housing finance firms may be relaxed
RV Verma, Chairman and Managing Director of National Housing Bank (NHB) has informed a leading media that the body would relax prudential norms for housing finance companies (HFCs). NHB plans to relax prudential norms for housing finance companies following Reserve Bank of India's (RBI) decision to reduce risk weight on banks' home loan over Rs 2
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RBI relaxes ECB norms for residential developers
Developers and builders who have at least three years' experience in implementing residential projects may avail external commercial borrowing (ECB) for low-cost affordable housing projects. Reserve Bank of India (RBI) reduced the number of years of experience from the existing five years to three years in order to enable more developers to access ECB route