In order to refinance past debt, Essar Power issued Rs 1,000 crore worth of rupee denominated bonds. Including this bond issue, the company has so far raised Rs 2,750 crore and it plans to raise another Rs 2,250 crore. With these bond issues, the power generating arm of the London-listed Essar Energy intends to refinance loans wort
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HSR Needs Fast Tracking
RECPDCL Handovers Ratle Kiru Power Transmission Limited, a SPV of Transmission Project, to IndiGrid 2 Private Limited
RECPDCL Handovers 3 Nos. SPVs of transmission projects viz. Banaskantha Transco Limited, Kurnool-IV Transmission Limited & Rajasthan V Power Transmission Limited to Power Grid Corporation of India Limited
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CCI India presents 1st edition of CEO Round Table Conference on Agriculture
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REC Limited Signs Agreement with CVPPL, to provide ₹2147.508 Crore Term Loan to Develop 1000MW Pakal Dul Hydro Electric Project
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Tag: borrowing
Borrowing of infra firms rises faster than revenue
Official data shows that the borrowing of 17 construction and infrastructure (C&I) companies that are part of the BSE-500 index has risen more than their revenue and net profit during the last five years since 2008. While borrowings of these firms rose a little over five times, to Rs 2.7 lakh crore since 2008, their revenue and cas
PNB’s total outstanding deposit stands at Rs 4 trillion
KR Kamath, Chairman and Managing Director of Punjab National Bank said the bank's total deposits stood close to Rs 4 lakh crore, while its total credit remained above Rs 3 lakh crore as at end June 2013. He said this while addressing bank officials of Dharamshala circle at the Managers' Meetings.
Banks want easier implementation of SARFAESI Act
Some bankers suggest Reserve Bank of India (RBI) to bring about enabling framework for effective implementation of SARFAESI Act. Bankers argue that despite the existence of this act, they face difficulties at the field level in taking physical possession of mortgaged properties from defau
Bank of Maharashtra trims base rate by 25 bps
Some public sector banks are reducing their lending rates following the meeting of their chiefs with Finance Minister P Chidambaram. During a recent meeting with the chiefs of state-run banks,
Chidambaram has asked them to reduce lending rates to spur credit growth and thereby reverse investment cycle. Recently, Bank of Maharashtra reduced ‘base rate’ by 25 basis points from 10.25 percent to 10.00 percent on mon
OBC reduces base rate by 0.25%
Following the meeting with Finance Minister P Chidambaram some of the public sector banks are reducing their base rates. The recent bank to join the club is Oriental Bank of Commerce (OBC), which trimmed its base rate by 25 basis points, or 0.25 percentage points, from 10.25 per cent to 10 per cent. The reduction in the interest rate woul
State-run banks take efforts to recover bad loans
In order to recover bad loans from borrowers, some public sector banks are putting pressure on the guarantors of wilful loan defaulters. One such incidence happened when Allahabad Bank published a public notice exposing the guarantor of a borrower who defaulted on his loan. The state-run bank published the photographs of two guarantors as well in the newspapers as part of a publi
Liquidity improves in banking system
Liquidity in the banking system has eased as is evident from the decline in the borrowing of banks through Reserve Bank of India's (RBI) liquidity adjustment facility (LAF). Money market participants feel that the easing liquidity may be because the government has already started spending. On a recent day, banks borrowed Rs 10,880 crore through RBI's LAF and this is sharply lower than over Rs 100
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
Essar Oil to replace rupee debt with dollar loans
Essar Oil plans to to replace its rupee borrowings with dollar borrowings in order to reduce interest cost and extend the maturity period of its debt. The reduction in interest cost is expected to boost returns from the refinery business of the firm. The company increased borrowing to finance its refinery expansion project, which was completed in March 2012. It raised its refinery capacity to 20 million tonne per annum and complexity to