Dredging Corporation of India (DCI) is issuing tax-free bonds worth Rs 500 crore and has offered a coupon rate of 6.47 per cent for qualified institutional investors, domestic companies and high net worth individuals. The coupon rate is 7.47 per cent for retail investors. The bonds are of 10-year tenure and 40 per cent of the issue is earmarked for retail investors
Tag: finance
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ONGC proposes Rs 350 bn investment in FY14
In 2013-14, Oil and Natural Gas Corp (ONGC) plans to invest Rs 35,049.23 crore, which is 4 per cent higher than the revised capital expenditure of Rs 33,577 crore in the current fiscal year, Union Budget document shows. The state-run oil and gas explorer plans to fund the investment entirely through internal resources in 2013-14. T
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RBI to clarify on new bank licence guidelines
In a notification, the Reserve Bank of India (RBI) informed that it would issue clarification on the final guidelines for new bank licences in response to queries raised by intending applicants. It may be noted that the central bank has been receiving queries from applicants seeking clarifications on the guidelines on licensing of new banks in the private sector
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Domestic firms raise funds via overseas bonds
So far in 2013, Indian companies raised $4 billion by issuing bonds in the international market in order to take advantage of lower interest rate compared with the domestic bond market. According analysts, India Inc may continue to tap the overseas bond market in order to meet their funding requ
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Tata Steel may raise funds from abroad for steel project
In order to fund its Rs 35,000 crore steel plant project in Odisha and also to reduce its debt, Tata Steel plans to raise $1 bn through issue of bonds in the international market by the end of March. The firm plans to raise fund through global bond issue because this may turn out to be a cheaper option for the expa
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Ennore Port takes steps to boost connectivity
Ennore Port is making efforts to develop allied infrastructure like road, rail connectivity in order to boost cargo handling at the port. As part of this effort, the port authority proposed a railway line connecting Ennore Port with Minjur in the first phase and then Minjur to Vandalur in the second phase. The Tamil Nadu government wanted to add pass
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Indian airports need Rs 670 bn investment in 5 yrs
Civil Aviation Minister Ajit Singh informed reporters that according to current estimates, Indian airports would require an investment of about Rs 67,000 crore during the next five years alone of which 75 per cent is likely to be contributed by the private sector. It may be noted that the government approved 15 more airports under the Greenfield Airports policy with majority of them being developed under the public priva
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Institutions struggle to raise funds via tax-free bonds
Reports indicate that institutions that are allowed to raise tax-free bonds in 2012-13 could mop up only Rs 25,000 crore as against the permission to raise Rs 60,000 crore. It is learnt that investors are not showing much interest in the tax-free bonds as interest rates are expected to fall further in the coming months. Yield on tax-free bonds are set below the yield of the 10-year ben
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Shriram Group mulls foray into banking business
With the Reserve Bank of India (RBI) releasing guidelines for new bank licenses, a slew of industry conglomerates are interested to make a foray into banking business. One among them is the Chennai-based Shriram Group, promoted by R Thyagarajan. The group, which is one of the contenders for a banking licence, said it want
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PSBs to get Rs 125 bn capital in FY13
Government proposed to infuse an amount of Rs 12,517 crore in Public Sector Banks(PSBÂ’s) to augment their Tier-1 capital in FY-2012-13. A sum of Rs 12,000 crore was infused during 2011-12 to enable them to maintain a minimum Tier-1 CRAR of 8 per cent. Performance of Indian banks during the year 2011-12 was conditioned to a large extent by fragile recovery of global financial markets as well as a challenging oper