National Asset Reconstruction Company of India (NARCL) has proposed to acquire the debt of Jaiprakash Associates from banks for ₹10,000 crore, making it the largest offer made so far by the government-backed asset reconstruction company (ARC) that started operations just over two years ago. If a majority of lenders sell their debt, ARC will acquire … Read more
Mumbai: Overseas ownership of Indian government bonds climbed about $9 billion in just five months since JP Morgan announced its decision to include local sovereign debt in its emerging markets index, illustrating the attractiveness of fixed-income assets in the world’s fastest-expanding major economy for bulge-bracket funds in a constant global hunt for stable currencies and … Read more
Treasury Board President Anita Anand is asking Parliament to approve an extra $8.9 billion in spending in the current fiscal year, which ends March 31. Most of it is for extra costs associated with finance charges, providing health care for Indigenous children, and for military projects at home and abroad, according to the latest supplementary … Read more
Distressed debt aggregator Acre Asset Reconstruction Company (ARC) has put Nagarjuna Fertilizers and Chemicals on the block less than a year after taking over the ₹3,858 crore debt of the company. Acre is seeking ₹1,600 crore from bidders – double the ₹811 crore it paid to a seven-bank consortium in March last year, documents accessed … Read more
Mumbai: Edelweiss Alternatives has lent ₹700 crore to Vatika Hotels, which owns The Westin Gurgaon, by partly buying out existing debt from Piramal Group and Goldman Sachs India, said people aware of the development. Vatika Hotels (VHPL), established in April 2004 in New Delhi, is a special purpose vehicle (SPV) under the umbrella of the … Read more
JK Tyre & Industries is looking at investing Rs 1400 crore over the next two years to expand capacity to meet demand for truck, bus and passenger car radial in the local market. Anshuman Singhania, Managing Director at JK Tyre & Industries told ET, the company is utilising 85% of available capacity and will be … Read more
New York: Right around the start of November, two words suddenly disappeared from the chatter in the bond market: debt supply. As bond prices surged across the developed world day after day, sending yields tumbling and handing investors some much-needed profits, the angst about soaring budget deficits melted away. But for how long? Over the … Read more
Mumbai: More than 97% bondholders at Vedanta Resources (VRL) have voted in favour of a proposed restructuring of the debt instruments that were due to mature starting later this month, helping metals maven Anil Agarwal stick to financial commitments ahead of a series of planned multiple listings for his operational companies in India in an … Read more
Mumbai: Bond forwards in sovereign debt, for which the Reserve Bank of India released draft directions last week, will help end a regulatory grey area and let banks and insurers cater to the trillions of rupees worth of retail demand for long-term investment products in a standardised manner. Introduction of bond forwards, which are derivative … Read more
