DEBENTURES
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Sebi orders four online bond platforms to cease operations
These entities include AI Growth and Texterity - owner and operator of altGraaf, Purple Petal Invest, which owns Tap Invest, and Berkelium Technologies, which operates Stable Investments.
Sebi directs 4 entities to cease and desist from offering unlisted debentures
India's Securities and Exchange Board of India (SEBI) has ordered four entities to halt their operations involving the public subscription of unlisted securities on their platforms. SEBI determined that these entities facilitated the public sale of privately placed unlisted NCDs, a violation of regulatory guidelines, potentially putting public investments at risk.
Sebi asks CRAs to verify issuers' funds availability, escrow payments in certain cases
These additional guidelines have been introduced to address scenarios of non-payment of debt (principal or interest) caused by factors beyond the issuer's control.
New star in bond market
Non-convertible debentures (NCDs) are gaining traction in India's evolving bond market. Regulatory reforms, particularly mandatory listing, enhance transparency and liquidity, attracting investors seeking stable returns. While concerns about potential delisting and funding shifts exist, measures like institutional allocation mandates and the appeal of NCDs over traditional fixed deposits are driving market growth.
SP Group aims to repay Rs 7,300 cr to Debenture Holders
Shapoorji Pallonji Group entity Goswami Infratech is set to repay ?7,300 crore to debenture holders this week, halving its outstanding debt from a ?14,300 crore issuance in May 2023. The repayment will be funded by proceeds from the recent IPO of Afcons and the sale of Gopalpur Ports to the Adani group.
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Indel Money's NCD issue oversubscribed 1.5 times, attracting Rs 117.38 crore
Indel Money's NCD issue, offering a yield up to 13.44%, was oversubscribed 1.5 times, attracting bids worth Rs 117.38 crore. The issue, which opened on October 21 and closed on November 4, will likely be listed on BSE after November 11.
Sebi mulls separation of non-regulated activities; 'cross-default' definition for debenture trustees
The regulator has proposed changes to how the Recovery Expense Fund is used, which supports debenture recovery processes and suggested to standardize the format of Debenture Trust Deeds to streamline documentation.
Bharti Telecom to raise Rs 11,150 crore through NCDs
The issuance is divided across various tenors and series. The annual coupon rate for the debentures will range from 8.25% to 8.9%, with payments to be made annually and upon maturity for each respective tranche.
Adani Enterprises shares rise over 3% after Q2 profit skyrockets 664% YoY to Rs 1,742 crore
Adani Enterprises Share Price: Adani Enterprises' shares rose 3.2% on the BSE after reporting a 664% YoY jump in net profit for the September quarter to Rs 1,742 crore. Revenue from operations increased by 16% to Rs 22,608 crore. The company approved a Rs 2,000 crore fundraising plan through NCDs and emphasizes growth in logistics, energy transition, and adjacent sectors.
PNB Housing plans to raise $125 million in ECBs
On a sequential basis, for the overall portfolio, the cost of borrowing declined by 8 basis points in the September quarter, supported by a credit rating upgrade that enabled PNB Housing Finance to raise debt in the debt capital markets at a lower cost.
Adani Power board to consider Rs 5,000 crore fundraising plan via NCDs on October 28
Adani Power will consider raising funds worth Rs 5,000 crore by way of public issue and/or private placement of non-convertible debentures (NCDs) in one or more tranches, the company on Wednesday informed in a filing to the exchanges.
ICICI Prudential Life Insurance Q2 Results: Profit rises marginally to Rs 252 crore
ICICI Prudential Life Insurance Company on Tuesday reported a marginal rise of 3 per cent in its net profit to Rs 252 crore in the September quarter. The company's net profit stood at Rs 244 crore in the same quarter a year ago.
Sundaram Alternates launches Performing Credit Opportunities Fund (PCOF) - Series I
Sundaram Alternates launched PCOF-I, a close ended Category II AIF, targeting high-yielding debentures and mezzanine securities. The fund focuses on mid-market companies, with investments supported by strong security structures. The fund aims to generate attractive risk-adjusted returns and distribute quarterly income to investors. The targeted IRRs at portfolio level is around 13-16% and investor net returns around 12-13%. The tenor is five years (extendable by two years).
HDFC Life Insurance to raise Rs 1,000 cr via NCDs
The fund would be raised through unsecured, rated, listed, subordinated, redeemable, fully paid up, non cumulative, non convertible debentures (NCDs) for an aggregate nominal value of Rs 1,000 crore on a private placement basis, it said.
Fortis Healthcare board approves raising of up to Rs 1,500 cr via NCDs
In the filing, the healthcare company said that the eligible investors include but are not limited to identified anchor investors DBS Bank Ltd (DBS), The Hongkong and Shanghai Banking Corporation Ltd (HSBC), Citicorp Investment Bank (Singapore) Ltd., Mizuho Bank, Singapore and other foreign portfolio investors qualified during the bidding process.
Stock to watch: Edelweiss Financial in focus as co announces Rs 200 crore NCDs
Edelweiss Financial Services has launched a Rs 200 crore public issue of Secured Redeemable Non-Convertible Debentures (NCDs), offering yields of up to 11% per annum. With 12 series of NCDs, the funds will primarily be used to repay existing borrowings. The issue opens on October 7 and will be listed on BSE.
Edelweiss Financial announces Rs 200 crore NCDs with up to 11% annual yield
Edelweiss Financial Services announced a public issue of Rs 200 crore secured redeemable non-convertible debentures offering up to 11% yield. The issue opens on October 7 and closes on October 18. Funds will be used for repayment of existing borrowings and general corporate purposes.
NBFCs tap alternatives to grow as loans from banks slow: Crisil Ratings
Non-banking financial companies (NBFCs) are looking to fund their growth using methods beyond traditional bank loans. Crisil Ratings highlights that NBFCs are turning to non-convertible debentures, commercial papers, foreign currency borrowings, and securitisation. This shift is due to increased risk weights on bank lending. Diversifying funding is crucial for NBFCs to manage costs and sustain growth.
Adani Airport to raise Rs 1,950 crore via NCDs
??The NCDs are rated A+/Stable from both India Ratings and CRISIL Ratings. Axis Bank and Trust Investment Advisors Private are the arrangers for the issue which opens on September 30, 2024, with a tenor of 3 years, 11 months, and 7 days.
Mankind Pharma shares in focus as company approves Rs 10,000 crore fundraise plan
The company's board of directors on Monday approved raising up to Rs 5,000 crore via non-convertible debentures in 3-4 distinct series with maturities of up to 48 months, in a regulatory filing to stock exchanges.
HDFC Life to raise Rs 1,500 crore through NCDs
Company's capital raising committee (CRC) met on Friday to finalise commercial terms for the fundraising under this first tranche, the company said in a stock exchange announcement. In a previous board meeting in July, the insurer had authorised raising ?2,000 crore through NCDs in one or more tranches.
HDFC Life to raise Rs 1,500 crore via NCDs to strengthen solvency
HDFC Life Insurance plans to raise Rs 1,500 crore through non-convertible debentures after board approval. The NCDs will carry an 8.05% coupon rate and a 10-year term, with allotment set for October 9. This move follows a drop in the company's solvency ratio and aims to bolster financial stability.
Aditya Birla Renewables raises Rs 2,500 crore through NCDs
The company allotted 2,50,000 unsecured, listed, rated, redeemable NCDs of face value of Rs 1 lakh each on September 24, 2024, Grasim Industries said in a filing.
Godrej Properties raises Rs 64.6 crore through issue of debentures to investors
Realty firm Godrej Properties has raised Rs 64.6 crore through the issue of debentures to investors on private placement. In a regulatory filing on Tuesday
Hinduja Group firm IIHL to raise Rs 3,000 crore via NCDs
The central bank had appointed Nageswara Rao Y as the administrator, who invited bids in February 2022 to take over the company.The proceeds will be used to part fund the acquisition of RCAP, while the other leg of the transaction to complete the process for Rs 4,300 crore is parallelly underway which will be subject to receipt of regulatory approvals and completion of formalities by the administrator, sources said
Sebi proposes changes in debenture trustee appointment
Sebi suggested replacing 'consent letter' with 'debenture trustee agreement' for debenture trustee appointments to enhance transparency and legal validation. This change aims to aid investors by providing clearer information.
Tata Chemicals plans to raise Rs 1,700 crore through NCDs
The company proposes to issue 1,70,000 NCDs of face value Rs 1 lakh each, aggregating to Rs 1,700 crore, on a private placement basis to eligible investors
Vedanta to raise up to Rs 1,000 cr via debentures
"The duly constituted committee of directors of the company has approved the allotment of 1,00,000 secured, rated, listed, redeemable, non-convertible debentures (NCDs) of face value Rs 1,00,000 each aggregating to Rs 1,000 crore on a private placement basis," the filing said.
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