Tag: debt securities

FPIs can buy debt securities issued by InvITs, REITs: RBI

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The Reserve Bank of India on Monday said foreign portfolio investors can acquire debt securities issued by Infrastructure Investment Trusts and Real Estate Investment Trusts.

Within the limits

Such investments shall be reckoned within the limits and subject to the terms and conditions for investments by FPIs in debt securities under the respective regulations of Medium Term Framework and Voluntary Retention Route, said an RBI circular.

The RBI, on March 31, had left the limits for FPI investment in corporate bonds unchanged at 15 per cent of outstanding stock of securities for FY22, with the limit for the second half (October 2021 till March 2022) pegged at ₹6,07,039 crore against ₹5,74,263 crore for the first half (April-September 2021).

An announcement was made in the Union Budget 2021-22 that debt financing of InvITs and REITs by FPIs will be enabled by making suitable amendments in the relevant legislations. The decision is in line with the announcement, it said.

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Axis Bank begins issuing debt securities under ₹35,000 crore-debt raise plan

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Axis Bank on Monday said it has started issuing debt securities under its ₹35,000 crore-debt raise plan announced earlier this year.

In April, the private sector lender had said that its board had approved capital raise proposal up to ₹35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.

Shareholder approval

The shareholders of the bank had approved the proposal in the annual general meeting held in July.

“The bank has initiated the process of issuing of the debt instruments, in the form of the additional tier 1 notes (notes) in foreign currency, subject to market conditions,” Axis Bank said in a regulatory filing.

This will be a sustainable bond under the sustainable financing framework of the bank.

The issuance is part of the existing global medium term notes (GMTN) programme of the bank, it said.

The lender said the offering under the GMTN has been informed to Singapore Exchange (SGX) and the International Securities Market (ISM).

“The notes will not be offered or sold in India under the applicable laws,” it added.

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Axis Bank begins issuing securities under Rs 35,000 crore-debt raise plan, BFSI News, ET BFSI

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NEW DELHI: Axis Bank on Monday said it has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year.

In April, the private sector lender had said that its board had approved capital raise proposal up to Rs 35,000 crore by issuing various debt instruments in Indian or foreign currency in domestic/overseas markets in one or more tranches.

The shareholders of the bank had approved the proposal in bank’s annual general meeting in July.

“The bank has initiated the process of issuing of the debt instruments, in the form of the additional tier 1 notes (notes) in foreign currency, subject to market conditions,” Axis Bank said in a regulatory filing.

This will be a sustainable bond under the sustainable financing framework of the bank.

The issuance is part of the existing global medium term notes (GMTN) programme of the bank, it said.

The lender said the offering under the GMTN has been informed to Singapore Exchange Limited (SGX) and the International Securities Market (ISM).

“The notes will not be offered or sold in India under the applicable laws,” it added.



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Kotak Mahindra Bank board approves proposal to raise Rs 5,000 crore via debt, BFSI News, ET BFSI

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NEW DELHI: Kotak Mahindra Bank on Saturday said its board has approved proposal to raise up to Rs 5,000 crore by issuing debt securities.

“The board of directors of Kotak Mahindra Bank, at its meeting held today i.e. on May 29, 2021 have, approved the proposal for issuance of unsecured, redeemable, non-convertible debentures/bonds/other debt securities, on private placement basis for an amount up to Rs 5,000 crore,” the bank said in a regulatory filing.

The capital is to be raised in one or more tranches, subject to the approval of the members of the bank at the ensuing Annual General Meeting and any other approvals, it said.

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SBI Card plans to raise Rs 2,000 crore via debt securities, BFSI News, ET BFSI

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SBI Cards and Payment Services Ltd (SBI Card), said it plans to raise up to Rs 2,000 crore through the issuance of Non-convertible debentures.

SBI Card , a payment solutions provider said, “A meeting of the Board of Directors of the Company is scheduled to be held on Friday, March 12, 2021,to consider and approve raising of funds by way of issuance of Non-Convertible Debentures (NCDs), aggregating to Rs 2,000 Crores in one or more tranches over a period of time.”

In January 2021, SBI Cards had informed about its fund raising of Rs 550 crore via NCDs done on a private placement basis. These carry a tenure of three years with a coupon rate of 5.9% per annum. The company also announced it’s appointment of new MD & CEO Rama Mohan Rao Amara post which the fund raising was announced.

SBI Cards reporte a 52% YoY fall in its net profit to Rs 210 crore during the December quarter while its total income stood at Rs 2540 crore during the quarter against Rs 2563 crore in the year-ago period. Further, the capital adequacy ratio was at 23.7% compared to the minimum regulatory requirement of 15%.

The card company also reported NPAs on proforma basis at 4.51% as compared to 7.46% in September quarter. As the Supreme Court had earlier directed lenders to not declare any fresh NPAs after August 31, 2020, and all lenders had disclosed NPAs on proforma basis to reflect the true picture of asset quality.



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SBI Card plans to raise up to ₹2,000 cr via debt securities

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SBI Cards and Payment Services Ltd (SBI Card) on Monday said it plans to raise up to ₹2,000 crore through issuance of debt securities in one or more tranches.

A meeting of the board of directors of the company is scheduled to be held on Friday (March 12) to consider and approve raising of funds by way of issuance of non-convertible debentures, aggregating up to ₹2,000 crore, SBI Card said in a regulatory filing.

Also read: Rama Mohan Rao Amara appointed MD and CEO of SBI Card

The funds will be raised in one or more tranches over a period of time, it said.

Stocks of SBI Card were trading at ₹1,068.15 apiece on BSE, up 0.93 per cent from its previous close.

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