Reserve Bank of India – Press Releases
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IIFL Finance to raise up to Rs 1,000cr, BFSI News, ET BFSI
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Fairfax-backed IIFL Finance plans to raise a Rs 1,000-crore public issue of secured bonds on September 27 for business growth and capital augmentation. The bonds offer up to 8.75% yield and are rated AA/Stable by Crisil and AA+/negative by Brickwork. The size of the issue is Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore (aggregating to a total of Rs 1,000 crore).
In addition to the coupon, the company will offer an incentive of 0.25% per annum for existing bond or equity shareholders. The NCD is available in tenors of 24, 36 and 60 months. The frequency of interest payment is available on a monthly, annual and at maturity basis for the 60-month tenor, while for other tenors it is available on an annual and at maturity basis.
“The funds raised will be used to meet the credit need of more such customers and accelerate our digital process transformation to enable a frictionless experience,” IIFL Finance CFO Rajesh Rajak said.
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Dues recovery: lnduslnd Bank acquires 4.79% in McLeod Russel by invoking pledged shares
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In June, lnduslnd Bank had acquired 70,67,500 equity shares of McLeod, forming 6.77% of paid-up equity share capital, by invoking pledged shares also for recovery of its dues.
lnduslnd Bank on Thursday said it has acquired a 4.79% stake in debt-laden tea maker McLeod Russel India by invoking pledged shares for recovery of its dues. In a stock exchange filing, the bank said pursuant to invocation of pledge of shares, it acquired 50,00,000 equity shares of McLeod Russel, forming 4.79% of paid-up equity share capital of the company, a part of the financially-stressed Williamson Magor group.
“The equity shares of McLeod Russel India held by lchamati Investments were pledged with the bank for securing the outstanding dues of Mcleod Russel India (MRIL), the borrower company,” lnduslnd Bank said, adding it invoked pledged shares for recovery of its dues from MRIL, one of the world’s largest tea producers.
In a relief to the Khaitans-controlled Williamson Magor group, the National Company Law Tribunal (NCLT) earlier this month gave its approval to withdrawing of the corporate insolvency resolution process (CIRP) against McLeod after its promoters had reached a settlement with Techno Electric & Engineering, one of its financial creditors.
Earlier, the New Delhi bench of the NCLT, vide its order dated August 6, admitted the insolvency application filed by Techno Electric under Section 7 of the Insolvency and Bankruptcy Code. The financial creditor had filed the insolvency application after McLeod had defaulted on repayments of term loans of Rs 100 crore and interest thereon.
In June, lnduslnd Bank had acquired 70,67,500 equity shares of McLeod, forming 6.77% of paid-up equity share capital, by invoking pledged shares also for recovery of its dues.
Besides IndusInd Bank, other financial creditors to the company are: Indian Bank, Axis Bank, HDFC Bank, ICICI Bank, State Bank of India, UCO Bank, Punjab National Bank, Yes Bank, RBL Bank and Standard Chartered Bank, among others. Notably, the promoter shareholding in McLeod at the end of the first quarter this fiscal stood at 10.07%.
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Dispute between Dish TV and Yes Bank escalates over corporate governance, fundraising plans, BFSI News, ET BFSI
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A dispute between Jawahar Goel, promoter of the Indian direct-to-home (DTH) service Dish TV, and Yes Bank over corporate governance and fundraising plans appears to be escalating as both sides have dug in their heels.
Yes Bank is seeking to dissolve the entire board and removal of the promoter family, as the bank is said to be of the view that the board is “functioning in cahoots” with the minority shareholders (that is the promoters), who “should not have representation” on the board, sources close to the bank said.
Yes Bank had sent a notice on September 3 for the removal as well as appointment of certain directors on the board of the company.
On Thursday, the bank called for an extraordinary general meeting of the Dish TV shareholders seeking removal of Goel, chairman and MD as well as other existing directors from the board and induction of 7 new directors.
“Yes Bank is well within its rights,” said an official close to the lender. “It should be a professionally-run board. As the largest shareholder, we have the right to dissolve board and instate a new professional board. The new board members should have requisite experience in the area and the promoter family should no longer exercise any control on the board or the company.”
The official also stated that a forensic audit should also be conducted on Dish TV as Yes Bank fears that several related party transactions have not been revealed, which could burn a hole in Dish TVs books.
Officials close to the private lender say that as the largest shareholder, it has the right to dissolve the existing board and place it with a professional one.
But people close to the company are raising questions on the lenders’ course of action and also whether it’s acting as a shareholder or a lender.
A financial investor close to the promoter family said that Yes Bank has been a lender to Dish TV for more than a decade and has always derived comfort on the business operations and financials from the existing management of Dish TV.
“All loans availed by Dish TV from Yes Bank have been repaid in full. However, now Yes Bank is acting in the capacity of shareholder (by virtue of acquiring shares through invocation of certain pledged shares). Dish TV has never been privy to any such borrowing arrangements and neither Yes Bank informed or took prior permission of Dish before granting such loans to borrower entities,” the investor said.
Email queries sent to Dish TV and Yes Bank remained unanswered till press time.
Earlier this week, Dish TV sought an extension of time for holding the annual general meeting of the company that was scheduled to be held on September 27.
“They (Dish TV) are trying to stall to make sure dubious investments don’t come out to the fore. We haven’t been able to access the books of accounts, nor our queries on several related party transactions been answered, these are all stalling tactics,” the official close to the development said.
However, a person close to Dish TV said that Yes Bank is trying to “derail” the ₹1,000-crore rights issue, as it will dilute the bank’s holding.
“The board of Dish TV had observed that in order to support the expansion of business and meet working capital requirements of the company, and also in view of the requirement to pay the licence fee, it was imperative to raise funds,” the person said.
Incidentally, Dish TV has been trying to raise funds through debt. However, due to low credit rating among other factors, it has not received any positive response from any of the banks.
Also, Dish TV has been witnessing 20-24% annual churn in subscribers, and accordingly, needs to acquire set-top-boxes (STBs) to compensate for the churn by acquiring new customers.
“Since majority of the cash flows of the company have been deployed towards debt reduction (to the tune of ₹2,800 crore in last three years), the company has not been able to spend adequate funds for acquiring new customers, either on STBs or on marketing and promotions, which has resulted in loss of market share,” said the person close to the company. Analysts feel that given the business projections and disruption caused by Covid-19 and OTT players, it is evident that Dish TV will be in need of additional funds to operate the business.
“Equal rights is available to all large and small shareholders of in proportion to their existing shareholding; now Yes Bank has to figure out if they want to act as shareholder or a lender,” the person close to the company said.
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Realty Stocks To Buy As Outlook For The Sector Remains Bullish: Nifty Realty Gains 23% In 4 Session
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Investment
oi-Roshni Agarwal
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From Friday’s close (September 17, 2021), Nifty Realty index has gained from 414 points to hit a fresh high of 508 in today’s session, posting whopping gains of 23 percent in just 4 trading sessions. There is suggested a fresh breakout in the Nifty Realty index after a period of 10 years of consolidation and this paves the way for fresh upsides in the realty counters.
Triggers for good gains in the realty index
There is cheer in the overall real estate market amid record low home loan interest rate, push for affordable housing, increase in demand for big residential premises amid work from home regime, growth in the technology space and industry consolidation on the back of RERA. As per analysts, a need-driven investment into the sector has come into play. Also, as FD rates are at a record low and gold is expensive, realty is turning out to be the preferred investment option as the recent stamp duty cut is also providing a fillip.
Realty stocks to buy as suggested by analysts and brokerages as the outlook for India’s real estate sector remains bullish
Sobha Ltd.: Angel Broking is bullish on this South India based realty counter and had recommended a ‘Buy’ on the scrip at a price of Rs. 730.2 for the long term, setting a target of Rs. 870 per share. This implies a straight 7 percent upside from current price of Rs. 810.6 per share.
Rationales given for a ‘Buy’:
Inventory levels for the company have moved down in last 1.5 years. The company is expected to launch 17 new projects spread over 12.56 mn sqft. We have seen a strong consolidation among listed players in India, says the brokerage firm.
Head of Research, Swastika Investmart Ltd. is of the view that the Nifty Realty index is coming out of 10 years of consolidation that may lead to a big bull run in the next 2-3 years. Sobha is their top pick in the realty space due to its diversified portfolio, strong growth, and healthy balance sheet.
Other preferred picks-Oberoi realty, Kolte Patil, Brigade enterprises, Prestige, and Suntek realty are other preferred picks.
Godrej Properties: This realty stock is also fundamentally strong and one can buy the scrip of Godrej on dips for good gains in the long term. The Mumbai-based realty major could well capitalize on the demand recovery in the residential space and sold residential units worth Rs. 575 crore at its luxury project in Noida in a single day.
“We have a very bullish view on the Indian real estate sector for the next 3-4 years and the market is also taking cognizance of the turnaround in the Indian realty sector where the Nifty realty index has been surging despite negative news are coming from Chinese real estate market, adds Head of Research, Swastika Investmart Ltd.
GoodReturns.in
Story first published: Thursday, September 23, 2021, 23:03 [IST]
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Reserve Bank of India – Annual Report
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April 14, 2015
Dear All
Welcome to the refurbished site of the Reserve Bank of India.
The two most important features of the site are: One, in addition to the default site, the refurbished site also has all the information bifurcated functionwise; two, a much improved search – well, at least we think so but you be the judge.
With this makeover, we also take a small step into social media. We will now use Twitter (albeit one way) to send out alerts on the announcements we make and YouTube to place in public domain our press conferences, interviews of our top management, events, such as, town halls and of course, some films aimed at consumer literacy.
The site can be accessed through most browsers and devices; it also meets accessibility standards.
Please save the url of the refurbished site in your favourites as we will give up the existing site shortly and register or re-register yourselves for receiving RSS feeds for uninterrupted alerts from the Reserve Bank.
Do feel free to give us your feedback by clicking on the feedback button on the right hand corner of the refurbished site.
Thank you for your continued support.
Department of Communication
Reserve Bank of India
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4 Auto and Auto Ancillaries Stocks Doubled Investors Money In 2021 And Paid Dividend
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Steel Strips Wheels
Steel Strips Wheels, founded in 1985, is a Small Cap company in the Auto Ancillaries category with a market capitalization of Rs 2,848.73 crore. The company has enough cash on hand to cover its contingent liabilities.
The stock returned 64.35 percent over three years, compared to 53.39 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned 64.35 percent, while the Nifty Auto delivered investors a -2.42 percent return.
Steel Strips Wheels Ltd. declared a Rs 2.00 per share equity dividend in the last 12 months. This amounts in a dividend yield of 0.11 percent at the current share price of Rs 1751.95. The stock has returned over 200% since January 2021.
High Energy Batteries
The company has enough cash on hand to cover its contingent liabilities. Annual sales growth of 26.43 percent surpassed the company’s three-year CAGR of 9.32 percent. The stock returned 393.43 percent over three years, compared to 53.39 percent for the Nifty Smallcap 100. For the fiscal year ending 31-Mar-2021, High Energy Batteries’s primary products/revenue segments are Batteries (Silver Zinc), Cells (Nickel Cadmium), and Other Operating revenues.
High Energy Batteries (India) Ltd. has declared an equity dividend of Rs 15.00 per share in the last 12 months. This equates to a dividend yield of 0.76 percent at the current share price of Rs 1978.95. The stock has returned over 200% since January 2021.
RACL Geartech
The stock returned 736.85 percent over three years, compared to 53.39 percent for the Nifty Smallcap 100. Over a three-year period, the stock returned 736.85 percent, while the Nifty Auto delivered investors a -2.42 percent return. Racl Geartech Ltd., founded in 1983, is a Small Cap business in the Auto Ancillaries sector with a market capitalization of Rs 547.22 crore.
Racl Geartech Ltd. declared an equity dividend of Rs 1.00 per share in the last 12 months. At the current share price of Rs 507.55, this converts to a 0.2 percent dividend yield.
GNA Axles
The stock returned 119.86 percent over three years, compared to 53.39 percent for the Nifty Smallcap 100. The company spent Rs 26.76 crore on investing operations, a decline of 78.22% year on year. Over a three-year period, the stock returned 119.86 percent, while the Nifty Auto delivered investors a -2.42 percent return.
GNA Axles Ltd. has issued an equity dividend of Rs 5.00 per share in the last 12 months. This calculates to a dividend yield of 0.59 percent at the current share price of Rs 848.55.
4 Auto and Auto Ancillaries Stocks Doubled Investors Money In 2021 And Paid Dividend
| Stock | Price in Rs | YTD | Dividend yield |
| Steel Strips Wheels | 1,742 | 234.32% | 0.11% |
| GNA Axles | 848.35 | 216.84% | 0.59% |
| High Energy Batteries | 1,978.95 | 204.92% | 0.76% |
| RACL Geartech | 507 | 221.95% | 0.20% |
Disclaimer
The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advice to buy or sell stocks. Investors should certainly not take any trading and investment decision based only on information discussed on GoodReturns.in We are not a qualified financial advisor and any information herein is not investment advice.
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Modan Saha to lead Tata Digital’s fintech play
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Tata Digital Limited, a 100 per cent subsidiary of Tata Sons Private Limited, today announced Modan Saha as CEO – Financial Services at Tata Digital. Modan was the CEO of Tata Strategic Management Group (TSMG). In his role, Modan would be responsible for building the Fintech business portfolio. In addition, he shall guide Strategy and Strategic Investments at Tata Digital.
N. Chandrasekaran, Chairman, Tata Sons, said: “Modan brings deep experience in financial services along with strong strategy capabilities. As a part of the core leadership team at Tata Digital, he will play a key role in building the fintech business and guiding various strategic initiatives. His passion for building new businesses will be very valuable for Tata Digital.”
Saha is a B.Tech from IIT Kharagpur and holds an MBA from IIM Calcutta. He has been with TSMG for over four years, and in his role, has worked on various strategic initiatives, including setting up Tata Digital. Before joining TSMG, Modan spent more than 17 years in the financial services industry in various roles in payments, wealth management, online broking, risk management, strategy, fintech initiatives, and strategic investments.
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Reserve Bank of India – Press Releases
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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on September 24, 2021, Friday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. Ajit Prasad Press Release: 2021-2022/917 |
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Reserve Bank of India – Press Releases
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The Reserve Bank of India will conduct a Variable Rate Reverse Repo auction on September 24, 2021, Friday, as under:
2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same. Ajit Prasad Press Release: 2021-2022/918 |
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