NEWS

Posted On:
19-03-2024

Kishore Biyani offers Rs 476 for SOBO Central Mall after Runwal Group’s winning bid

The lenders received Runwal Group’s Rs 475 crore bid to take over the mall earlier this month, but Biyani approached the debts recovery tribunal (DRT) to challenge the decision. Founder of Future Group Kishore Biyani has reportedly made an offer of Rs 476 crore as an one-time settlement of Rs 571-crore debt of Bansi Mall Management that owns SOBO Central Mall in Mumbai’s Haji Ali to a group of lenders led by Canara Bank. The twist in the tale is that Biyani’s offer comes after the creditors reportedly approved a Rs 475-crore bid from Runwal Group for the asset. According to a report in The Economic Times, the lenders received Runwal Group’s Rs 475 crore bid to take over the mall earlier this month, but Biyani approached the debts recovery tribunal (DRT) to challenge the decision. Biyani, the report stated, has been in touch with lenders, and has now approached the court to beat the Runwal bid. Runwal Group has already paid 10 per cent of the bid amount. As per the report, lenders are waiting for the decision of the court. The hearing is slated for later this month.

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Posted On:
21-03-2024

Shapoorji Pallonji Group seeks up to $2.4 bn from lenders to refinance debt

Shapoorji Pallonji Group is in talks with lenders including state-run Power Finance Corp., seeking to raise as much as Rs 20,000 crore ($2.4 billion), according to people familiar with the matter. The group, controlled by Indian billionaire Shapoor Mistry, has reached out to Power Finance for up to Rs 15,000 crore, the largest chunk in the planned fundraising, the people said, asking not be identified because the details are private. Negotiations are ongoing and details of the lending could change, they added. It’s also gauging interest from Davidson Kempner Capital Management and Cerberus Capital Management LP, the people said. The proceeds from the lending, which would likely be a privately placed rupee-bond, will be partly used to refinance debt taken about three years ago by SP Group’s main investment vehicle Sterling Investment Corp. against shares in Tata Sons, the holding company of India’s diversified conglomerate Tata Group, the people said. Sterling owns a 9.1 per cent stake in Tata Sons, according to a note by rating company CareEdge. Shapoorji Pallonji Group didn’t immediately offer comments when reached by Bloomberg News regarding the fund-raising plan. Davidson Kempner declined to comment. Cerberus and Power Finance didn’t respond to requests for comment.

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Posted On:
21-03-2024

M&M, Adani Total Energies join to set up EV charging infra across India

Mahindra & Mahindra on Thursday said it has tied up with a unit of Adani Total Gas to establish electric vehicle charging infrastructure across the country. The auto major and Adani Total Energies E-Mobility Ltd (ATEL) have inked a memorandum of understanding (MoU) in this regard. The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country, it added. Moreover, the partnership will also entail rolling out e-mobility solutions to provide seamless access to the charging network for the customers covering discovery, availability, navigation, and transactions, the Mumbai-based automaker said. With this association, electric vehicle XUV400 customers will now have access to more than 1,100 chargers, it added. "This alliance is a cornerstone in enhancing the EV charging infrastructure, ensuring our customers enjoy seamless access to charging network and digital integration for an unparalleled EV experience," M&M President - Automotive Division Veejay Nakra said.

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Posted On:
21-03-2024

RBI declines request to classify HDFC Ltd bonds as infrastructure bonds

The Reserve Bank of India (RBI) has reportedly rejected a proposal from HDFC Bank to designate securities worth over Rs 1 trillion issued by the former HDFC Ltd as infrastructure bonds, according to a report by The Economic Times (ET). If approved, this decision would have provided regulatory flexibility to India's largest private bank. The RBI reasoned that there were technical constraints in granting infrastructure status to bonds issued by the former HDFC Ltd, as they were issued by a non-banking finance company (NBFC), and the norms for bond treatment differ between banks and NBFCs, ET stated. These bonds were issued prior to HDFC Ltd's merger with HDFC Bank in July 2023. Last year, the bank sought RBI's approval to classify bonds with maturities between 7-10 years, worth around Rs 1.2 trillion, as infrastructure bonds. As per RBI regulations, funds raised by banks through long-term bonds for investment in infrastructure and affordable housing are exempt from statutory liquidity ratio (SLR) and cash reserve ratio (CRR) obligations. Currently, SLR stands at 18 per cent while CRR is at 4.5 per cent of deposits. Classifying HDFC Bank's maturities as infra bonds would have relieved the bank of these requirements.

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Posted On:
21-03-2024

HDFC Bank completes Rs 9,553 cr stake sale in education unit HDFC Credila

HDFC Bank has completed selling a majority of its stake in HDFC Credila, an education finance subsidiary, for Rs 9,553 crore to private equity firms BPEA EQT and ChrysCapital. HDFC Credila will no longer be an arm of the bank. "HDFC Bank has, as of March 19, 2024, sold 14,01,72,180 equity shares of HDFC Credila to the acquirers," said the lender in an exchange filing on Wednesday night. The acquirers of HDFC Credila include Kopvoorn BV, Moss Investments, Defati Investments Holding B V and Infinity Partners. HDFC Bank will maintain a 9.99 per cent stake in HDFC Credila. The Reserve Bank of India, in April 2023, had asked HDFC Bank to reduce its shareholding in Credila to 10 per cent within two years of the lender’s merger with the erstwhile HDFC Ltd. HDFC Credila was sold due to multiple regulatory approvals needed to complete the merger and the subsidiary was "not worth the effort", said Deepak Parekh, former chairman of HDFC, at the Global Fintech Fest 2023. "To merge assets worth Rs 15,000 crore with assets of Rs 25 lakh crore (Rs 25 trillion) would take the same one year with a multiplicity of approvals, and it was not worth the effort. This is better. Banks start giving educational loans directly and make some money out of it," Parekh said.

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