New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. 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Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

<keyword id="12792045" type="General" weightage="100" keywordseo="Future-Lifestyle" source="Orion">Future Lifestyle</keyword> Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the <keyword id="5961445" type="General" weightage="20" keywordseo="corporate-insolvency-resolution-process" source="Orion">corporate insolvency resolution process</keyword> (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of Rs 2,117.03 crore and claims worth Rs 38.5 crore are "under verification", said the latest data shared by Future Lifestyle Fashions Ltd (<keyword id="1567510" type="General" weightage="80" keywordseo="flfl" source="Orion">FLFL</keyword>) on the exchanges. As per the provision of the Insolvency &amp; Bankruptcy Code, a Committee of Creditors (CoC) of FLFL has been formed and it will have its first meeting next week. "We wish to inform you that the first meeting of CoC of Future Lifestyle Fashions Limited (under CIRP) will be held on Tuesday, June 6, 2023," it said. On May 4, the Mumbai bench of the National Company Law Tribunal(NCLT) had directed to initiate CIRP against FLFL, admitting a petition from Bank of India. This is the third company of the <keyword id="6361562" type="General" weightage="50" keywordseo="kishore" source="Orion">Kishore</keyword> Biyani-led Future Group to be dragged into CIRP by its creditors for defaulting on loans. Its flagship firm <keyword id="1636009" type="General" weightage="50" keywordseo="future-retail-ltd" source="Orion">Future Retail Ltd</keyword> and logistics and infra arm Future Enterprises are already facing insolvency proceedings. FLFL was considering asset monetisation to pare its debts, however, it did not materialise. It had entered into a One Time Restructuring (OTR) Plan with lenders also. The company has in-house retail chains Central and Brand Factory, exclusive brand outlets (EBOs) and other multi-brand outlets (MBOs) of nearly a dozen apparel labels, including Lee Copper, Champion, aLL, Indigo Nation, Giovani, John Miller, Scullers, Converse and Urbana in its portfolio. According to the regulatory filing, State Bank of India leads the CoC of FLFL with 22.51 per cent voting share. It had an admitted loan of Rs 476.59 crore. It is followed by Centbank Financial Services Ltd, a debenture trustee, having 21.01 per cent voting share with admitted claims of Rs 444.76 crore. The petitioner Bank of India has a 19.71 per cent voting share with admitted claims of Rs 417.33 crore and Bank of Baroda has a 14.02 per cent voting share with an admission of Rs 296.79 crore of claims. FLFL was part of the 19 group companies operating in retail, wholesale, logistics and warehousing segments, which were supposed to be transferred to <keyword id="58448" type="General" weightage="50" keywordseo="reliance-retail" source="Orion">Reliance Retail</keyword> as part of a Rs 24,713-crore deal announced in August 2020. The deal was called off by billionaire Mukesh Ambani-led Reliance Industries Ltd in April. After that, Future Group companies had several defaults on payments. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/meta-unveils-vr-headset-quest-3-ahead-of-apples-wwdc-event/articleshow/100698048.cms">Meta unveils VR headset 'Quest 3' ahead of Apple’s WWDC event</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/2-in-3-indian-screenwriters-lament-lack-of-pay-incentives/articleshow/100700189.cms">Behind the scenes: 2 in 3 Indian screenwriters lament lack of pay incentives</a>

Future Lifestyle Insolvency: RP receives claims of ₹2,155.53 cr from financial creditors

New Delhi, <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital">Reliance Capital</keyword> (RCAP) debenture holders at their meeting held on January 5, passed the resolution with overwhelming majority for <keyword id="1187112" type="PERSON" weightage="20" keywordseo="monetisation">monetisation</keyword> of its <keyword id="41933" type="ORGANIZATION" weightage="20" keywordseo="assets">assets</keyword>. This comes on the back of shareholders having already approved RCAP monetisation. Reliance Capital had commenced its asset monetisation process - to unlock value of its underlying businesses which targets to make RCAP debt free. JM Financial Services Limited and SBI Capital Markets Limited ran an independent and transparent asset monetizsation process. Expression of interest for nine key assets was launched on October 31, 2020. EOI process received massive response for the nine key assets as multiple players have placed interest for each asset with some of them also expressing interest in all the assets. EOI applicants would now perform due diligence on each asset and submit binding bids for the nine key assets. Asset monetisation process is being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd, which represents 93% of total outstanding debt of Reliance Capital. EOIs invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof: 1. 100 per cent stake in <keyword id="157626" type="COMPANY" weightage="20" keywordseo="Reliance-General-Insurance">Reliance General Insurance</keyword> Company Limited (RGI). Paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the fifth largest Private General Insurance Company with a market share of 4.5% as of March 20 in the Private General Insurance category. Consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. Performed its best even during Covid times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20-21. Strong distribution network of 134 branches with amongst one of the largest agency force of 46,742 as of September 30, 2020 across the country. 2. 51% stake in Reliance Nippon Life Insurance Company Limited (RNLI). Paid up capital of Reliance Nippon LifeInsurance is ₹1,196 crore as of September 30, 2020. RNLI is a joint <keyword id="6388493" type="COMPANY" weightage="20" keywordseo="venture">Venture</keyword> with Japan's largest life insurer - Nippon Life which holds 49% shareholding. It is the 10th largest Private Sector Insurer (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. Witnessed sharp turnaround in performance during FY19-20 with a profit after tax of Rs 35 crore and 75 per cent growth (12% CAGR) in Embedded Value over last four years. Impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore. and an Individual Premium Market Share of 2.20% amongst private insurers. 3. 100% stake in Reliance Securities Limited - Broking and distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. 4. 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities. 5. 49% stake in Reliance Asset Reconstruction Limited:  Manages portfolio of ₹1,996 crore as on September 30, 2020. Over 3.3 lakh customers across retail and SME segment, with dominant retail presence in South and West region. 6. 20 per cent stake in Indian Commodity Exchange. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. 7. 100 per cent stake in Reliance Health Insurance Limited. 8. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. Resolution of Lending businesses of RCAP - <keyword id="857313" type="COMPANY" weightage="20" keywordseo="Reliance-Home-Finance">Reliance Home Finance</keyword> and <keyword id="3646337" type="COMPANY" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword>. Reliance Home Finance (RHF) and Reliance Commercial Finance (RCF) are undergoing resolution under RBI circular dated June 7, 2019. Bank of Baroda is the lead banker under the ICA resolution process of both the lending entities. The transactions for both RCF and RHF are expected to be closed by March 31, 2021. 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Reliance Capital debenture holders pave the way for asset monetisation

<ul class="p-rich_text_list p-rich_text_list__bullet"><li>Most <keyword id="260273" type="General" weightage="20" keywordseo="srei-group" source="Orion">Srei Group</keyword>’s lenders have either already recognised it as a non-performing account, or are planning to do so over the next three months.</li><li>Some of the biggest lenders to the group that is known for funding infrastructure projects include <keyword id="49007" type="General" weightage="20" keywordseo="uco-bank" source="Orion">UCO Bank</keyword>, <keyword id="6357132" type="General" weightage="20" keywordseo="canara-bank" source="Orion">Canara Bank</keyword>, Bank of India and <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>, among other public sector and private banks.</li><li>Srei told Business Insider that the amount due to its lenders is ₹28,000 crore (about $4 billion).</li></ul>Kolkata-based Srei Group that runs non-bank lender <keyword id="3187701" type="General" weightage="20" keywordseo="srei-equipment-finance-ltd" source="Orion">Srei Equipment Finance Ltd</keyword>., among other entities, has run into more trouble as its lenders have either already classified or are planning to recognise its borrowings as non-performing. Some of the biggest lenders to the group that is known for funding infrastructure projects include UCO Bank, Canara Bank, Bank of India and Axis Bank, among other banks, said two people aware of the development, who spoke to Business Insider requesting anonymity. The persons cited above said that the group owes ₹30,000 crore, whereas the company, which disputed the figure, told Business Insider that the amount due to the lenders is ₹28,000 crore (about $4 billion). “The company’s total liabilities are around ₹18,000 crore of bank loans and another ₹10,000 crore of external commercial borrowings and bonds. However, realizable assets, including arbitration awards, are higher. Therefore, we believe we can pay all our creditors over a period of time if structured in line with cash flows,” said a company spokesperson in an email reply to Business Insider’s queries. Loans given to Srei Group, according to the first of the two people cited above, who is a senior executive at one of the lenders to the group, have already been tagged as non-performing. The bank, he said, has been waiting for a go-ahead from the banking regulator on further action. The restructuring option proposed by the Group, the executive said, would allow lenders to recover just 30% of their dues over a nine-year period, even if a moratorium was to be offered initially. As no sustainable recovery options emerged, he said, it felt prudent to recognise Srei’s loans as NPA. The second of the two people cited above, who is also an official at one of the banks that had lent to Srei, told Business Insider that it was in the process of recognising Srei’s loans as non-performing over the next three months, as no resolution plan has been agreed upon between Srei and its creditors. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-table" data-src="visualisation/7315356"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Recovery efforts at Srei Group" comment="subhead" text="Recovery efforts at Srei Group">Recovery efforts at Srei Group</cmsannotation> In October 2019, Srei had transferred all the assets and liabilities of Srei Infrastructure Finance Ltd. to its wholly-owned subsidiary Srei Equipment Finance Ltd. via a slump exchange. The business transfer agreement, the company said, was executed after getting approvals from its shareholders, debenture trustees, few lenders, stock exchanges and an in-principle approval from some of the domestic lenders including lead banks. But the company's already stressed balance sheet suffered a major blow during the pandemic, further impairing its ability to repay dues. "Owing to the Covid-19 pandemic, including the second wave followed by extended lockdown from time to time and the moratorium, collection from borrowers and the lessees were severely impacted. In addition, it adversely affected the company’s liquidity during the year resulting in a cash flow mismatch as NBFCs like Srei Equipment Finance Ltd. were not allowed any similar moratorium by banks and financial institutions," Srei said in its emailed response. <div type="javascript" title="CardEmbed" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7315676"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> Later, in Oct. 2020, Srei Equipment Finance approached the Kolkata bench of the National Company Law Tribunal for debt realignment and seeking creditor approval on its business transfer agreement. The restructuring options proposed by the group, however, did not get a go-ahead from all its creditors. "To pay back its lenders in a structured and orderly manner, the company submitted a scheme in October 2020 for paying back principal and interest over time to banks and financial institutions. The company also offered the option of modifying the proposed repayment schedule to be suggested by the creditors," the company said in the emailed reply. While a section of creditors agreed to the respective schemes that proposed payment over time, a few others, including banks, are yet to agree or offer Srei a modified repayment schedule on how they would like to be paid over time, it said. Even as Srei remains in discussion with its creditors, it said in July that the group had got term sheets from Singapore's Makara Capital Partners for an investment of ₹2,200 crore, and from US-based Arena Investors for investment of ₹2,000 crore. On Sep. 10, the group also sold one of its subsidiaries, Trinity Alternative Investment Managers Ltd. for ₹1.32 crore. But talks of a potential investment or the debt restructuring options offered by Srei have failed to strike a chord with its creditors. Lenders don’t want to give any leeway and so, the incoming bad bank may be an option As of March this year, an escrow account with Srei’s lead banker UCO Bank had collected ₹1,568 crore, as per its latest annual <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/7fe5e539-f9d1-4625-9741-ca7e60a89014.pdf">report</a>. The Trust and Retention Account (TRA) allows Srei’s lenders to control all its cash flows, including business and operational payments. “Nevertheless, banks are already controlling the company’s cash flows since November 2020, and substantial collections have happened. It has enabled the bankers to distribute the money among themselves. At present, a payment schedule from them is awaited in view of the modification to the scheme submitted to the Honorable Tribunal,” it said. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7315489"><script src="https://public.flourish.studio/resources/embed.js"></script></div>]]></cdata></div> But debt resolution remains elusive as Srei continues to suffer a severe cash crunch. As of June 30, the group’s net worth had fully eroded and it was not able to comply with various regulatory ratios/limits, it said in a stock exchange filing on Aug. 14. “All this may have an impact on the Group's ability to continue its operations in normal course in future and to meet its financial commitments as and when due,” it said. Besides, an inspection by the Reserve Bank of India on Srei Infrastructure Finance and Srei Equipment Finance in March last year showed loans being potentially extended to related companies. The group’s total exposure to such borrowers, it said, is ₹7,961 crores as on June 30, 2021. Based on Srei’s current state of affairs, said Jignesh Shial, head of Banking, financial services and insurance sector at InCred Capital, it makes more sense for lenders to recognise it as NPA on their books, and then the RBI could take charge of its resolution. “It is possible that the lenders may want to sell down Srei's bad loans assets to the National Asset Reconstruction Company Ltd. at a later stage, but even that option is not immediately available,” he said. On Sep. 16, the central government cleared a proposal to provide ₹30,600 crore government guarantee for security receipts issued by the National Asset Reconstruction Company (NARCL), as part of resolution of bad loans. NARCL, or the proposed bad bank, is an asset reconstruction company set up by Indian banks to help them consolidate and take over existing stressed assets for their subsequent resolution. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sbi-cards-is-down-as-carlyle-dumps-shares-but-the-credit-cards-business-is-bouncing-back/articleshow/86390713.cms">SBI Cards is down as Carlyle dumps shares but the credit cards business is bouncing back</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/india-to-canada-travel-open-check-out-covid-19-rules-and-air-ticket-price/articleshow/86390653.cms">Air Canada, Emirates, Air India and other airlines resume flights to Toronto and the tickets are priced up to ₹5 lakh</a>

Srei Group may leave a $4 billion hole in some of India’s biggest lenders

New Delhi, <keyword id="640026" type="COMPANY" weightage="20" keywordseo="Muthoot-Finance-Ltd-">Muthoot Finance Ltd.</keyword> on Monday announced its 23rd series of Public Issue of Secured Redeemable Non-Convertible Debentures of face value of Rs 1,000 each. The Issue is with a base issue size of Rs 100 crores with an option to retain oversubscription upto Rs 1,900 crores aggregating up to tranche limit of Rs 2,000 crores. The Issue opens on October 27 and closes on November 20 with an option to close on such earlier date or extended date as may be decided by the Board of Directors or NCD committee, the company said in a statement. The Secured NCDs proposed to be issued under this Issue have been rated CRISIL AA/Positive by CRISIL and (ICRA) AA (Stable) by ICRA. The NCDs are proposed to be listed on BSE. The allotment will be on a first come first serve basis. There are six investment options for Secured NCDs with 'Monthly' or 'Annual' interest payment frequency or 'on maturity redemption' payments with coupons ranging from 7.15 per cent p.a to 8.00 per cent p.a. George Alexander Muthoot, Managing Director, <keyword id="389214" type="DOMAIN" weightage="20" keywordseo="Muthoot-Finance-Ltd">Muthoot Finance Ltd</keyword>., said "The issue will augment the company's long term funding requirements, thereby supporting the stable growth that our company envisages. "We expect the current issue too be well received by the market in line with our previous NCD issues as there are limited comparable investment avenues available." The funds raised through this issue will be utilised primarily for lending activities of the Company. The Lead Managers to the Issue are Edelweiss Financial Services Limited, J.M. Financial Limited, <keyword id="10170868" type="COMPANY" weightage="20" keywordseo="equirus-capital-private-limited">Equirus Capital Private Limited</keyword> and A.K. Capital Services Limited. <keyword id="10170867" type="COMPANY" weightage="20" keywordseo="idbi-trusteeship-services-limited">IDBI Trusteeship Services Limited</keyword> is the Debenture Trustee for the Issue. Link <keyword id="10170866" type="COMPANY" weightage="20" keywordseo="intime-india-private-limited">Intime India Private Limited</keyword> is the Registrar to the Issue. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/piramal-group-is-ready-for-acquisitions-in-both-pharma-and-financial-services/articleshow/78865009.cms" data-type="tilCustomLink">EXCLUSIVE: Piramal Group is ready for acquisitions in both pharma and financial services</a> <a href="https://www.businessinsider.in/stock-market/news/ril-future-retail-stocks-under-pressure-after-singapore-arbitration-court-rules-in-favour-of-amazon/articleshow/78865963.cms" data-type="tilCustomLink">RIL, Future Retail stocks under pressure after Singapore arbitration court rules in favour of Amazon</a> <a href="https://www.businessinsider.in/tech/news/the-first-satellite-with-ai-onboard-is-now-in-orbit-and-its-tech-could-completely-change-how-we-respond-to-wildfires/articleshow/78858333.cms" data-type="tilCustomLink">The first satellite with AI onboard is now in orbit, and its tech could completely change how we respond to wildfires</a> <a href="https://www.businessinsider.in/stock-market/news/the-stock-market-has-historically-performed-better-when-the-incumbent-president-wins-reelection-according-to-one-analysis/articleshow/78858968.cms" data-type="tilCustomLink">The stock market has historically performed better when the incumbent president wins reelection, according to one analysis</a>

Muthoot Finance to raise ₹2,000 crore through bond sale

Indiabulls Housing Finance Ltd plans to raise up to Rs 1,000 crore, which includes Rs 900 crore through issue of public issue bonds. The Tranche II Issue offers various series of NCDs for subscription with coupon rates ranging from 8.33 per cent to 9.55 per cent per annum. The Issue will open for subscription on Monday, September 5 and closes on September 22. The NCDs under the Tranche II Issue have tenures of 24 months (Series I, II, III), 36 months (Series IV, V, VI), and 60 months (Series VII, VIII). Effective yield (per annum) for the <keyword id="131571" type="General" weightage="80" keywordseo="ncd" source="Orion">NCD</keyword> holders in Category I (Institutional Investors) &amp; Category II (Non-Institutional Investors) ranges from 8.64 per cent to 9.05 per cent and for <keyword id="2776570" type="General" weightage="80" keywordseo="category-iii" source="Orion">Category III</keyword> (High Net-worth <keyword id="171067" type="General" weightage="80" keywordseo="individual-investors" source="Orion">Individual Investors</keyword>) and Category IV (Retail Individual Investors) holders ranges from 9.04 per cent to 9.54 per cent. Edelweiss Financial Services Limited, A.K. Capital Services Limited, IIFL Securities Limited and Trust Investment Advisors Private Limited are lead managers tp the issue. IDBI <keyword id="14901049" type="General" weightage="80" keywordseo="trusteeship-services-limited" source="Orion">Trusteeship Services Limited</keyword> is the Debenture Trustee to the Tranche II Issue. The NCDs are proposed to be listed on BSE Limited and <keyword id="163934" type="General" weightage="80" keywordseo="national-stock-exchange-of-india" source="Orion">National Stock Exchange of India</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/chromium-waste-dumping-tn-to-form-panel-to-monitor-pollution-hazards/articleshow/93999457.cms" style="">Chromium Waste Dumping: TN To Form Panel To Monitor Pollution Hazards</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/the-great-indian-festival-of-hiring-e-commerce-companies-gear-up-for-indias-shoppers/articleshow/94000346.cms">The great Indian festival of hiring: E-commerce companies gear up for India’s shoppers</a>

Indiabulls Housing Finance to raise up to Rs 1,000 cr via public issue of bonds

New Delhi, Feb 18 () Two mutual fund houses, UTI MF and Nippon India MF, have side-pocketed their exposures to Vodafone Idea in a bid to prevent the distressed assets from damaging the returns generated from more liquid and better-performing assets. The move comes following a rating downgrade of Vodafone Idea debt by CARE Ratings to 'BB-', which is below the investment grade. In a statement, UTI AMC said its board of trustees approved the creation of segregated portfolio in five schemes -- UTI Credit Risk Fund, UTI Bond Fund, UTI Regular Savings Fund, UTI Dynamic Bond Fund and UTI Medium Term Fund. "With effect from February 17, 2020, securities of Vodafone Idea Ltd will be segregated from total portfolio," it added. These five schemes have exposure of Rs 186 crore in debt instruments issued by Vodafone Idea. Nippon India MF, separately, said it has decided to create segregated portfolio of securities (or side pockets) of Vodafone Idea held in three schemes -- Nippon India Strategic Debt Fund, Nippon India Credit Risk Fund and Nippon India Hybrid Bond Fund -- from Monday (February 17) to protect the interest of the investors. The fund house has an exposure of a little over Rs 227 crore to Vodafone Idea debt across these three schemes. "In light of no further relief and the Supreme Court's reiteration of the requirement to make the payment imminently, the company's operations are likely to become unviable unless there is significant equity infusion," Nippon India said in a note to investors. "The promoters of VIL (Vodafone Idea Ltd) have hinted that they will be unable to continue the operations of the company on a going-concern basis unless there is meaningful relief on the AGR dues," it added. Last month, Franklin Templeton MF side-pocketed exposure to the telecom player after rating agencies had downgraded the non-convertible debentures of Vodafone Idea to below investment grade. Prior to that, Franklin Templeton MF, which had an exposure of over Rs 2,000 crore to Vodafone Idea in six of its schemes, had marked down its investment in the securities issued by the telecom player to zero. The fund house had markdown the schemes on the same day when the Supreme Court rejected the telecom player's review plea related to over Rs 40,000 crore in adjusted gross revenue (AGR)-related dues to the government. In December 2018, regulator Sebi had permitted mutual funds to create segregated portfolios, or side-pocketing, with respect to debt and money market instruments. In case of a credit event that is a credit downgrade, like below investment grade and similar, segregated portfolio may be created. Creation of segregated portfolios is a mechanism to separate distressed, illiquid and hard-to-value assets from other more liquid assets in a portfolio. SP HRS

UTI MF, Nippon India MF side-pocket exposure to Vodafone Idea

<ul><li>The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it.</li><li>Vistra ITCL (India) Ltd, one of the members of the <keyword id="16392825" type="General" weightage="50" keywordseo="committee-of-creditors-of-reliance-capital" source="Orion">Committee of Creditors of Reliance Capital</keyword>, has moved <keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword> against an <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> order.</li><li>It upheld the plea by <keyword id="14855943" type="General" weightage="100" keywordseo="torrent-investments" source="Orion">Torrent Investments</keyword> challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. </li></ul>The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (NCLAT) on Tuesday issued notices to Torrent Investments and other respondents on a petition filed by the lender of <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance capital" meta.entityname="Reliance Capital Ltd." meta.entityid="13189" meta.seoname="reliance-capital-ltd">Reliance Capital</keyword> seeking a second round of financial bids for the debt-ridden firm, currently going through insolvency resolution process. A two-member NCLAT bench headed by Chairperson Justice <keyword id="247734" type="General" weightage="50" keywordseo="ashok-bhushan" source="Orion">Ashok Bhushan</keyword> issued notices, directing respondents to file replies within 3 days. The appellate tribunal has directed to list the petition on February 9, 2023, saying the appeal would be heard and decided by it. Vistra ITCL (India) Ltd, one of the members of the Committee of Creditors of Reliance Capital, has moved NCLAT against an NCLT order. On February 2, the <keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword> bench of <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (NCLT) had ruled against holding a fresh round of auction for the takeover of <keyword id="218661" type="General" weightage="20" keywordseo="anil-ambani-promoted" source="Orion">Anil Ambani-promoted</keyword> Reliance Capital (RCap) and said the challenge mechanism for financial bids has already concluded. It upheld the plea by Torrent Investments challenging bankers' decision to go for the second round of auctions in pursuit of higher value for the bankrupt company. NCLT in its order said the bench allows Torrent Investments' application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for the takeover of RCap. Torrent Investment was the highest bidder offering Rs 8,640 crore in the last round of the 'challenge mechanism'. Reliance Capital has a consolidated debt of about Rs 40,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-is-officially-confirmed-to-be-working-on-a-chatgpt-competitor-called-bard/articleshow/97681673.cms">Google is officially confirmed to be working on a ChatGPT competitor called Bard</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/drinking-water-in-israel-becomes-turbid-after-turkey-syria-quake/articleshow/97675030.cms">Drinking water in Israel becomes turbid after Turkey-Syria quake</a>

RCap resolution: NCLAT issues notices to Torrent Investments and others on the lender's plea

The National Company Law Appellate Tribunal (<keyword id="6396355" type="General" weightage="80" keywordseo="nclat" source="Orion">NCLAT</keyword>) on Thursday allowed a petition filed by lenders of <keyword id="6360090" type="General" weightage="80" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by <keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword> and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (<keyword id="411324" type="General" weightage="100" keywordseo="rcap" source="Orion">RCap</keyword>) matter, <keyword id="14855943" type="General" weightage="80" keywordseo="torrent-investments" source="Orion">Torrent Investments</keyword> had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was challenged by Torrent Investments before the Mumbai bench of NCLT (National Company Law Tribunal). The NCLT had on February 2 said the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of Torrent Investments at Rs 8,640 crore being the highest. Torrent Investments had filed a plea on January 9, requesting the tribunal to quash the lenders' plan to hold a fresh auction for takeover of RCap. Later, IIHL also filed a petition challenging the NCLT order. Torrent Investments was the highest bidder offering Rs 8,640 crore in the last round of the '' challenge mechanism''. IIHL has also challenged the NCLT order before the appellate tribunal. RCap has a consolidated debt of about Rs 40,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/president-to-appoint-cec-ecs-on-advise-of-committee-comprising-pm-lop-cji-sc/articleshow/98356283.cms">President to appoint CEC, ECs on advise of committee comprising PM, LoP &amp; CJI: SC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/women-only-make-up-13-of-sales-leadership-roles-in-india-as-per-linkedin-report/articleshow/98356340.cms">Women only make up 13% of sales leadership roles in India: LinkedIn</a>

RCap resolution: NCLAT allows lenders' plea for another round of bidding

New Delhi, Nov 24 () After sacking founder Gautam Thapar as the chairman of the company, fraud-hit CG Power &amp; Industrial Solutions has moved to declassify him as promoter, as any association with him will be prejudicial to the interests of the company, according to the firm's annual report.
 The company had in August stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors." 
 Thapar, who was non-executive chairman of the company, was removed by its board on August 29.
 Its new chairman Ashish Kumar Guha in the firm's latest annual report said CG Power has been impacted by several irregular transactions and a detailed investigation concluded that there were "large and significant malfeasances."
 "The board acted swiftly once it received the Phase 1 (investigation) report and took major steps to protect the interests of your company, including initiating significant changes in corporate governance," he said. 
 "Given the above, your company considers any further association with Mr Gautam Thapar and the promoters, as prejudicial to the interests of your company and its stakeholders."
 The firm on October 18 filed an application with market regulator Securities and Exchange Board of India (Sebi) for reclassification of Thapar's Avantha Holdings Ltd and others from promoter shareholder to public shareholders. The application is pending with Sebi.
 Reclassification of Avantha will be easier after its shareholding in CG Power fell to less than 1 per cent after lenders invoked pledges on shares pledged for taking loans.
 Thapar-led promoter group held 21.54 crore shares, constituting 34.38 per cent stake in the company, as on April 1, 2018, according to the annual report. 
 Almost all of these shares were pledged by the promoters to their lenders, it said.
 "On March 8, 2019, Vistra ITCL India Ltd, acting on behalf of BOI AXA Mutual Fund, KKR India Debt Opportunies Fund II and KKR India Financial Services Pvt Ltd, invoked its pledge on 6.76 crore equity shares constituting 10.8 per cent shareholding in company held by Avantha Holdings.
 "Further, on March 20, 2019, Vistra ITCL India Ltd, acting on behalf of L&amp;T Finance Ltd, invoked its pledge on 6.76 crore equity shares constituting 10.8 per cent shareholding in the company held by Avantha Holdings Limited (Promoter)," it said, adding Yes Bank on May 6 invoked pledge on over 8 crore equity shares (12.77 per cent stake).
 After this, shareholding of the promoters of the company decreased to 8,574 equity shares, constituting 0.001 per cent of total share capital of company as of date, it said.
 CG Power said it filed the application with Sebi in view of the reduction in shareholding of the promoters in the company to a negligible percentage, subsequent detection of unauthorised transactions leading to fraudulent transfers to Avantha Holdings and its related entities and consequent removal of Thapar as chairman.
 Stating that CG Power was cooperating with all agencies in probe of financial irregularities, Guha said corrective actions will follow in the future as necessary.
 "Additionally, a law firm is carrying out a detailed forensic to identify individuals responsible for this (fraud) as well as to ensure all such transactions have been identified as well as represented in the financial statements appropriately. On the basis of the final report, we will take the necessary course of law as advised," he said.
 Guha, who was appointed chairman of the company after Thapar was removed from the post, said business performance of CG Power for 2018-19 was affected due to a severe crunch in working capital.
 "The company has a robust order book and continues to work closely with its customers, suppliers, lenders and other stakeholders.
 "Capital restructuring of the business and the company is critical as the working capital gap is wide and while the businesses are intrinsically strong, this starvation has led to a lower revenue," he said.
 The company's management and its board are attempting to mitigate liquidity issues to the extent possible and assessing various options for raising the required capital to enable optimum business performance in the future, he said. ANZ SR 
RVK

After sacking Gautam Thapar as chairman, CG Power seeks to remove him as promoter

New Delhi, Mar 23 () Yes Bank on Monday said its board will consider a proposal to raise funds via equity and bonds, at its meeting later this week. "The meeting of the board of directors of Yes Bank Ltd is scheduled for Thursday, March 26, 2020, at Mumbai to consider, amongst other agenda items, a proposal for raising funds by issue of equity shares/ depository receipts/ convertible bonds/ debentures/ warrants/ any other equity-linked securities, through permissible modes," it said in a BSE filing. The fundraising plan will also include a qualified institutions placement, rights issue, and further public offer, among others, subject to such approvals, the bank added. The lender has already raised over Rs 10,000 crore from SBI and other key banks and financial institutions through sale of equity under its reconstruction plan approved by the government and the Reserve Bank of India (RBI). Additionally, the RBI has also extended a Rs 60,000-crore credit line to Yes Bank for meeting obligations, as per sources. According to Section 17 of the Reserve Bank of India Act, 1934, the central bank can provide liquidity support to any lender in the form of loans and advances against collateral such as stocks, funds and securities (other than immovable property) in which a trustee is authorised to invest trust money by an Act of Parliament. According to the sources, the RBI's assessment found that Yes Bank had liquidity issues but no solvency problem or any other issue. The line of credit, however, is first such exercise by the central bank. After witnessing decent recovery since the RBI superseding its board and planning out the reconstruction scheme, the stock of the bank closed over 13 per cent down at Rs 39.75 apiece on the BSE due to the coronavirus pandemic gripping the markets globally. KPM HRS

Yes Bank board to consider fundraising plan later this week

the debenture trustee vistra itcl india ltd

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