In a bid to ease foreign currency borrowings, the Reserve Bank of India (RBI) on Thursday revised the average maturity for overseas borrowing by Indian companies.
"External Commercial Borrowing (ECB) up to USD 20 million or equivalent in a financial year is now with minimum average maturity of three years; and ECB above USD 20 million and up to USD 750 million or equivalent with minimum average maturity of five years," RBI said in a release.
This means, Indian companies can now raise money through foreign currency convertible bonds (FCCBs) upto USD 20-750 million without the regulator's approval (the automatic route) and can repay the debt in 3-5 years time. The time of repayment was not specified earlier.
Overseas borrowing assumed importance India Inc can Raising funds from overseas market is relatively cheaper than domestic market wherein
The latest RBI data shows that the overseas borrowings fell to a year's low to USD 1.33 billion as on November 2011; compared with USD 4.12 billion in July 2011.
However, corporates in sectors like hotel, hospital and software, can raise FCCBs up to USD 200 million for permissible end-uses during a financial year subject to the condition that the proceeds of the ECB should not be used for acquisition of land.
Earlier on June 30, the RBI had extended the buyback of FCCBs till March, 2012. Moreover, issuer companies were also permitted to raise fresh funds via ECB route to support their FCCB repayments. Prior to that, the central bank had expressed concern over the ability of FCCB issuers to meet their obligations, in its financial stability report.
Source: www.moneycontrol.com
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Tuesday, January 10, 2012
Food inflation turns negative; -3.36% on December 24 year-on-year
Food inflation turned negative in the year to Dec. 24, at -3.36 per cent, while fuel inflation accelerated to 14.6 per cent, government data on Thursday showed.
In the previous week, annual food and fuel inflation stood at 0.42 per cent and 14.37per cent, respectively.
The primary articles price index was up 0.10 per cent, compared with an annual rise of 2.70 per cent a week earlier.
Headline inflation has stayed above 9 per cent for a year, despite 13 rate increases by the central bank since March 2010.
"If this trend continues then you will have (fiscal) year-end (headline) inflation around 6%," Mukherjee told reporters.
Food articles have a 14% weight in the wholesale price index (WPI), the most widely followed measure of inflation in the country.
The moderation in food and fuel inflation should help the stubbornly high headline inflation-which has stayed above 9% for a year-decline in December. The annual rate of inflation was 9.11% in November.
The RBI paused its interest rate increases in its December 16 policy review and indicated its willingness to ease monetary policy if inflation moderates.
"This is a very good sign and shows that the decline is consistent," said Bank of Baroda chief economist Rupa Rege Nitsure. "However, we'll have to wait and watch how headline inflation will perform, given the pressures from imported inflation on manufactured goods," she added.
Food inflation started falling from mid November, driven primarily by a sharp fall in inflation in vegetables. The rate of decline speeded up early this month, triggered by a sharp seasonal drop in prices and a strong statistical base effect of high inflation last year.
The recent drop in food inflation and easing in overall inflationary pressure may prompt the central bank to cut interest rates.
The Reserve Bank of India last month kept policy rates unchanged after hiking the key rates 13 times since the beginning of 2010.
The headline inflation based on the wholesale price index was recorded at 9.11 percent in November, according to the latest available data.
The following are the yearly rise and fall in prices in the week under review of some main commodities that form the sub-index for food articles:
Onions: (-) 73.74 percent
Vegetables: (-) 50.22 percent
Fruits: 10.87 percent
Potatoes: (-) 34.01 percent
Eggs, meat, fish: 13.82 percent
Cereals: 1.97 percent
Rice: 1.46 percent
Wheat: (-) 3.41 percent
Pulses: 13.85 percent
Source: http://www.economictimes.com/
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DENIP Consultants Pvt Ltd
In the previous week, annual food and fuel inflation stood at 0.42 per cent and 14.37per cent, respectively.
The primary articles price index was up 0.10 per cent, compared with an annual rise of 2.70 per cent a week earlier.
Headline inflation has stayed above 9 per cent for a year, despite 13 rate increases by the central bank since March 2010.
"If this trend continues then you will have (fiscal) year-end (headline) inflation around 6%," Mukherjee told reporters.
Food articles have a 14% weight in the wholesale price index (WPI), the most widely followed measure of inflation in the country.
The moderation in food and fuel inflation should help the stubbornly high headline inflation-which has stayed above 9% for a year-decline in December. The annual rate of inflation was 9.11% in November.
The RBI paused its interest rate increases in its December 16 policy review and indicated its willingness to ease monetary policy if inflation moderates.
"This is a very good sign and shows that the decline is consistent," said Bank of Baroda chief economist Rupa Rege Nitsure. "However, we'll have to wait and watch how headline inflation will perform, given the pressures from imported inflation on manufactured goods," she added.
Food inflation started falling from mid November, driven primarily by a sharp fall in inflation in vegetables. The rate of decline speeded up early this month, triggered by a sharp seasonal drop in prices and a strong statistical base effect of high inflation last year.
The recent drop in food inflation and easing in overall inflationary pressure may prompt the central bank to cut interest rates.
The Reserve Bank of India last month kept policy rates unchanged after hiking the key rates 13 times since the beginning of 2010.
The headline inflation based on the wholesale price index was recorded at 9.11 percent in November, according to the latest available data.
The following are the yearly rise and fall in prices in the week under review of some main commodities that form the sub-index for food articles:
Onions: (-) 73.74 percent
Vegetables: (-) 50.22 percent
Fruits: 10.87 percent
Potatoes: (-) 34.01 percent
Eggs, meat, fish: 13.82 percent
Cereals: 1.97 percent
Rice: 1.46 percent
Wheat: (-) 3.41 percent
Pulses: 13.85 percent
Source: http://www.economictimes.com/
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Tuesday, January 3, 2012
SREI Infrastructure Finance Limited Long Term Infrastucture Bonds-Tranche 1 2012 Details
Issue Opening: Date Saturday, December 31, 2011
Issue Closing Date: Tuesday, January 31, 2012, or with an option to close earlier and/or extend upto a period as may be determined by the Board.
Deemed Date of Allotment: Deemed date of allotment shall be the date as decided by the duly authorised committee of the Board constituted by resolution of the Board.
Issue Size Rs. 300 Crores to be issued at par on the terms contained in the Shelf Prospectus and Prospectus - Tranche 1.
Deemed Date of Allotment: Deemed date of allotment shall be the date as decided by the duly authorised committee of the Board constituted by resolution of the Board.
Issue Size Rs. 300 Crores to be issued at par on the terms contained in the Shelf Prospectus and Prospectus - Tranche 1.
Instrument: Public Issue of long term infrastructure bonds Tranche 1.
Rating-CARE “CARE AA (Double A) “
Rating-CARE “CARE AA (Double A) “
Lead Managers: ICICI Sec Ltd, Karvy Investor Ser Ltd, RR Investors Cap Ser Pvt Ltd and SREI Cap Mkts Ltd.
Co-Lead Managers: SMC Capitals Limited and Bajaj Capital Limited.
Lead Brokers to the Issue: Kotak Securities Limited is one of the Lead Brokers.
Trustee Axis Trustee Services Limited
Registrar: Link Intime India Private Limited
Trustee Axis Trustee Services Limited
Registrar: Link Intime India Private Limited
Interest on Application Money @ 5% p.a. on application money on the amount allotted, three days from the date of receipt of the Application Form, or the date of realization of the Application Money, whichever is later, up to one day prior to the Deemed Date of Allotment, subject to deductions under the provisions of the Income Tax Act or any other statutory modification or re-enactment thereof, as applicable.
Interest on Application Money which is liable to be refunded: No interest shall be paid on the Application money refunded.
Cheque / DD should be drawn in favour of “SIFL –Infra Bonds 2012 – Tranche 1” by all applicants. It should be crossed “A/c Payee only”
Please write the sole/ first applicants name, phone no. and application no on the reverse of Chq/DD.
Collection Bankers to the Issue:
AXIS Bank Ltd, DBS Bank Ltd, Dhanlaxmi Bank, HDFC Bank, ICICI Bank, Punjab National Bank and YES Bank Ltd.
THE TRANCHE 1 BONDS ARE CLASSIFIED AS “LONG TERM INFRASTRUCTURE BONDS” IN TERMS OF SECTION 80CCF OF THE INCOME TAX ACT AND THE NOTIFICATION. IN ACCORDANCE WITH SECTION 80CCF OF THE INCOME TAX ACT, THE AMOUNT, NOT EXCEEDING Rs.20,000 PER ANNUM, PAID OR DEPOSITED AS SUBSCRIPTION TO LONG TERM INFRASTRUCTURE BONDS DURING THE PREVIOUS YEAR RELEVANT TO THE ASSESSMENT YEAR BEGINNING APRIL 01, 2012 SHALL BE DEDUCTED IN COMPUTING THE TAXABLE INCOME OF A RESIDENT INDIVIDUAL OR HUF. IN THE EVENT THAT ANY APPLICANT APPLIES FOR THE BONDS IN EXCESS OF Rs.20,000 PER ANNUM, (INCLUDING LONG TERM INFRASTRUCTURE BONDS ISSUED BY ANY OTHER ELIGIBLE ENTITY), THE AFORESTATED TAX BENEFIT SHALL BE AVAILABLE TO SUCH APPLICANT ONLY TO THE EXTENT OF Rs.20,000 PER ANNUM.
Investors will be having an option to hold the Bonds in physical form (KYC Documents are mandatory) or demat form.
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Monday, January 2, 2012
******* MF Industry update - KYC Forms - Individual & Non-Individual *******
******* MF Industry update - KYC Forms - Individual & Non-Individual *******
W.e.f. 1st January 2012, New KYC form is introduced for multipurpose (Common form for across capital market).
W.e.f. 1st January 2012, New KYC form is introduced for multipurpose (Common form for across capital market).
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Tentative collection figures for Tax Free Bonds
Tentative collection figures for Tax Free Bonds
Following are the tentative collection figures for Tax Free Bonds.
1) NHAI reported collection as on 31/12/12: Cat I- 15443crs, Cat II - 8211crs & Cat III- 628 crs. Total 24283 crs.
2) PFC reported collection as on 31/12/12: Cat I - 7117crs, Cat - II 2396crs, Cat - III 276crs Total: 9791 crs.
Following are the tentative collection figures for Tax Free Bonds.
1) NHAI reported collection as on 31/12/12: Cat I- 15443crs, Cat II - 8211crs & Cat III- 628 crs. Total 24283 crs.
2) PFC reported collection as on 31/12/12: Cat I - 7117crs, Cat - II 2396crs, Cat - III 276crs Total: 9791 crs.
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Foreigners allowed to invest directly in Equities
Foreigners allowed to invest directly in Equities
The new scheme to become operational from Jan 15.
The Government has announced a new scheme under which a foreign individual, a foreign pension fund or even a foreign trust will be able to invest directly in the Indian equity market. These investors will be called ‘Qualified Foreign Investors' (QFIs). The new scheme is expected to be operationalised from January 15.
“This has been done in order to widen the class of investors, attract more foreign funds, reduce market volatility and deepen the Indian capital market,” a Finance Ministry statement said.
The investors are already allowed direct access to Indian mutual fund schemes. The latest decision is the next logical step in the direction, the statement added.
At present, foreign institutional investors (FIIs) or foreigners, through sub-accounts with registered FIIs, can invest in the equity market. Unregistered foreign individuals and institutions invest through participatory notes (PNs). Now, this trend will change.
The new procedure
However, investment is restricted to QFIs from countries that are compliant with the Financial Action Task Force (FATF) recommendations and are signatories to the international body of securities market, IOSCO's, memorandum of understanding.
This condition will allow investors from over 80 countries to access the Indian equity market, save Pakistan and some other countries.
The QFIs will have a separate ceiling from FIIs and non-resident Indians (NRIs). A QFI can hold up to 5 per cent of paid-up equity of a company and all QFIs put together cannot hold more than 10 per cent in a company.
All QFIs will first need to open a demat account with any depository participants (DPs), as sale and purchase of equity will be allowed only through such an account. Also, one QFI will be permitted to open only one account.
This new category of investors will also have to fulfil the ‘Know Your Customer' (KYC) norms prescribed by the regulators.
The Central Board of Direct Taxes (CBDT) will issue a separate form for Permanent Account Number and KYC, especially for the QFIs. The depository participant can facilitate the QFIs to fulfil all these statutory requirements.
Tax treatment
Regarding tax treatment, a Finance Ministry official clarified that a separate notification would be required to be issued by the Income-Tax Department. However, this is likely to be the same as for domestic investors. However, QFIs from a country that has a double taxation avoidance agreement (DTAA) with India may get benefits like any other FII.
On August 9, 2011, the Government had allowed QFIs to invest directly in domestic mutual fund schemes.
These investors can now invest up to $10 billion in equity schemes, while for debt mutual fund schemes, there will be an additional limit of $3 billion. There will be no limit for one investor or one scheme.
The new scheme to become operational from Jan 15.
The Government has announced a new scheme under which a foreign individual, a foreign pension fund or even a foreign trust will be able to invest directly in the Indian equity market. These investors will be called ‘Qualified Foreign Investors' (QFIs). The new scheme is expected to be operationalised from January 15.
“This has been done in order to widen the class of investors, attract more foreign funds, reduce market volatility and deepen the Indian capital market,” a Finance Ministry statement said.
The investors are already allowed direct access to Indian mutual fund schemes. The latest decision is the next logical step in the direction, the statement added.
At present, foreign institutional investors (FIIs) or foreigners, through sub-accounts with registered FIIs, can invest in the equity market. Unregistered foreign individuals and institutions invest through participatory notes (PNs). Now, this trend will change.
The new procedure
However, investment is restricted to QFIs from countries that are compliant with the Financial Action Task Force (FATF) recommendations and are signatories to the international body of securities market, IOSCO's, memorandum of understanding.
This condition will allow investors from over 80 countries to access the Indian equity market, save Pakistan and some other countries.
The QFIs will have a separate ceiling from FIIs and non-resident Indians (NRIs). A QFI can hold up to 5 per cent of paid-up equity of a company and all QFIs put together cannot hold more than 10 per cent in a company.
All QFIs will first need to open a demat account with any depository participants (DPs), as sale and purchase of equity will be allowed only through such an account. Also, one QFI will be permitted to open only one account.
This new category of investors will also have to fulfil the ‘Know Your Customer' (KYC) norms prescribed by the regulators.
The Central Board of Direct Taxes (CBDT) will issue a separate form for Permanent Account Number and KYC, especially for the QFIs. The depository participant can facilitate the QFIs to fulfil all these statutory requirements.
Tax treatment
Regarding tax treatment, a Finance Ministry official clarified that a separate notification would be required to be issued by the Income-Tax Department. However, this is likely to be the same as for domestic investors. However, QFIs from a country that has a double taxation avoidance agreement (DTAA) with India may get benefits like any other FII.
On August 9, 2011, the Government had allowed QFIs to invest directly in domestic mutual fund schemes.
These investors can now invest up to $10 billion in equity schemes, while for debt mutual fund schemes, there will be an additional limit of $3 billion. There will be no limit for one investor or one scheme.
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Sebi allows 2 and 5 year IRFs in G-secs
In order to help investors guard against interest rate fluctuations, capital market regulator Sebi today introduced two-year and five-year exchange-traded IRFs (Interest Rate Futures) in government bonds.
"It has now been decided to permit the introduction of cash settled futures on 2-year and 5-year notional coupon bearing Government of India security on currency derivatives segment of stock exchanges," Sebi said, issuing the guidelines for the new instruments.
The Reserve Bank too has issued notification in this regard.
Earlier, the IRF, traded on currency derivative segment of stock exchanges, was allowed in 91-day treasury bills and 10-year government securities.
Investors purchase or sell IRFs to hedge risks arising from fluctuation in interest rates, which depend on various factors including RBI policy, demand for liquidity and flow of overseas funds.
As per the guidelines, the minimum lot size for such instruments should be Rs 2 lakh. Residents and foreign institutional investors (FIIs) can trade in these instruments.
India has an active government securities (G-secs) market where primary issuance is at market-determined rates.
Sebi further said that in case of FIIs, the total gross long (bought) position in cash and IRF markets taken together should not exceed their individual permissible limit for investment in G-secs.
In November 2010 monetary review, RBI had indicated that exchange traded IRFs on 5 and 2-year notional coupon bearing G-secs and 91-day Treasury Bills would be introduced after taking into account the experiences of cash-settled IRF regimes in other countries.
For hedging interest rate risk, besides the exchange- traded IRF, India also has a liquid and vibrant interest rate swaps (IRS) market.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
"It has now been decided to permit the introduction of cash settled futures on 2-year and 5-year notional coupon bearing Government of India security on currency derivatives segment of stock exchanges," Sebi said, issuing the guidelines for the new instruments.
The Reserve Bank too has issued notification in this regard.
Earlier, the IRF, traded on currency derivative segment of stock exchanges, was allowed in 91-day treasury bills and 10-year government securities.
Investors purchase or sell IRFs to hedge risks arising from fluctuation in interest rates, which depend on various factors including RBI policy, demand for liquidity and flow of overseas funds.
As per the guidelines, the minimum lot size for such instruments should be Rs 2 lakh. Residents and foreign institutional investors (FIIs) can trade in these instruments.
India has an active government securities (G-secs) market where primary issuance is at market-determined rates.
Sebi further said that in case of FIIs, the total gross long (bought) position in cash and IRF markets taken together should not exceed their individual permissible limit for investment in G-secs.
In November 2010 monetary review, RBI had indicated that exchange traded IRFs on 5 and 2-year notional coupon bearing G-secs and 91-day Treasury Bills would be introduced after taking into account the experiences of cash-settled IRF regimes in other countries.
For hedging interest rate risk, besides the exchange- traded IRF, India also has a liquid and vibrant interest rate swaps (IRS) market.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Silver falls 9.5 pct in 2011, first loss in 3 years
Silver logged its first annual loss in three years on Friday, backtracking from a near-doubling in price during 2010, as worries about the global economy and a recent slide in gold hurt demand.
US March silver futures on the COMEX division of the New York Mercantile Exchange settled up 2.2 percent from the previous day at $27.915, ending the year on a positive note as the metal followed gold's rally.
But the silver price was down 9.5 percent from the end of 2010, when it closed at $30.86 an ounce.
Silver prices plummeted shortly after they rallied to a record high of near $50 an ounce in early May, sparking the so-called commodities flash crash.
Managed money's bullish futures position fell in December to its lowest since late 2008, data from the Commodity Futures Trading Commission showed.
The metal, whose demand has traditionally been speculative, is entering 2012 on an unsure footing. Analysts do not expect silver to retest all-time highs any time soon and its outlook will likely be decided by industrial demand and gold prices.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
US March silver futures on the COMEX division of the New York Mercantile Exchange settled up 2.2 percent from the previous day at $27.915, ending the year on a positive note as the metal followed gold's rally.
But the silver price was down 9.5 percent from the end of 2010, when it closed at $30.86 an ounce.
Silver prices plummeted shortly after they rallied to a record high of near $50 an ounce in early May, sparking the so-called commodities flash crash.
Managed money's bullish futures position fell in December to its lowest since late 2008, data from the Commodity Futures Trading Commission showed.
The metal, whose demand has traditionally been speculative, is entering 2012 on an unsure footing. Analysts do not expect silver to retest all-time highs any time soon and its outlook will likely be decided by industrial demand and gold prices.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
Gold heads for 11th annual gain on demand pickup speculation
Gold rebounded in London, extending an 11th annual gain, on speculation prices at a five-month low will spur demand from jewellers and investors.
Bullion fell 3.8% over the previous three days to the lowest level since July 6 as gains by the dollar against the euro curbed demand for the metal as an alternative investment.
Jewellery usage in India, the world's biggest buyer, rose 12% in 2011's first quarter from a year earlier, according to World Gold Council figures.
"January and February are usually good months in India, and a lower gold price might attract some buyers," said Marc Ground, a commodities strategist at Standard Bank in Johannesburg.
"While we haven't seen physical demand pick up yet, maybe people are anticipating it for next year."
Gold for immediate delivery climbed 1% to $1,561.48 an ounce by 10:09 a.m. in London, bringing the gain this year to 9.9%. The futures for February delivery rose 1.4% to $1,562.50 on the Comex in New York after a six-session slump, the longest since March 2009.
Holdings of gold in exchange-traded products are climbing for the first time in two weeks, according to data compiled by Bloomberg. Assets rose 0.3% this week after falling 1.5% the previous two weeks.
Silver slipped 0.1% to $27.66 an ounce, bringing the 2011 drop to 11%, the first decline in three years. Palladium climbed 0.7% to $630.50 an ounce, reducing the annual loss to 21%, the first retreat since 2008. Platinum advanced 0.7% to $1,379.25 an ounce. It's down 22% this year.
Source: www.economictimes.com
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Head Dealer
DENIP Consultants Pvt Ltd
Bullion fell 3.8% over the previous three days to the lowest level since July 6 as gains by the dollar against the euro curbed demand for the metal as an alternative investment.
Jewellery usage in India, the world's biggest buyer, rose 12% in 2011's first quarter from a year earlier, according to World Gold Council figures.
"January and February are usually good months in India, and a lower gold price might attract some buyers," said Marc Ground, a commodities strategist at Standard Bank in Johannesburg.
"While we haven't seen physical demand pick up yet, maybe people are anticipating it for next year."
Gold for immediate delivery climbed 1% to $1,561.48 an ounce by 10:09 a.m. in London, bringing the gain this year to 9.9%. The futures for February delivery rose 1.4% to $1,562.50 on the Comex in New York after a six-session slump, the longest since March 2009.
Holdings of gold in exchange-traded products are climbing for the first time in two weeks, according to data compiled by Bloomberg. Assets rose 0.3% this week after falling 1.5% the previous two weeks.
Silver slipped 0.1% to $27.66 an ounce, bringing the 2011 drop to 11%, the first decline in three years. Palladium climbed 0.7% to $630.50 an ounce, reducing the annual loss to 21%, the first retreat since 2008. Platinum advanced 0.7% to $1,379.25 an ounce. It's down 22% this year.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
PFC's retail bond sale oversubscribed
Power Finance Corp ( PFC) has received bids for nearly nine times its original base amount offer for the sale of retail bonds, signalling sustained demand for debt from state-owned firms.
The financial institution engaged in power sector funding, which launched its issue on Friday, has received total bids of 89 billion rupees ($1.68 billion), two sources involved with the issue said. The issue is set to close on Jan. 16.
It has received nearly 12 times more for its qualified institutional investor category and about eight times the size for the high net worth individual category, the sources said.
On Thursday, the National Highways Authority of India's (NHAI) first sale of retail bonds received bids for nearly five times the base amount.
India has allowed four state-owned firms to raise 300 billion rupees via tax-free bonds in the current financial year that began in April.
National Highways Authority of India (NHAI) and Indian Railway Finance Corp (IRFC) can each raise 100 billion rupees, while Housing and Urban Development Corp. (HUDCO) and Power Finance Corp can each raise 50 billion rupees.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
The financial institution engaged in power sector funding, which launched its issue on Friday, has received total bids of 89 billion rupees ($1.68 billion), two sources involved with the issue said. The issue is set to close on Jan. 16.
It has received nearly 12 times more for its qualified institutional investor category and about eight times the size for the high net worth individual category, the sources said.
On Thursday, the National Highways Authority of India's (NHAI) first sale of retail bonds received bids for nearly five times the base amount.
India has allowed four state-owned firms to raise 300 billion rupees via tax-free bonds in the current financial year that began in April.
National Highways Authority of India (NHAI) and Indian Railway Finance Corp (IRFC) can each raise 100 billion rupees, while Housing and Urban Development Corp. (HUDCO) and Power Finance Corp can each raise 50 billion rupees.
Source: www.economictimes.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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