Page 2 - Funds

REC plans to raise up to Rs 6,000 crore through two bonds on Friday

The company has invited bids for the same on Friday. The NCDs have been given the highest credit rating of 'AAA' with a 'Stable' outlook by ICRA, and CRISIL

Share of unspent funds under MPLAD doubled during 17th Lok Sabha

This exponential rise in the share of unspent money is despite the fact that the scheme remained suspended for nearly 18 months during Covid

Manufacturing funds: Invest with 5 to 7-yr horizon to cope with eco cycles

Add these schemes to your portfolio only after building a core using diversified funds

Arcelormittal Nippon Steel India in talks for $1 bn loan to fund growth

The steel firm had earlier held loan negotiations with a few other lenders but they couldn't agree on the cost of funding, said the people

NHPC board approves proposal for raising Rs 6,100 cr funds through NCDs

State-owned NHPC on Wednesday said its board has approved a proposal to raise Rs 6,100 crore in debt in 2024-25. The Board of Directors of NHPC in its meeting held on Wednesday considered and approved the proposal for raising of debt up to Rs 6,100 crore during 2024-25 through non-convertible Corporate Bonds in one or more tranches on private placement basis, term loans or external commercial borrowing in tranches, a BSE filing said. Further, the Board of Directors in the meeting has also given its in-principle approval for closure of Loktak Downstream Hydroelectric Corporation Limited (a Subsidiary Company of NHPC Limited and Joint Venture with Govt. of Manipur), subject to the approval of DIPAM, Ministry of Power and Govt. of Manipur, it stated.

Only 20% environmental funds utilised for NCR, shows CPCB report to NGT

The Central Pollution Control Board (CPCB) has spent only 20 per cent of the environment protection charge and environmental compensation collected so far for mitigating air pollution in Delhi-NCR and protecting the environment. The CPCB receives compensation broadly under two heads - environment protection charge (EPC) and environmental compensation (EC). According to a CPCB report submitted to the National Green Tribunal on March 20, the central pollution control body has disbursed only Rs 156.33 of the total Rs 777.69 crore collected under the two heads. The dealer/manufacturer is required to pay one per cent environment protection charge on the ex-showroom price of new diesel vehicles with engine capacity of 2000cc and above, registered only in Delhi and NCR. This is called 'environment protection charge'. The EPC is received as per an order of the Supreme Court and is utilized for air quality improvement and related work in Delhi-NCR such as research and development activities

Cong raises questions over PM CARES Fund, asks about 'lack of transparency'

The Congress on Monday raised questions about the PM CARES Fund, saying that four years after the onset of the COVID-19 pandemic, it is still not clear why it was set up, who its donors are and why its administrative structure is so "lacking in transparency". Congress general secretary Jairam Ramesh alleged that given the history of the Modi government, as shown by the "electoral bond scam", one can only speculate that the lack of transparency was deliberately engineered to give the prime minister an unsupervised pool of funds to spend as he wishes. In a post on X, Ramesh said, "Now that the corruption, extortion and intimidation of the Modi Sarkar through the electoral bond scam is getting revealed in all its shocking detail, let us not forget another route the Government opened for companies to curry favour: the self-glorifyingly named PMCARES." "The total amount of funds PMCARES received and the names of the donors have never been officially reported. Media reports suggest that i

Braving the rapids: Smallcap funds ride the risky tide with spread bets

RIDING THE WAVE: Smallcap stocks dominate portfolios in the year's rally

BJP leaders, ministers donate to party fund for building 'Viksit Bharat'

A day after Prime Minister Narendra Modi contributed Rs 2,000 to the BJP's campaign to strengthen efforts to build a 'Viksit Bharat', several BJP leaders including Union ministers on Monday contributed to the party fund. Those who contributed on Monday to the BJP fund ahead of the Lok Sabha polls included Union ministers Rajnath Singh, S Jaishankar, and Smriti Irani. Singh contributed Rs 2,000 to the BJP fund and shared its receipt on X, appealing to people to donate for nation building. With a resolve to make India a developed country under the leadership of Prime Minister Narendra Modi, the BJP has started a campaign to bring every countryman together. The role of individuals is important in making this campaign successful, the defence minister said. I have contributed to join this resolve of the BJP. You also contribute to this and become a participant in this campaign of nation building. I appeal to everyone to be a part of #DonationForNationBuilding through the NaMo App, Singh

PE firm CVC Capital raises $6.8 bn, plans to invest in Indian companies

Private equity and investment advisory firm CVC Capital Partners on Wednesday said it has mopped up USD 6.8 billion (around Rs 56,366 crore). The Luxembourg-based company has over USD 1 billion investments in four domestic companies -- the Indian Premier League franchise Gujarat Titans, Healthcare Global, Sajjan India and United Lex, according to a statement. It plans to invest some of the new money being raised into more domestic companies. In the statement, CVC, which is focused on private markets, private equity, secondaries, credit and infrastructure, said the fund closure is 50 per cent larger than its predecessor fund, that raised USD 4.5 billion in 2020. The funds raised in the latest round saw a strong demand from new and returning blue chip investors enabling it to exceed the USD 6 billion target and original hard cap of USD 6.5 billion. This makes CVC one of the leading PE players in the region, having raised over USD 21 billion across its Asia-focused funds. The new fu

SAT to hear Subhash Chandra's appeal in fund diversion case tomorrow

In the same order, issued in August 2023, Chandra's son Punit Goenka was granted relief by the tribunal

Canara Bank raises Rs 2,000 crore funds from bonds at coupon of 8.40%

State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth. The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40 per cent, Canara Bank said in a regulatory filing. Additional Tier I bonds qualify as core capital or equity capital, and it is one of the means of raising capital by banks.

Gujarat state civic body accepts bids for maiden green bonds: Bankers

The city, situated in the Western state of Gujarat, has set a semi-annual coupon of 7.90%, and had invited bids from bankers and investors for the issue earlier in the day

Opec Fund delivers record results with $1.7 bn in development funding

The organisation was established 48 years ago and the 2023 results represent a record in new commitments

Sebi's new disclosure norms likely to impact few FPIs due to exemptions

No panic selling entailed as funds affected will have six months to rebalance their portfolio

EPFO adds 1.39 million net members during November 2023: Payroll data

Retirement fund body EPFO added 13.95 lakh net members in November 2023, as per the latest payroll data released on Saturday. Cumulative net addition of members during the current financial year continues to remain higher than that of the corresponding period of the previous year, a labour ministry statement said. According to the statement, the EPFO's (Employees' Provident Fund Organisation) provisional payroll data highlighted that the body added 13.95 lakh net members in November. The data indicates that around 7.36 lakh new members were enrolled during the month. The 18-25 age-group constitutes 57.30 per cent of the total new members added during the month, showing that a majority of members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers. The payroll data reflects that about 10.67 lakh members exited but rejoined EPFO during the month. In fact, these members switched jobs and rejoined the establishments covered under the

Uttarakhand govt increases DA of employees by 42% to 46% per month

The Uttarakhand government has increased the Dearness Allowance of its employees under the seventh pay commission from 42 per cent per month to 46 per cent, according to an order issued here. The revised DA will be applicable with effect from July 1, 2023, and arrears will be paid to beneficiaries in cash, it said. From January 1, 2024, onwards, the revised DA will be paid to the employees along with their salaries every month, the order said. This will apply to state government employees and regularised and full-time employees of aided educational and technical education institutes, it added.

Probe alleged money siphoning by erstwhile promoters: Religare to ED

Religare Enterprises Ltd (REL) on Saturday said it has requested Enforcement Directorate to expedite investigation into money allegedly siphoned off by erstwhile promoters. ED officials, on the basis of a complaint by the present management of Religare Finvest Ltd (RFL) -- a subsidiary of REL -- and pursuant to the ongoing investigation with respect to corporate loan book, collected relevant information/documents on January 5, 2024 to expedite the investigation as per request made by RFL recently, REL said in a filing. REL said it stands committed to recover the amount siphoned off from REL and its subsidiaries by the erstwhile promoters Malvinder Mohan Singh, Shivinder Mohan Singh and their associates and affiliates. Multiple cases have been initiated towards the same and various agencies are investigating these transactions. RFL has promised its lenders that they will make all possible efforts to recover siphoned off funds and in line with the same, RFL has commissioned a forensi

Unclaimed assets: Create searchable databases

Over Rs 1.5 trn can be unlocked and put to productive use if unclaimed assets are restored to their rightful owners

40% wealth and pension funds prefer India over China, shows study

Almost 40% of investors chose India as the most attractive emerging market, while less than a quarter selected China in a survey