Refinancing Norms

Epsilon Advanced Materials plans Rs 9,000 cr anode facility in K'taka: MD

Battery materials manufacturer Epsilon Advanced Materials is planning to set up a Rs 9,000-crore anode plant in Karnataka with an annual production capacity of 90,000 tonne, a top official of the company said. The investment in the plant would be made in two phases. In the first phase, Rs 4,000 crore would be invested and the remaining Rs 5,000 crore would be pumped in in the second phase, Epsilon Group Managing Director Vikram Handa said. "So, we are looking to build a 30,000-tonne anode plant in India by Q4 2026, which will entail an investment of about Rs 4,000 crore. The plant will be scaled up to 90,000 tonne (capacity) by 2031. The total capex outlay is Rs 9,000 crore for our annual business in the next eight years," Handa explained. With increasing demand of electric vehicles in India, there is a need for Indian cell manufacturing companies to set up battery plants in the country. Epsilon products will act as a sustainable and reliable supplier of anode and cathode material t

FinMin to discuss RBI's draft project financing norms with banks, IBA

The official said banks will assess the impact of the draft rules on their balance sheets and can approach the RBI based on their assessment

Housing financier Altum Credo raises $40 mn from Z3Partners, Oikocredit

Affordable housing financier Altum Credo on Thursday announced a USD 40 million (around Rs 332 crore) fundraise in a round led by Z3Partners and impact investor Oikocredit. The 2017-founded company said the Series C round includes a USD 27 million fundraise in fresh equity and USD 13 million in partial exit to Series A investors, a statement said. The Pune-headquartered company plans to deploy the new capital for growing its assets under management, which stood at Rs 830 crore as of March 2024, it said. Apart from the lead investors, the UK's British International Investment and existing investors Aavishkaar Capital, Amicus Capital and PS Pai and family also participated in the new round, it said. It had raised a Series A equity funding of USD 9.8 million in 2018 and USD 12 million in Series B round in 2021. The company focuses on unserved and under-served segments using digital tools, targeting first time homeowners, and 93 per cent of the customers are from the economically weak

Avaada Energy secures Rs 4,471 crore refinancing from lender Nabfid

The structure has been rated as 'AA (Stable)' by CareEdge Ratings, it said

Alibaba leads largest financing deal to mint $2.5 billion China AI firm

Alibaba joins Tencent Holdings Ltd. and Silicon Valley peers like Microsoft Corp. in placing big bets on generative AI, the technology that powers ChatGPT

Maruti partners with Indian Bank to provide financing solutions to dealers

Maruti Suzuki India Ltd on Thursday said it has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements, the company said in a statement. "This alliance with Indian Bank will strengthen relationships with dealer partners and ensure a seamless car buying experience for customers," Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava, said. "The goal all along has been to work closely with Indian Bank in developing personalised offers and end-to-end working capital solutions for our dealer partners across the country," he said. Indian Bank Executive Director Ashutosh Choudhury said the bank's supply-chain finance will provide easy access to working capital finance to Maruti Suzuki dealers, at favourable terms ...

Power Finance Corporation plans to raise Rs 10,000 cr through NCDs

Power Finance Corporation is planning to raise Rs 10,000 crore through non-convertible debentures, the state-owned company said on Wednesday. The company said it "has filed a draft shelf prospectus for Rs 10,000 crore non-convertible debentures (NCD) fundraise. The public issue of secured, rated, listed, redeemable NCDs with a face value of Rs 1,000 each aggregate up to Rs 10,000 crore (shelf limit) and will be issued in one or more tranches". The company filed the prospectus with the BSE on July 6. Of the net proceeds, at least 75 per cent will be utilised for onward lending, financing/refinancing the existing debt of the company, and/or debt servicing and payment of interest and/or repayment/prepayment of interest and principal of existing borrowings of the company, the Power Finance Corporation (PFC) said. Up to 25 per cent of the proceeds will be spent for general corporate purposes, it said. The issue has AAA ratings from all three rating agencies. In 2022-23, PFC's revenue

Adani Green to disclose refinancing plan after fiscal year ends: Report

One of its subsidiaries, Adani Green Energy Limited Restricted Group, will refinance existing bonds through a 15-year amortizing private placement, the executive said, according to the sources

RE firms may use rupee loans to refinance $3 bn overseas green bonds

Costly overseas funds forcing them to tap domestic sources

Adani Green announces raising JPY denominated facility to refinance debt

Facility supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation

Adani group to refinance ACC, Ambuja Cement debt of $3.5 billion

Adani currently holds 63.15 per cent stake in Ambuja Cement and 56.69 per cent in ACC

Municipal corps should explore land-based models to raise funds: RBI

In a first ever comprehensive analysis of Municipal finances, it said MCs need to adopt sound and transparent accounting practices with proper monitoring

Rates for construction finance rise; LRD down as banks turn averse to lend

Construction finance rates have risen to 12.9 per cent in Q1 of the calender year 2020 from 11.9 per cent last year

Nabard to review fundings of Regional Rural Banks, co-op banks on April 20

To tap RBI refinance window for funding to RRBs etc

Infra projects: RBI eases refinancing norms for NBFCs

To encourage infrastructure financing, RBI today eased norms for NBFCs to refinance such projects and provide longer repayment tenures. "NBFCs may refinance any existing infrastructure and other project loans by way of take-out financing, without a pre-determined agreement with other lenders, and fix a longer repayment period, the same would not be considered as restructuring if... Such loans should be 'standard' in the books of the existing lenders and should have not been restructured in the past," RBI said in a notification. Another condition is that such loans should be substantially taken over from the existing financing lenders. Also, the repayment period should be fixed by taking into account the life cycle of the project and cash flows from the project. In cases where the aggregate exposure of all institutional lenders is minimum Rs 1,000 crore, the refinancing by NBFCs will not be considered as restructuring in the books of the existing as well as taking over lenders if ...