GMR Infra executes agreement with GIC & SSG Cap for Rs8,000cr investment in GMR Airports
GMR Infrastructure Limited ('GIL' or 'Company') has executed Share Subscription and Purchase Agreement, Shareholders Agreement and other related Transaction documents with TRIL Urban Transport Private Limited (part of Tata Group), an affiliate of GIC and SSG Capital Management for a proposed investment of Rs8, 000cr in GMR Airports Limited ("GAL"), a Subsidiary of the Company ("Transaction").
The proposed investment amount of Rs8, 000cr will consist of Rs1, 000cr equity infusion in GAL and Rs7, 000cr towards the purchase of GAL's equity shares from GIL and its Subsidiaries, the company said in the filing.
IRB Infra, Dilip Buildcon gain after government plans restructuring highways programme
Shares of IRB Infra and Dilip Buildcon gained in the morning trade after the government plans to carry out the comprehensive restructuring of highways programme.
A comprehensive restructuring of National Highways Programme to be done, to ensure the creation of National Highways Grid of desirable capacity, Finance Minister Nirmala Sitharaman says.
Union Budget proposes measures to deepen Corporate Debt markets
A number of measures to further deepen bond markets have been proposed by the Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman while presenting the Union Budget 2019-20 in Parliament.
Finance Minister Sitharaman said, Corporate Debt markets are crucial for the infrastructure sector. Though the number and value of bond issuances had gone up, there has been a dip in the last two years. The market is skewed in favour of private placement.
The Finance Minister Sitharaman added that given the need to further deepen bond markets, a number of measures are proposed to be taken up, which are as follows:
To deepen the Corporate tri-party repo market in Corporate Debt securities, Government will work with regulators RBI/SEBI to enable stock exchanges to allow AA rated bonds as collaterals.
User-friendliness of trading platforms for corporate bonds will be reviewed, including issues arising out of capping of ISINs.
Yes Bank acquires 9.57% stake in Eveready on loan default by group co.
Yes Bank on Thursday announced it had acquired 9.57% shares of battery maker Eveready by invoking pledged shares owing to a loan default by group company McLeod Rusel.
A regulatory filing released by the bank yesterday said, "Yes Bank, pursuant to invocation of pledge of shares, acquired 68,80,149 equity shares... constituting 9.47% of the post-issue paid-up share capital as at July 3, 2019, of Eveready Industries India Ltd."
The breach of terms of credit facilities sanctioned by Yes Bank led to the action.
Eveready had announced a 50:50 JV with its group company McLeod Russel in 2017 to manage the packed tea business through a special purpose vehicle - Greendale India Ltd.
L&T Finance raises $550mn through ECB
L&T Finance Ltd., the wholly owned subsidiary of L&T Finance Holdings Ltd., will receive $550mn in an ECB investment round anchored by IFC, a member of the World Bank Group, and BNP Paribas, Citibank, and DBS Bank Limited.
In the first tranche, the investors have contributed $275 million. Of this, IFC is bringing in $125 million, which will be utilized by L&T Finance to expand its farm equipment finance book by extending loans to farmers for buying equipment and modernizing farming.
With the closure of this financing deal with foreign banks as lenders, L&T Finance has taken a step further in diversifying its funding sources. This follows the successful public issuances of Non-Convertible Debentures (NCDs) in March and April 2019, by L&T Finance Ltd.
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