HDFC Bank considers its first offshore bond to boost its buffers
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HDFC Bank Ltd., India’s biggest lender by market capitalization, is considering to sell its first-ever offshore bonds that qualify as capital as it boosts buffers.
The Mumbai-based lender’s board on Saturday will mull a plan to issue perpetual Additional Tier 1 notes that comply with Basel III capital norms, according to a filing late Tuesday. It would be only the second such offshore offering from an Indian bank after the nation’s largest lender State Bank of India sold such securities in 2016.
The debt is riskier because it can be written down in a crisis. That’s a concern because India’s banking sector is saddled with one of the world’s worst debt piles. Financial institutions need to beef up capital ratios in anticipation of more soured loans as the latest wave of the pandemic batters businesses and leaves millions jobless.
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Lithium battery and solar panels manufacturer RCRS Innovations Ltd on Tuesday said it has filed draft papers with NSE Emerge to mop-up funds through an initial public offering (IPO) and the proceeds will be used to fund its expansion plan.
The Noida-headquartered company's proposed IPO is a fresh issuance of 48.24 lakh equity shares with a face value of Rs 10 each, according to a statement.
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The Ministry of Heavy Electricals (MHI) announced on Tuesday that seven bids had been received under a global tender for the rebidding of Production Linked Incentives (PLI) aimed at supporting the manufacturing of Electric Vehicle (EV) batteries, specifically 10 GigaWatt hours (GWh) Advanced Chemistry Cells (ACC).
The bidders, comprising ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, JSW Neo Energy Limited, Reliance Industries Limited, Lucas TVS Limited.
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Air India has entered into a codeshare partnership with Japan's All Nippon Airways.
With the codeshare, effective for travel from May 23, Air India and All Nippon Airways passengers can fly to their desired destination by combining those flights between India and Japan with a single ticket.
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Karnataka Chief Minister Siddaramaiah on Tuesday staged a dharna here protesting against the delay in release of drought relief funds by the Centre and criticised Prime Minister Narendra Modi and Home Minister Amit Shah over the issue.
Siddaramaiah said the protest -- held in front of the Mahatma Gandhi statue on the premises of Vidhana Soudha which houses the Legislature and State Secretariat -- was aimed at drawing public attention towards the "injustice" done to Karnataka and its people by the BJP-led government at the Centre.
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Fintech major Razorpay, in partnership with Airtel Payments Bank, has ventured into UPI infrastructure service by offering UPI Switch to its customers.
The solution can handle up to 10,000 transactions per second (TPS), and enables five times faster access to Unified Payments Interface (UPI) innovations for businesses, the company said.
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