Nbfc

NBFC firm REC raises $750 million through issuance of green bonds

State-owned non-banking finance firm REC Ltd on Saturday said it has raised USD 750 million (about Rs 6,138 crore) through issuance of green bonds. The net proceeds from the issue of the bonds will be applied to finance, in whole or in part, the eligible green projects in accordance with the approvals granted by Reserve Bank of India from time to time and in accordance with the ECB guidelines, according to a statement. "REC Ltd has successfully raised USD 750 million through 5-year 144A/ RegS green bonds under its global medium-term programme of USD 7 billion," the statement said. As a frequent issuer in the market and given the relatively stable market backdrop last week, the REC decided to capitalise on the environment to carry out an intra-day execution post extensive investor roadshows spanning two weeks in different geographies covering Singapore, the UK, and the US, it stated. The issue marks the REC's return to the capital market since 2021, with the last 144A transaction in

NBFC Moneyboxx Finance secures Rs 20 cr term loan from Maanaveeya

NBFC Moneyboxx Finance on Friday said it has secured a Rs 20 crore term loan from Maanaveeya Development & Finance, and the funds will be used for onward lending to micro entrepreneurs. Maanaveeya is an Indian subsidiary of Oikocredit. Moneyboxx is supported by 24 lenders, including SBI, IDFC First Bank, DCB Bank, AU SFB, and has raised cumulative debt of close to Rs 400 crore. With planned equity raise and continuous support from lenders and co-lending partnerships, the company is targeting asset under management (AUM) of Rs 1,000 crore by 2023-24 from current AUM of Rs 290 crore as of February 2023, it said in a release. "The loan from Maanaveeya will help boost our efforts in fostering financial inclusion by addressing the unmet and growing need for credit in the Rs 1-10 lakh small business loan segment," said Deepak Aggarwal, Co-Founder, Moneyboxx. The BSE-listed NBFC focuses on impact financing by providing business loans to micro entrepreneurs in Tier-III cities and below. .

Shriram Finance aims to raise $2.44 bn in FY24 to fund growth: Official

The retail non-banking finance company (NBFC) aims to grow its assets under management (AUM) by 15% in fiscal 2024 to around 1.9 trillion rupees to 2 trillion rupees

Tata mulls merger of arm for exemption from RBI as NBFC upper layer tag

Legal sources said Tata Sons will have to submit audited financial data of each subsidiary and its step-down subsidiaries--about 1,300 firms in all--in order to seek exemption

Refresh the approach to growth, equity

Agricultural credit continues to be subsidised through an interest subvention scheme instead of converting these subsidies into cash transfers to farmers

Bajaj Finance net profit jumps 40% in Q3 to Rs 2,973 crore; AUM up 27%

Bajaj Finance Q3 result: The new loans booked during the quarter were highest ever at 7.84 million

Poonawalla Fincorp stock jumps over 6% on strong quarterly results

Shares of financial services company Poonawalla Fincorp on Tuesday jumped over 6 per cent in early trade after the firm reported a rise in net profit for the third quarter. The stock climbed 6.27 per cent to Rs 308.55 in morning trade on the BSE. On the NSE, it zoomed 6.17 per cent to Rs 308.75. In a regulatory filing on Monday, Poonawalla Fincorp reported 88 per jump in net profit to Rs 150 crore for the third quarter ended December 2022. The non-banking financial company (NBFC) focusing on consumer and MSME finance had reported a net profit of Rs 80 crore in the year-ago period. Total income in the quarter rose to Rs 519 crore as against Rs 394 crore a year ago, it said. Net Interest Margin of the company rose to 10.7 per cent, an improvement of 94 basis points.

No word from RBI yet on regulatory leeway for HDFC twins' merger

HDFC Bank let go of Rs 40,000 cr loans as pricing didn't match bond mkt rates

Dynasty Acquisition pares 2.14% stake in Shriram Finance for Rs 1,040 cr

The shares were sold at an average price of Rs 1,300 per piece, taking the transaction value to Rs 1,039.59 crore

RBI lifts ban on M&M Finance for outsourcing recovery, repossession agents

On September 22, the regulator barred Mahindra Finance from carrying out any recovery or repossession activity through outsourced agents

Shriram Finance gets $100 mn funding from ADB for inclusive financing

Money will be used improve the status of underserved communities in India, other objectives

Experts see 2023 as a year of smooth sailing for real estate sector

Demand likely to remain buoyant despite prospects of another rate hike; industry looking for tax breaks, lower transaction costs

Top Headlines: Ex-FTX CEO arrested, CPI inflation eases in Nov, and more

Business Standard brings you the top headlines at this hour

Govt clarifies foreign funds can own over 51% stake in IDBI Bank

This comes ahead of the December 16 deadline for potential bidders to submit EoIs for picking up majority stake in the private sector lender

Five-Star Business Finance zooms 19%, hits highest level since listing

The stock hit a new high of Rs 619.50, surging 31 per cent against its issue price of Rs 474 per share

Shriram Finance turns India's largest retail NBFC after merger: Group

The company has net worth of Rs 40,900 crore and assets under management of Rs 1,71,000 crore

RBI reviewing regulation for governing non-core business of banks

The modifications in relation to banks' non-core business could be made by amending the Banking Regulation Act

What does demerger of the financial services biz mean for RIL shareholders?

Reliance Industries will demerge its financial services business and list as a separate entity. Will a fast-growing consumer and merchant loan book be enough to impress shareholders? Let's find out

JSW Group to foray into lending with Rs 400 cr investment in captive NBFC

The Sajjan Jindal-led JSW Group is foraying into the lending space with an investment of up to Rs 400 crore in a captive non-bank lender housed in its e-commerce arm, a senior official has said. The non-bank finance company (NBFC) will be a subsidiary of the JSW One Platforms (JSWOP) and will be doing purchase finance for buyers on the newly started e-commerce arm, Gaurav Sachdeva, the chief executive of JSWOP, told PTI in a recent interaction. Eventually, the NBFC can help out other companies in group like cements, steel or paints by offering financing solutions, Sachdeva, who has worked in the financial services space earlier, said. Sachdeva said at present, the micro, small and medium enterprises which form JSWOP's clientele are not served by the banking sector as well as they should be, and hence, the USD 22 billion JSW Group felt a need to enter the space. He said JSWOP will invest around Rs 350-400 crore in the NBFC over the next two years, and the same is a part of an overa

After RBI missive, FIDC asks NBFCs to revise codes of conduct

Has asked them to insert penalty cause for repeated breaches