The debt came with covenants, which require borrowers to meet certain conditions such as a mandated debt to EBITDA ratio. A failure to meet the conditions may result in an increase in interest rates. The company reported EBITDA (operating profit) of $69 million in the quarter ended December 31, down from $151 million in the corresponding period of the previous year.
Aban offshore has a Rs 13,000 crore debt on its books and a market cap of only Rs 1,645 crore, down 90 per cent from its peak on May 23 last year. The huge debt is a result of the company, earlier known as Aban Lloyd, buying a 33.7 per cent stake in Sinvest ASA, a Norwegian drilling company, for Rs 5,200 crore. The acquisition gave Aban access to eight premium jack-up rigs with contracts, but it also increased its debt substantially.
Sources said that this is a contingency plan, in the event of an exit of the present heads of its two subsidiaries ICICI Prudential and ICICI Ventures. At present, Shikha Sharma is managing director & chief executive officer (CEO) of ICICI Prudential Life Insurance, while Renuka Ramanathan is managing director and CEO of ICICI Ventures.
The retailer, which runs a supermarket chain under the More brand, is targeting annual sales of $4.5 billion (Rs 22,000 crore or Rs 220 billion) by March 2014 from Rs 1,200 crore (Rs 12 billion) in the current financial year. The retailer clocked sales of Rs 500 in the previous year. In 2007, the company had talked about a Rs 9,000 crore (Rs 90 billion) investment plan.
The Reserve Bank of India is formulating guidelines that would allow government-owned banks get into the private equity business.
The Securities and Exchange Board of India, or Sebi, on Wednesday made it compulsory for promoters of listed companies to disclose the details of their pledged shares, but clarified that there would be no need to disclose pledged shares of the holding company. Legal and accountancy experts say this may lead to a restructuring of the shareholding pattern in many companies.
Falling oil rates have made rigs available for hire at a cheaper rate. Oil and Natural Gas Corporation planned to foray into building rigs in June 2008 owing to its short supply as crude oil prices zoomed northwards.
Tata Motors, which is announcing its results January 30, is likely to end 2008-09 with around Rs 500 crore (Rs 5 billion) less cash mainly because sales of commercial vehicles, which account for about 60 per cent of its revenues, have dropped sharply.
The company is still short of over Rs 4500 crore (Rs 45 billion) to refinance the debt which is due before June 2 this year. The company had planned to raise the fund for refinancing through three routes. It planned to raise about Rs 4200 crore through rights issues which it managed after the issue devolved on underwriters in October as the stock prices were tumbling globally following the economic crisis.
While the Tatas are looking for PE deals of about $50 million or less, the A V Birla Group is eyeing deals worth not more than $25 million. Tata Capital is banking on its ability to source deals by exploiting the existing Tata ecosystem of suppliers and customers. The Birla group, which has committed 40 per cent of the $250-million corpus it planned to raise for its PE fund, is looking to leverage its strength to source and evaluate deals.
The freight rate for the very large crude carriers in the spot market has declined to an average $46,426 a day for the quarter ending December 31, about 21 per cent lower than the corresponding period of the previous year. In the same period, smaller crude carriers such as Suezmax rose by about 9 per cent to an average of $42,801 a day. Freight rate for Aframax, a carrier smaller than Suezmax, rose by 25 per cent to an average of $28,628 a day.
Valuations of projects dated, says valuer. Also, angry shareholders could come together to oppose the proposed reverse merger.
After signing the agreement documents on Tuesday night, the Shishir and Rahul Bajaj factions submitted the consent terms of the settlement to the Company Law Board on Wednesday and withdrew the petition.
The Bajaj family dispute is set to end, finally. Shishir Bajaj today sold his 25 per cent holding in the primary group investment firm Bajaj Sevashram to his brother Rahul Bajaj in an off-market deal. This was after Rahul Bajaj transferred his group's entire 29.62 per cent shareholding in Bajaj Hindusthan.
A day before the settlement of the six-year-old Bajaj family dispute, the Bombay High Court has asked Rahul Bajaj, the family patriarch and chairman of Bajaj Auto, to compensate the Pittie family, a minority shareholder in group investment firm Bachhraj & Company.
While the fall in rates is certainly a good signal, is it a great idea to take a loan to purchase a home or car? Most experts felt that this may not be the right time to do so.
Most mutual fund players and life insurance companies are planning to bid for appointment as pension fund managers for all citizens after the Pension Fund Regulatory and Development Authority (PFRDA) today decided to seek expression of interest from prospective fund managers.
With a sharp dip in property prices, leading banks, including State Bank of India, are reassessing the value of properties against which loans have been granted.Sources familiar with the developments said that banks are worried that the recent fall could impact their risk valuation, if asset prices continue to fall.Banks are now worried that if rates fall further buyers may lose interest in the property, especially if they are not living in it.
Data from Value Research, a Delhi-based fund tracking firm, show that the category average returns from equity-diversified funds have been 14.5 per cent a year over this period. Banking funds, which invest in banking and other financial sector companies, have given returns of 23.66 per cent.
The category average returns from equity-diversified funds has been 14.5 per cent a year over this period. Banking funds, which invest in banking and other financial sector companies, have given returns of 23.66 per cent. Other categories that have done well are fast moving consumer goods, tax planning and hybrid (equity-oriented) funds.
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