Vodafone Idea board on Tuesday approved a fund-raise of up to Rs 20,000 crore through a combination of equity and equity-linked instruments, the crisis-ridden telco said, adding promoters will also participate in the proposed equity raise. Overall, Vodafone Idea plans to raise around Rs 45,000 crore through a mix of equity and debt, the company said. The company has been fighting a desperate battle for survival -- it has a debt of Rs 2.1 lakh crore and is reporting quarterly losses, amid massive subscriber churn.
A post in Humans of Bombay's Facebook page from a manager of a bank will give you an insight of what the bankers are going through and will urge you to cooperate with them.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
Trailblazing careers apart, today's hottest investment bankers have a lot in common. They are below 40, represent big finance and have been either colleagues or classmates.
The initial public offerings (IPOs) by small and medium enterprises (SMEs) hit a new high in 2023-2024 (FY24). In this financial year, data from the Prime Database showed that 190 companies raised Rs 5,579 crore through the SME IPO route. This financial year's tally bettered the fundraising in the previous financial year when 125 companies raised Rs 2,235 crore.
Let's take a look at the best and worst central bankers.
Bankers were optimistic about the Reserve Bank's annual credit policy, which left all key rates unchanged, but feared that there could be tightening measures in the near future if it had to contain inflation around five per cent.
There was no smooth surge in middle class prosperity for foreign businesses to tap into because of the Indian economy was mismanaged, argues Debashis Basu.
The message to bankers from Raghuram Rajan was clear.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Nine of 10 bankers who attended the meeting admitted their sanctioned loan pipeline was shrinking fast due to tepid demand.
With credit demand picking up and liquidity crunch yet to ease, bankers are expecting a cut in key policy ratio - Cash Reserve Ratio (CRR) - by one per cent in the mid-term monetary policy review by RBI, a top bank official said.
The government on Wednesday decided to speed up the process for appointment of merchant bankers for its Rs 400 billion (Rs 40,000 crore) divestment plan.
Bankers, who spoke to PTI, point to the above indicators and aver the Reserve Bank of India is unlikely to hike reverse repo and repo rates this month.
It may sound bizarre, but incidents of public sector bankers dying by suicide could probably equal the number of such bankers quitting their jobs, reveals Tamal Bandyopadhyay.
CEOs of leading banks say third straight rate hike by RBI inevitable, though not desirable.
The bank was worth over Rs 80,000 crore as recently as September 2017. The lender had grown at breakneck speed, helped perhaps by Rana Kapoor's reputation as a banker, willing to aggressively write checks.
The revival in Mumbai's property market could help the group.
With the Nifty50 surging past the 20,000 mark, the markets are experiencing a spate of initial public offerings (IPOs) with four issues set to raise over Rs 4,673 crore this week. Another quartet, cumulatively worth Rs 3,000 crore, is expected to launch next week. Companies like RR Kabel, SAMHI Hotels, Zaggle Prepaid Ocean Services, and Yatra Online are set to hit the primary market this week, while Signature Global, Updater Services, Sai Silks (Kalamandir), and Vaibhav Jewellers are slated for next week. This flurry of activity is driven by multiple factors including buoyant market conditions, increased demand for IPOs, and specific rule on the disclosure of quarterly financials.
Investment bankers have dismissed the capital market regulator Sebi's concerns over near-zero fee for managing public sector issues.
A cut in the CRR will help banks release their funds stuck with the RBI on which they do not get any interest from the regulator.
Some have been cherry-picked to assert the BJP's supremacy over its allies or, significantly, its leaders who charted an independent course in the recent past.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
Finance Minister P Chidambaram is slated to meet bankers on November 18, to review performance of PSU banks and discuss ways of augmenting their capital by Rs 60,000 crore (Rs 600 billion) in the next 5-6 years.
Mukesh Ambani-owned Reliance Industries (RIL) is in discussions to acquire a 29.8 per cent stake in Tata Play from the Walt Disney Company, according to sources close to the development. This move is seen as part of RIL's broader strategy to deepen its footprint in India's television distribution sector. Tata Sons, the holding company of the Tata group, currently holds a 50.2 per cent stake in the satellite television broadcaster.
Relaxation in KYC guidelines has helped meet the target but this could lead to money laundering and financial malfeasance, it is feared.
They say liquidity remains a major cause of concern, and the coming quarters could witness a significant rise in non-performing assets. According to them, a robust risk management system, adequate capital infusion and regulatory reforms is crucial if India's economic growth is to remain intact in the medium and long term. Banks are facing immense liquidity pressure, as resources gradually disappear from the system. Banks have also been unwilling to lend each other.
The meeting was also attended by State Bank of India Chairman O P Bhatt and Indian Banks Association and Bank of India Chairman T S Narayanaswami.
For five consecutive policy reviews in 2023, the Reserve Bank of India (RBI) chose to hold rates, citing inflation threat. And when the prices did cool off a bit, it reminded all about the target to get the headline consumer price inflation at 4 per cent and the risks from food inflation. Heading into the new year, all eyes are on when RBI will cut the rates, especially after one of the Monetary Policy Committee (MPC) members stressed on the need for such an action in the face of the US Federal Reserve's guidance for easing rates.
Vedanta Ltd, which is planning to restart its copper plant in Tamil Nadu, is weighing the option to sell the unit at a valuation of up to Rs 4,500 crore, banking sources have said. The company had sought expressions of interest (EoIs) for the plant in June last year but did not get a good response as the unit was shut for the last five years. "The process has now restarted with the bankers reaching out to potential bidders," said a banker.
Vedanta Resources (VRL), the diversified mining company headquartered in London, is giving final touches to a plan to raise up to $2.5 billion (about Rs 20,800 crore) as debt repayment deadlines near. The company owned by billionaire Anil Agarwal plans to do this by a combination of instruments, including issuing preference shares in the holding company to a slew of offshore investors from West Asia, and taking on another loan to refinance older debt at a higher interest rate. VRL, which is the group's holding company, is also looking to sell part of its 63.71 per cent stake in the Indian listed subsidiary Vedanta Ltd to meet funding requirements, said a banker close to the development.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
Jaitley also asked banks to take steps to ensure smooth credit flow to projects.
The government plans to sell 5 per cent of its stake in Oil and Natural Gas Corporation through the further or follow-on public offering which at current prices can fetch up to Rs 13,500 crore (Rs 135 billion).
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