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The first tranche was raised a few weeks ago and the company was looking to raise more if needed.IL&FS Financial Services became the first Indian company to raise money through a masala loan, a rupee-denominated loan from overseas investors, by securing the equivalent of $50 million from Export Development Canada. In a masala loan the borrower saves on the hedging cost because the repayment is in rupees.The IL&FS Financial Services fund, raised a few weeks ago, was the first tranche and the company was looking to raise more if needed, said Ramesh Bawa, the company’s managing director and chief executive officer.  EDC, as the trade financier to Canadian companies, is in talks with other companies to disburse more masala loans, according to Mairead Lavery, EDC’s senior vice-president for business development, and Nathan Nelson, chief representative for India. IL&FS Financial Services will use the proceeds to refinance its debt and support fresh funding of … [Read more...] about IL&FS Financial gets India’s first masala loan

Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms REDD Intelligence, a Singapore-based analytics specialist on distressed debt, says beleaguered infrastructure financier Infrastructure Leasing & Financial Services (IL&FS) will require equity infusion up to Rs 30,000 crore to get back on the rails. It will also have to take an impairment of at least Rs 15,000 crore before recovering a single rupee from its subsidiaries, says REDD. “The required equity infusion could be in the range of Rs 22,500-30,000 crore, much higher than the proposed Rs 4500 crore rights issue,” it said in a report dated September 27. “We estimate the equity required to right-size the balance sheet is Rs 29,500 crore, equal to the standalone borrowings at IL&FS and ITNL (IL&FS Transportation Networks). Excessive holding company leverage was used to finance parent contributions in operating subsidiaries.”REDD estimates IL&FS … [Read more...] about IL&FS requires Rs 30,000 crore to get back in business

With all the political uncertainty around the world, whether in the Brexit-dominated UK or amid China-US trade tensions, politicians are forgetting the importance of collaboration. This is entirely at odds with the global technology industry, which values the transfer of knowledge, talent and funding across borders. UK tech leaders, and the private sector more broadly, are driving internationalization forward in a way that many government leaders are neglecting. On Oct 15, the Global Tech Advocates Festival was launched in Shanghai. The summit convened global tech leaders to learn more about the Chinese tech ecosystem and to work together for the betterment of the industry. The visit was another reminder of the vast opportunities for China-UK tech relations. But if we want to cling to these opportunities, we must look past the geopolitical noise that could hamper the momentum and ensure that Britain remains an attractive destination for Chinese investment. For this, we must plan … [Read more...] about China-UK tech corridor is bustling

But it does not mention its views on the government demand to ban these two auditors for five years from business. The NCLT has given a go-ahead to government to prosecute Deloitte and BSR Associates for their failure to detect and report the scams that took place across the now bankrupt IL&FS group and 21 other entities, when they were the auditors of IL&FS Financial Services. The NCLT in an order posted on its website on Thursday said the corporate affairs ministry can go ahead with prosecution based on the findings of the probe conducted by the Serious Fraud Investigation Office (SFIO). But the posting does not mention its views on the government demand to ban these two auditors for five years from business, though.The tribunal also allowed to the government plea to implead Udayan Sen, a  partners of Deloitte, and BSR Associates partners Kalpesh Mehta and Sampath Ganesh. Both these auditing companies no longer work with the company, though. The tribunal allowed … [Read more...] about IL&FS auditors Deloitte, BSR to be prosecuted

Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones. On the first day of the year when most are on holiday, Sourav Mallik, joint managing director at Kotak Mahindra Capital, is chalking out his mergers and acquisitions (M&A) strategy sitting at his Bandra-Kurla-Complex office in Mumbai. “We expect domestic consolidation to be the larger M&A theme this year. Especially with the new legal process for bankruptcy, home-grown firms are better placed to deal with it,” he said. According to the data available with Thomson Reuters for deals up to December 12, 2017, India had M&A worth $55.9 billion last year. Of this 33 per cent, worth $18.4 billion, was in the telecom sector as the launch of Reliance Jio services at a record low price disrupted the industry.This includes the proposed merger of Vodafone India and Idea Cellular that is valued at $11.6 billion. Besides, last week Reliance Jio also announced … [Read more...] about Bankruptcy will influence M&A trend in 2018