(Bloomberg) -- Yes Bank Ltd., Asia’s worst-performing bank stock this quarter, plans to raise $1.2 billion over 18 months to bolster its capital buffer through a mix of public and private share sales, Chief Executive Officer Ravneet Gill said.Gill took over in March pledging to improve transparency after his predecessor, founder Rana Kapoor, was forced out by the Indian central bank for inadequate disclosure of stressed loans. The new chief has had a tough ride as rising bad debts and an unexpected loss sent the stock down about 57% this quarter, the worst performance among 569 lenders in ...
Shares in Reliance Infrastructure Ltd closed nearly 5% lower on Monday, after its auditors raised red flags around its latest financial results and cast doubts over the manner in which the firm had accounted for several transactions. The company, a construction, power and defence conglomerate that is part of business tycoon Anil Ambani's Reliance Group, late Friday reported a consolidated loss of 33.01 billion rupees ($472.56 million) for the quarter ended March 2019. The loss was mainly attributed to a 45 billion rupee write-off related to its associate Reliance Naval & Engineering Ltd and ...
The lenders of Jet Airways decided on Monday to start bankruptcy proceedings, ending a desperate hunt to find a white knight investor to bail it out and finally marking the end of India’s oldest private airline. Jet Airways, which began flying over two decades ago, was forced to stop flights two months ago on April 17 after running out of cash to pay its lessors and staff. “After due deliberations, lenders have decided to seek resolution under IBC [Insolvency and Bankruptcy Code],” said the lenders, a consortium of state banks, in a statement on Monday.
Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender had been withdrawn, sending shares nearly 8% higher. A criminal writ petition filed on Monday in India's Supreme Court, alleging that about 980 billion rupees ($14 billion) had been siphoned out of the company by senior officials using a web of shell companies.
MUMBAI/BENGALURU (Reuters) - Reliance Capital said on Thursday the observations of global audit firm PwC about its fiscal accounts were "completely baseless and unjustified", after PwC in a surprise move resigned earlier this week as the auditor of the non-banking financial company (NBFC). In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's fiscal year 2018/19 accounts after not receiving a "satisfactory response" to its queries on certain observations in its assessment, Reliance Capital said in a statement on Wednesday.
MUMBAI/BENGALURU (Reuters) - Reliance Capital said on Thursday the observations of global audit firm PwC about its fiscal accounts were "completely baseless and unjustified", after PwC in a surprise move resigned earlier this week as the auditor of the non-banking financial company (NBFC). In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's fiscal year 2018/19 accounts after not receiving a "satisfactory response" to its queries on certain observations in its assessment, Reliance Capital said in a statement on Wednesday.
Shares in Indiabulls Housing Finance Ltd fell for a third straight session on Wednesday, dropping up to 9.8% even as the mortgage lender asked the Supreme Court for an urgent hearing of a petition that alleged financial misdeeds. A criminal writ petition filed on Monday in India's highest court alleged that about 980 billion rupees ($14 billion) had been siphoned out of the company by senior officials using a web of shell companies. "The real objective of the petitioner is not to get the application heard as it has no locus standi, merit or facts," Indiabulls said.
Shares in Reliance Capital Ltd closed 6% lower on Wednesday after the non-banking finance company (NBFC) said its auditor had resigned, sparking worries about the financial health of another player in India's troubled shadow banking sector. In a letter to Reliance Capital, PwC said it felt compelled to withdraw from the audit of the company's fiscal year 2018/19 accounts after not receiving "satisfactory response" to its queries on certain observations in its assessment, Reliance Capital said in a statement late Tuesday. Reliance Capital refuted PwC's claims and said it had duly responded ...
Shares in Indiabulls Housing Finance Ltd plummeted as much as 8.8% on Tuesday even as the mortgage lender and its top management moved to quash allegations of financial misconduct and money laundering within the company. A criminal writ petition filed on Monday in India's Supreme Court alleged that about 980 billion rupees ($14 billion) had been siphoned out of the company by senior officials using a web of shell companies. The housing finance company on Monday dismissed the allegations as "bizarre", noting that total loans on its books stood at just 900 billion rupees.
Moody's placed Yes Bank Ltd's rating under review for downgrade on Tuesday, citing the Indian private-sector lender's exposure to some weak financial companies. "The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressure on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker companies in the sector," the rating agency said in a note.
Moody's Investors Service has today placed Yes Bank Limited's foreign currency issuer rating of Ba1 under review for downgrade. Moody's has also placed the bank's long-term foreign and local currency bank deposit ratings of Ba1, foreign currency senior unsecured MTN program rating of (P)Ba1, and Baseline Credit Assessment (BCA) and adjusted BCA of ba2 under review for downgrade. At the same time, Moody's has placed the bank's Counterparty Risk Assessment (CR Assessment) of Baa3(cr)/P-3(cr) and domestic and foreign currency counterparty risk rating (CRR) of Baa3/P-3 under review for ...
Reliance Group chairman Anil Ambani said on Tuesday his diversified telecoms to financial services and infrastructure group was fully committed to meet all of its debt obligations in a timely manner. "We at the Reliance Group are fully committed to meet our future debt servicing obligations in a timely manner through further asset monetization plans that are already at various stages of implementation," Ambani said on the call.
Indian budget airline SpiceJet Ltd is examining the prospect of taking over widebody jets previously operated by Jet Airways Ltd, but initial studies show they need significant maintenance work, its chairman said on Saturday. SpiceJet, which operates narrowbody and turboprop planes, does not have firm plans to become a widebody operator with longer-range flights in the wake of Jet's collapse in April, SpiceJet Chairman Ajay Singh said.
Ambani’s Reliance Capital Ltd. signed a binding definitive agreement to sell 32.12% of Reliance Nippon Life Asset Management Ltd. for 45.2 billion rupees ($649 million) to the Japanese insurer, taking the latter’s shareholding to 75%, the companies said in statements on Thursday. The partners currently hold 42.88% each in the company.
BENGALURU (Reuters) - Reliance Nippon Life Asset Management Ltd said on Thursday its Japanese investor would increase its stake in the Mumbai-based asset manager to 75%. Reliance Capital and Nippon Life ...
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