The country is undergoing a wrenching, if necessary and inevitable, transition from small to large. But that means stocks are cheap, particularly as the country recovers.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Yes Bank Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's assessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers, which was followed by a rating committee. The updated key rating considerations and principal methodology(ies) used were explained in Moody's rating ...
(Bloomberg) -- Short sellers are easing off Jaguar Land Rover Automotive Plc as the luxury carmaker shows signs of a turnaround.Bets against JLR have more than halved from a peak in February to $135 million across the company’s dollar, euro and sterling-denominated bonds, according to data from IHS Markit Ltd. That’s the lowest in more than a year.Improving demand in China and a cost-cutting drive helped calm investors’ fears in recent months and JLR returned to the bond market for the first time in more than a year. The possibility of a tie-up with automakers including BMW AG or Zhejiang ...
The US has imposed sanctions on Iran’s biggest shipping company and largest airline for allegedly helping Tehran develop ballistic missiles in contravention of UN sanctions. Mike Pompeo, secretary of state, on Wednesday announced the sanctions on the Islamic Republic of Iran Shipping Lines (IRISL) and its China-based subsidiary, E-Sail Shipping, as well as Mahan Air. The sanctions on the entities, which are already subject to other US punitive actions, are being imposed under an executive order aimed at stopping the development and proliferation of weapons of mass destruction (WMD).
(Bloomberg) -- Erwin Singh Braich, the mysterious tycoon behind a $1.2 billion bid to rescue a beleaguered Indian bank, says he is Canada’s richest man with a story so fabulous that Netflix Inc. wants to tell it.There’s a less glittering account pieced together from interviews and court records: The son of a lumber baron has a history including bankruptcy, lawsuits and soured business deals. He has no headquarters, no banker to manage his money, and is currently living in a three-star motel in the Canadian prairies.The board of Yes Bank Ltd. deferred a decision Tuesday on which version of ...
MUMBAI/BENGALURU (Reuters) - India's Yes Bank Ltd said on Tuesday it was still discussing a $1.2 billion offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings as part of a $2 billion capital raise it announced last month. The fund raising is crucial to boost Mumbai-based Yes Bank's capital base as it battles high levels of bad loans due to its exposure to India's crisis-hit shadow banking and real estate sectors. The bank also said it was willing to "favourably consider" a $500 million offer from Citax Holdings and Citax Investment Group, with the final decision ...
(Bloomberg) -- Beleaguered Coffee Day Enterprises Ltd.’s sale of its technology park to Blackstone Group Inc. is stalled as one of its creditors hasn’t approved the deal, people with the knowledge of the matter said.Yes Bank Ltd. hasn’t issued the so-called no objection certificate as it’s seeking assurances on repayments of other loans taken by Coffee Day, said the people, asking not to be identified as the information isn’t public. All other creditors have approved the transaction, the people said.Shares of Coffee Day fell 8.9% to close at 43.85 rupees. The stock dropped as much as 14.5% ...
(Bloomberg) -- Yes Bank Ltd. is likely to reject an offer that made up more than half of its planned $2 billion capital raising, and is talking to institutional investors about making up the shortfall, according to a person familiar with the matter.At a meeting on Tuesday, the board is expected to reject an offer from Canada’s Erwin Singh Braich and Hong Kong-based SPGP Holdings to contribute $1.2 billion toward the fund raising, according to the person, who asked not to be identified because the discussions are private.After initially dropping on the news, Yes Bank shares reversed the losses ...
Moody's Investors Service has today downgraded Yes Bank Limited's long-term foreign currency issuer rating to B2 from Ba3. Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1. The downgrade of Yes Bank's deposit and senior unsecured program ratings to B2 from Ba3 and (P)B2 from (P)Ba3 takes into account Moody's expectation that the bank's pool of potential stressed assets and low loss ...
U.S. stocks are set to start the day in the green, rebounding after news that President Donald Trump might delay a U.S.-China trade deal until after the 2020 election roiled markets on Tuesday.
(Bloomberg) -- Almost a week after embattled Yes Bank Ltd. unveiled details of its plans to raise $2 billion in capital, shareholders remain unconvinced that a deal will take place.Shares of the Mumbai-based lender have fallen about 8% since it announced the names of the investors for its proposed preferential issue. Doubts over key foreign bidders have triggered concerns that the Reserve Bank of India might not allow them to take ownership of the bad-debt laden bank.The bank’s 3.75% dollar-denominated notes due February 2023 fell 1.9 cents to 88.7 cents, the biggest decline in more than two ...
(Bloomberg) -- Yes Bank Ltd., an Indian lender caught in the country’s deepening shadow banking crisis, boosted its target for a capital raising to $2 billion after receiving commitments from new investors.The nation’s fourth-largest private lender said its board signed off on the capital increase, which is higher than the previous figure of $1.2 billion, at a meeting on Friday. Investors including Canada’s Erwin Singh Braich, SPGP Holdings and Citax Holdings Ltd. “individually expressed their agreement/willingness to subscribe to equity shares,” according to a stock exchange filing.The board ...
(Bloomberg Opinion) -- For every 100 people in India, there are only three credit cards. A comparable penetration figure for the U.S. is 320.Statistics like these suggest that India’s first initial public offering of a credit card issuer is either an opportunity with boundless prospects — or a victim of arrested development. Which is it?The upcoming sale of shares in SBI Cards and Payment Services Ltd. will give investors a chance to find out. Between them, the controlling shareholder, State Bank of India, and its 26% partner, Carlyle Group, plan to sell up to 130.5 million shares. Throw in ...
MUMBAI/BENGALURU (Reuters) - Yes Bank Ltd aims to raise up to $2 billion in a massive issue of new shares to institutional investors and wealth managers as it soaks up the impact of bad loans in the country's crisis-hit shadow banking and real estate sectors. The plan, announced late on Friday, would see the country's fifth-largest private sector bank by assets seek to sell new stock worth close to its existing market capitalisation of $2.4 billion at the close of trading on Friday. As a major part of the plan, Yes Bank said it is in talks on a deal to sell shares worth $1.2 billion to ...
MUMBAI/BENGALURU, Nov 30 (Reuters) - India's Yes Bank Ltd aims to raise up to $2 billion in a massive issue of new shares to institutional investors and wealth managers as it soaks up the impact of bad loans in the country's crisis-hit shadow banking and real estate sectors. As a major part of the plan, Yes Bank said it is in talks on a deal to sell shares worth $1.2 billion to Canadian billionaire Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs. Shares of the Mumbai-based Yes Bank closed 2.5% lower ahead of the announcement on Friday.
SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), aims to raise roughly 90 billion rupees ($1.25 billion) in an initial public offering, according to a source familiar with the matter, in a deal set to make a bumper profit for U.S private equity firm Carlyle Group. SBI Cards is 74% owned by SBI, India's largest lender, while Carlyle Group owns the remaining 26%, a stake which it bought in 2017 from the lending arm of General Electric for about 20 billion rupees. SBI will divest 4%, while Carlyle is set to sell a 10% stake as part of the IPO process, which ...
SBI Cards and Payment Services Ltd, the credit card subsidiary of State Bank of India (SBI) , India's largest lender, filed plans for an initial public offering (IPO) with the markets regulator and stock exchanges on Wednesday. The company plans to issue new shares worth 5 billion rupees and will offer up to 130.5 million shares for sale, according to the draft prospectus published by the lead managers of the deal. The prospectus does not disclose the size of the IPO which is estimated to be between 80 billion rupees ($1.1 billion) and 90 billion rupees ($1.2 billion), according to local ...
SBI Cards and Payment Services, the credit card arm of State Bank of India (SBI), aims to raise roughly 90 billion rupees ($1.25 billion) in an initial public offering, according to a source familiar with the matter, in a deal set to make a bumper profit for U.S private equity firm Carlyle Group. SBI Cards is 74% owned by SBI, India's largest lender, while Carlyle Group owns the remaining 26%, a stake which it bought in 2017 from the lending arm of General Electric for about 20 billion rupees. SBI will divest 4%, while Carlyle is set to sell a 10% stake as part of the IPO process, which ...
