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U.S.-listed shares of Credit Suisse hit a record low, after its largest investor said it could not provide more financing to the bank, starting a rout in European lenders and pressuring U.S. banks as well.

As per the payment schedule approved by NCLT, the Swan Energy-Hazel Mercantile team had to pay ₹200 crore to lenders, ₹65 crore towards CIRP cost and ₹10 crore to trade creditors and employees. They needed to make this payment within 90 days from December 23, 2022, when NCLT approved their resolution plan.

THL Zinc Ventures, a wholly owned subsidiary of India-listed Vedanta Ltd (VDL), is negotiating with global lenders including JP Morgan, Barclays, Standard Chartered Bank and Deutsche Bank to lower their asking rate. The loan - talks with banks started a month back - was expected to be raised at the secured overnight financing rate or SOFR+500 bps. The lenders have given a term sheet at SOFR+800 bps for the 3-3.5-year loan, said the people cited above. SOFR is currently at 4.55%.

Credit Suisse has asked for a similar response from Swiss regulator Finma, the report said, citing two people familiar with the matter.

It is not planning to seek a fresh approval for the IPO immediately from the Securities & Exchange Board of India because of the current choppy market. "We’re not in a hurry to go and, you know, sell it at any cost," managing director K Srinivas told ET.

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IFSC, GIFT City, which houses many private and public sector banks, global MNC banks, have been in operation for a long time now

“Low interest rates have encouraged investors to take on more risk, leading to an increase in leverage and a rise in the number of zombie firms that are only able to survive thanks to cheap credit,” says Dalio

Contracts on the S&P 500 sank about 2%. The 10-year Treasury yield plummeted below 3.5% after data showed wholesale prices in the US unexpectedly decline in March, adding to evidence that inflation may be near peaking. The dollar rallied.

SEBI norms state that public shareholders must hold a minimum of 25% stake in a listed company.​​