Mukesh Ambani led RIL is close to acquiring REC Group, the largest solar panel manufacturer in Europe, for $1-1.2 billion from China National Chemical Corp.
The government is reviewing the norms for use of some of the hybrid instruments for overseas investors after it came across instances of some Chinese companies seeking to circumvent rules around foreign direct investment (FDI) in Indian entities.
The projects will be allowed to sell on the exchanges for a month but the dispensation can be extended by another month if the coal stock position at power plants doesn’t ease, a government official said.
“Rajnish’s depth and breadth of experience across India’s financial industry will be an invaluable addition to the Board of the Group’s flagship Asian entity as HSBC directs its focus towards the region. The opportunities presented by its 1.4 billion population, 18 million non-resident Indians and 40,000 MNCs make India a key component of HSBC’s growth strategy," said Peter Wong, chairman of HSBC Asia.
On an aggregate basis, gross NPAs and restructured assets across banks and NBFCs increased to Rs 13.2 lakh crore in June 2021 from Rs 8.6 lakh crore in March 2020 due to an addition of Rs 3.7 lakh crore in loans due past 90 days and also Rs 2.4 lakh crore of restructured assets after adjusting for recoveries and write offs during the period.
Syska Group has witnessed success over the years due to its first mover mindset and constant innovation and become one of the leading fast-moving electrical goods companies in the country. Over the years, it has grown and diversified into segments such as LED, personal care appliances, mobile accessories, home appliances and only continues to grow and dominate these markets, according to the release.
Investment banks including Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup and JP Morgan are understood to be working with the company on filing preliminary documents with the market regulator in the next two months.
In another transaction, Nomura Singapore bought 705,000 shares of Vishal Fabrics at Rs. 112.25 per share through a bulk deal on the NSE.
The company, which is backed by chip company Qualcomm and payments major PhonePe, is expected to file the DRHP (Draft Red Herring Prospectus) in the next few days, two sources close to the development said.
Going by the draft papers, proceeds from the issue would be utilised towards repayment or prepayment, of certain borrowings of the company, funding incremental working capital requirements, and for general corporate purposes.
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