The mining tycoon’s Vedanta Resources has close to $2 billion of bonds to settle in 2024 — half of which is due in January.
International Monetary Fund's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (about USD 3 billion), according to a statement.
The step paves the way for the world's most indebted property developer to restructure offshore debt of $22.7 billion, as part of liabilities of more than $300 billion.
FINMA, the Swiss regulator, said the decision would bolster the bank's capital. The move reflects authorities' desire to see private investors share the pain from Credit Suisse's troubles.
According to the International Monetary Fund, 25 percent of the emerging market economies and 15 percent of the low-income countries are in debt distress, Das said
The current roadshow represents a new initiative by the conglomerate, which operates in various industries from ports to power, to rebuild investor trust.
Vedanta to service its debt obligations through multiple options including refinancing and internal accrual-backed repayments.
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About a dozen global banks will help host the investor meetings at Singapore’s Capitol Kempinski hotel Monday.
Several nations are experiencing debt crises and vulnerable nations are looking to the G20 for an answer to ease the burden of debt, the finance minister said
The meeting of finance ministers and central bank chiefs of the Group of 20 (G20), hosted by India, was likely to end later in the day without a joint communique because there was no consensus on how to describe the conflict in Ukraine, delegates said.
Rupee loans from Indian banks are cheaper by 100-150 basis points (bps), prompting companies to look for local credit to replace overseas debt coming due.
The offering this month, which was initially marketed at only €500 million, pulled in about 120 investors including European, Asian and American banks, pension funds and insurers.
The February 22-25 meeting in the Nandi Hills summer retreat near Bengaluru is the first major event of India's G20 presidency.
Centre has threatened to take legal action to stop Agarwal’s Vedanta Group from selling the unit to its subsidiary Hindustan Zinc Ltd., which is around 30 percent state-owned.
Many of these people are big businessmen who are used to not paying their debt on time, and using their political connections to get the banks to reschedule and even write off their debts.
The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show.
If the company is not keen on 'extreme divestment', it can seek fresh investments from existing investors with skin in the game like TotalEnergies and IHC. Adani Green should avoid bidding in new opportunities till leverage comes down, says the research firm
The states' outstanding debt burdens have spiked considerably since the Covid-19 pandemic hit, with Madhya Pradesh topping the rise with a 79% jump. This is a cause for concern as refinancing this debt over coming years will keep interest rates in the economy high.
About 60% of the world’s poorest nations are in or at high risk of debt distress, IMF data show.
Foreign portfolio investors have been enjoying a lower 5% tax on interest earned on bonds since 2013, making investments in the country more attractive. Ending this treatment would require them to pay a 20% tax on interest income from July 1.
India has committed to help ease the debt burden of its crisis-stricken neighbor Sri Lanka as part of a possible International Monetary Fund-supported program, the IMF said.
Congress spokesperson Gourav Vallabh said the astronomical increase in the government's debt due to "Modinomics" has crushed the common people as the debt per Indian has increased from Rs 43,124 to Rs 1,09,373 since 2014.
Carbon Resources had picked up 5 percent stake in September last year from the open market in the Kolkata-based tea manufacturer.
Jaishankar, who is here on a two-day visit, on Thursday met Sri Lanka's top leadership, including his Sri Lankan counterpart Ali Sabry and President Ranil Wickremesinghe.