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"I believe that private banks still stand better compared to PSU banks and we still are sticking to the large private banks at this moment", Siddharth Purohit, Senior Research Analyst at Angel Broking told CNBC-TV18. He prefers ICICI Bank and Axis Bank at this moment.
Expressing concerns over mounting bad loans, Banks Board Bureau (BBB) Chief Vinod Rai has written to Finance Minister Arun Jaitley and Prime Minister's Office underlining the tardy progress made by state-owned lenders in resolving the issue of Non Performing Assets.
Lenders of household appliances maker Khaitan Electricals have invoked strategic debt restructuring and has fixed August 17, 2016, as reference date for the exercise.
Lenders to Jaiprakash Power Ventures Ltd have recommended invocation of Strategic Debt Restructuring (SDR) which will allow them to convert part of their debt into equity.
Under the proposed process, banks will auction assets through a joint lenders' forum (JLF) and a consortium leader would take lead for sale of assets through this closed bid.
According to a filing with the bourses on Saturday, the company said the board has decided to convene a shareholders‘ meeting to approve the conversion of part of the debt into equity shares of the company pursuant to invocation of strategic debt restructuring by joint lenders forum.
The company will hold an Extraordinary General Meeting (EGM) on January 7, 2016 to consider and approve the share sale to lenders
The Hyderabad-based infrastructure company said the CDR lenders (after their Joint Lenders Forum meeting) have invoked strategic debt restructuring (SDR) in the company and adopted reference date for the purpose as November 26.
"YES Bank has participated in joint lenders forum (JLF) restructure and has completed the documentation," said the company in its statement.
SBI managing director VG Kannan says the market has priced in a 25 basis points rate cut.
"Lenders of the company in its Joint Lenders Forum (JLF) meeting, on September 22, have decided to invoke strategic debt restructuring (SDR)," says the Kolkata-based mineral and metals company.
The company will approach its shareholders with the special resolution at its annual general meeting scheduled later this month, it said in a regulatory filing.
Bhushan Steel is locked at 20 percent upper circuit at Rs 66 on Thursday. There were pending buy orders of 194,191 shares, with no sellers available at 9:40 hours IST.
A sell out to a strategic investor is the next step and big names are in the race.
