Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 2 points gain or 0.02 percent. The Nifty futures were trading around 11,945-level on the Singaporean Exchange.
Indications are in the favour of further consolidation and we expect the Nifty50 to hover within 11,700-12,100 range in the coming week
The PFC will on-lend these funds for development of the distribution infrastructure of state-owned companies, a PFC statement said.
The proposal was approved with the requisite majority of shareholders in the annual general meeting held on August 27, according to a statement.
The firm had posted a net profit of Rs 2,864.07 crore in the year-ago quarter, the company said in a filing to the BSE.
The proposal would be placed for shareholders' approval in an annual general meeting of the company on August 27, according to the statement.
The loan has been jointly approved by State Bank of India, Hong Kong and MUFG Bank Ltd, Singapore.
The issuance attracted a strong and diversified order book indicating investor's confidence towards PFC's differentiated credit despite volatile market conditions and concerns over Indian NBFI sector, it mentioned.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 56 points or 0.47 percent. Nifty futures were trading around 11,953-level on the Singaporean Exchange.
The firm's total standalone income increased to Rs 7,702.64 crore in the March quarter, from Rs 6,254.96 crore a year ago.
The agency has alleged that Raju's company Ind Barath group had taken loans worth over Rs 2,655 crore from three non-banking financial companies — Power Finance Corporation, Rural Electrification Corporation Limited and India Infrastructure Finance Company Ltd.
The transaction assumed significance because it helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.
The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.
The board decided to raise Rs 45,000 crore through long term borrowings like term loans and public or private placement of long term taxable/tax free bonds.
PFC has bought REC share at Rs 139.50 per piece with total acquisition cost of about Rs 14,500 crore.
As per the proposal PFC will acquire about 104 crore shares or 52.63 per cent of the government stake in the REC at Rs 139.50 per share, the PFC said in a regulatory filing.
Revenue from operations during the quarter increased 18 percent to Rs 7,362 crore compared to Rs 6,246 crore in same period last year.
In the December quarter, big churn was witnessed in banks (both private and PSU), OMCs, metals, NBFCs, consumer and FMCG by the major Institutions.
The government is expected to garner around Rs 15,000 crore from this sale process.
In December 2018, the cabinet committee on economic affairs as well as the board of PFC had given in-principle approval for the strategic sale.
This is the verbatim transcript of Power Finance Corporation management call with analysts.
The acquisition will impact PFC's return on assets and return on equity, the rating agency said, adding, however, the positive liquidity buckets of PFC over October 2018-March 2019 will address the liquidity concerns.
The S&P BSE Sensex lost over 1200 points while for the Nifty the cut was a little over 400 points or 3.7 percent since September 28.