The Jet Airways lenders consortium, which has opted for a resolution of the grounded airline under the Insolvency and Bankruptcy Code (IBC) is moving fast and has selected Ashish Chhawchharia of advisory firm Grant Thornton for the crucial role of interim resolution professional in the high profile case, multiple sources with knowledge of the matter told Moneycontrol.Chhawchharia leads the restructuring practice for Grant Thornton in India. Law firm Cyril Amarchand Mangaldas are the legal advisors to the SBI-led consortium for the IBC proceedings, sources added.The interim resolution professional is a key component of the corporate insolvency process who has to manage the affairs of the stressed company, facilitate the bidding process and balance the interests of all stakeholders.Close "This is a very important insolvency case and all eyes are on this process after a stake sale attempt which failed after extensive negotiations with multiple suitors. The interim resolution professional … [Read more...] about SBI-led consortium picks resolution professional for Jet Airways
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India's largest consumer durables and lifestyle financier Bajaj Finance has initiated exploratory talks with merchant bankers to raise funds through a qualified institutional placement (QIP), multiple sources with knowledge of the matter told Moneycontrol. The company's scrip has rallied nearly 40 percent over the past six months, compared to an 11 percent rise in the Sensex during the same period."They are planning to raise around Rs 3,000 crore through a QIP; talks are at an early stage,” said one of the sources. Non-banking finance companies in general are finding the going tough as the default by IL&FS and its group companies in September last year has made mutual funds wary of lending to NBFCs. With mutual funds asking for their money back, most NBFCs have had to scale down their portfolios. However, market players said that investors are still bullish on top rung NBFC stocks.Close “In the past, all the fund raising efforts by the company have been oversubscribed … [Read more...] about Exclusive | Bajaj Finance eyeing Rs 3,000 crore fund raise
Online financial product marketplace BankBazaar has initiated talks with investors for raising capital, multiple individuals with knowledge of the matter told Moneycontrol. The Chennai-headquartered firm, which counts Amazon and venture capital fund Sequoia Capital among its major stakeholders, last raised funds in October 2017."BankBazaar has recently mandated investment bank UBS to raise between $80 million to $100 million,” said one of the individuals cited above.“Key performance ratios have more than doubled since the last fund raising round in 2017 and in this round, the valuation of the company should comfortably be upwards of $500 million" the person said.Close In October 2017, UK-based credit rating agency and information management company Experian picked up a 10 percent stake in BankBazaar for $30 million, valuing the marketplace around $300mn. related news Here’s a look at Healofy – a social networking platform only for women Retain current … [Read more...] about Exclusive | Amazon-backed BankBazaar eyes fresh round of funding; valuation may top $500 mn
A consortium of diversified conglomerate Hinduja Group & Etihad Airways is all set to join the race for Jet Airways and bid for the debt-ridden grounded carrier under the Insolvency and Bankruptcy Code (IBC), four independent sources with knowledge of the matter told Moneycontrol.The Tata Group is currently exploring the possibility of a potential bid but hasn't taken a final call yet. Qatar Airways is also in exploratory mode and may join the fray if it finds a suitable domestic partner, these sources added.Moneycontrol had reported earlier on June 28 that the employee consortium had joined hands with London-based AdiAgro Aviation to bid for 75 percent in the airline through the IBC process. AdiGro Aviation Founder Sanjay Viswanathan said the consortium will bid for 75 percent stake, of which the London-based firm will take 49 percent, and the rest will be with the employees' consortium. There is a 49 percent cap on FDI in the aviation sector.Close "The Hinduja Group & Etihad … [Read more...] about Exclusive | Hinduja-Etihad consortium gearing up for Jet Airways IBC bid; Tata’s, Qatar Airways in exploratory mode
These days, investors in equity markets are having a rollercoaster ride. S&P BSE Sensex and NSE Nifty have dropped by over 20 percent from highs after news on loan default by Infrastructure Leasing & Financial Services (IL&FS), coupled with rising crude oil prices and depreciating rupee against dollar. As per the current scenario of the bearish market, passive funds are snatching the limelight from active funds.Active funds are those funds which are maintained to outperform the market, to give their investors returns better than the market, but these funds do not promise or guarantee the continued and regular out-performance. On other hand, passive funds are those funds which eventually invest in the index stocks in the same ratio as the stocks have weighed in the index, which means that these stocks are maintained to give the market return and no better or below than that.Whenever the market turned bearish, the probability of the index performing well then the stock … [Read more...] about Is it time for you to shift from active funds to passive funds?