Private wealth management firm LGT Wealth India has appointed Chirag Doshi as its chief investment officer for fixed income and Abhishek Modi as director of portfolio management. The pair joins from Credit Suisse India. Doshi brings more than 20 years of experience in fixed-income markets, while Modi has 15 years experience in the Indian equity and debt markets.
The mortgage lender, which was hurt by the meltdown in real estate, is planning to resume business in construction finance for residential projects in the second half of the fiscal year, returning with lessons from past experience. Monitoring in the real estate industry is also stronger now.
The ARCs have started following measured steps to ensure realizations, which has slowed down the pace of recovery, and the recovery timelines can have got stretched by three to four quarters, India Ratings and Research said in a report.
PNB Housing Finance also plans to borrow about Rs 2500 crore from National Housing Bank through the latter's refinancing window, besides bank borrowing.
VRL is seeking funds to meet its upcoming debt obligations and has been engaged in talks with banks as well as private funds. VRL has $400 million of dollar bonds due in April and $500 million dollar bonds in May. It has another $1 billion bond maturing in January 2024.
The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process. The apex court has listed the matter regarding the second auction for a hearing in the month of August.
Lenders of bankrupt Reliance Capital fear their loan recovery could fall below the liquidation value of `12,500-13,000 crore for the financial services company since both bidders, Hinduja Group and Torrent Investments, are reluctant to improve their offers, bankers dealing with the matter said.
The administrator is proposing to hold an auction amidst stiff resistance from Torrent Investments- one of the bidders for the Anil Ambani-promoted finance company undergoing insolvency proceedings.
The money raised will be deployed in equity, debt capital and hybrid instruments across sectors, a statement from Kotak Investment Advisors (KIA), the arm of the private sector lender, under which the fund comes, said. The overall targeted amount for the second fund, which will be domiciled in the GIFT City, is USD 1.6 billion.