News Wrap: Future Retail Interest Payment; India-UAE Comprehensive Economic Partnership Agreement; FedFina IPO & More...
February 19, 2022:
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Future Retail Pays $14 Mn Interest On USD Notes In 30-Day Grace Period
Cash-strapped Future Retail paid $14 million or about Rs 104.55 crore in interest on the dollar-denominated notes (USD Notes) listed on the Singapore Stock Exchange after defaulting on the deadline.
According to a regulatory filing by Future Retail, the company had a 30-day grace period for making interest payments.
"Further, we would like to inform that on 18th February 2022 the company has made the payment of said interest for the half-year ended for an amount of USD 14 million on above USD Notes," said the Future Group firm.
Future Retail could not pay the interest amount as its liquidity position continues to be impacted by the headwinds caused by COVID-19 on its business operations.
"This has caused us to miss the service of the payment of interest due on the USD Notes (listed on Singapore Stock Exchange) on 24th January 2022," Future Retail had said.
Fedbank Financial Services Ltd Files DRHP With SEBI To Raise Rs 1700 Cr Via IPO
Federal Bank’s NBFC arm Fedbank Financial Services Ltd (FedFina) has reportedly filed a draft red herring prospectus (DHRP) with SEBI to raise Rs 17,000 crore via initial public offering (IPO).
Of the total, Rs 900 crore will account for the fresh issue of equity shares, and Rs 800 crore would be an offer for sale (OFS).
Federal Bank may offload 7% of its total 76% stake in the NBFC.
According to the latest updates, True North, a private equity firm, has reduced its selling stake to 35% of its 24% stake from the 45% stake sale decided earlier.
In January this year, Federal Bank approved the IPO of its subsidiary FedFina.
More To Know:
Electric vehicle (EV) charging stations have grown 2.5X across nine megacities, including Delhi, Mumbai and Chennai, in the last four months, said the power ministry.
India’s foreign exchange reserves fell $1.76 billion to $630.19 billion in the week ending February 11 owing to a plunge in the value of foreign currency assets, as per the Reserve Bank of India (RBI) data. Foreign currency assets, a major component of the forex reserves, tumbled$2.764 billion to $565.565 billion during the said week.
India and the United Arab Emirates entered into a Comprehensive Economic Partnership Agreement (CEPA), which will be beneficial for sectors like gems and jewellery, leather, agriculture products, medical devices amongst others.
It will allow 90% of the country's exports duty-free access to the Emirates. The bilateral trade deal is India's first in the region, as well as the country's first comprehensive trade agreement in ten years.
The IPO of Life Insurance Corp (LIC), worth $8 billion, is set to launch on March 11.
The consumer price index ( CPI) inflation of India is expected to moderate in February 2022 from the January levels, according to Motilal Oswal Financial Services.
Kansai Nerolac Paints Ltd (KNPL) appoints Anuj Jain for the position of Managing Director, effective from April 2022. Incumbent Managing Director and Vice-Chairman-- H M Bharuka is retiring on March 31, 2022, on completion of his term.