SREI Equipment Finance NCDs: Should you subscribe?

SREI Equipment Finance (a wholly owned subsidiary of Srei Infrastructure Finance) is issuing secured Non Convertible Debentures (NCDs) with interest rates (technically called coupons) up to 10.65%. The company’s overall NCD programme as covered by the shelf prospectus is to raise an amount up to Rs1,700 crore. In this tranche however, the company is seeking to raise Rs100 crore from the issue with the option to retain another Rs400 crore in case of over-subscription. Srei Equipment Finance is an NBFC (Non Banking Finance Company) engaged in the financing of equipment used…

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Ujjivan Financial files prospectus for small finance bank IPO, stock plunges 8%

Shares of Ujjivan Financial Services fell nearly 8 percent on Monday after the company filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to list its subsidiary Ujjivan Small Finance Bank (USFB). The stock fell as much as 7.8 percent to Rs 261.70 per share on BSE. At 9:25 am, the stock was trading 4.4 percent lower at Rs 271.7 compared with 0.63 percent (236 points) gain in BSE Sensex at 37,586. USFB plans to launch an initial public offering (IPO) at a face value…

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Ujjivan Small Finance Bank files Rs 1,200 cr IPO papers

Ujjivan Small Finance Bank is planning an initial public offering to raise Rs 1,200 crore. The company on August 16 filed a draft red herring prospectus with SEBI. “Ujjivan Small Finance Bank is proposing to undertake an initial public offering of equity shares of face value of Rs 10 each, comprising a fresh issue of equity shares by bank aggregating up to around Rs 1,200 crore,” Ujjivan Financial Services said in its BSE filing. The price band for public issue may be determined by bank in consultation with the book running lead managers…

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Attention candidates! Ministry of Finance is hiring, apply by today

The Ministry of Finance is hiring 7 consoultant and 7 young professional Ministry of Finance recruitment: The Ministry of Finance released the official notification for the recruitment process of Young Professional and Consultant Posts on its official website. Candidates who wants to apply for the posts can apply online by today. The official website for the Ministry of Finance is finmin.nic.in. Ministry of Finance recruitment: Important dates to keep in mind Last date to apply: August 10, 2019 Ministry of Finance recruitment: Vacancy details Young Professional: 7 Posts Consultant: 7 Posts…

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IIFL Finance eyes Rs 1000-cr NCD sale

Non-banking lender IIFL Finance is looking to raise up to Rs 1,000 crore through a domestic bond sale this month. The issue, which comes in times of liquidity stress, has been priced at similar levels as the one in January when it had raised Rs 1,200 crore, offering a coupon up to 10.5 percent, the company said. Chief executive Sumit Bali exuded confidence that despite the elevated cost, they will be able to maintain net interest margins at 7 percent because of its focus on retail. It is looking to…

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Population control: Finance Commission may not reward states for poor show

The hue and cry last year over the ToR with regard to use of 2011 population, prompted PM Modi to announce that the Centre has suggested to the commission to “consider incentivising the states who have worked on population control.” The 15th Finance Commission (FC) may assign a lower weight to ‘population’ than 17.5% by the previous FC while giving a ‘respectable’ weight to progress made in curbing population growth to balance the needs represented by the latest population and progress towards population control, for inter-se distribution of resources among…

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Want To Teach Your Young Child About Finance? Here Are Five Simple Activities To Get You Started.

Little Joe’s Coffee & Books, Katonah NY MARY ANN DAVIS Growing up, most of us (adults) weren’t taught about finance. Money was considered taboo, and it simply wasn’t spoken of. Today we are paying for it. It’s obvious now the problems that come along with not having a financial education. Adults are swimming in debt through credit cards and student loans. Financial stress wreaks havoc on marriage and health. Most Americans do not have enough saved for retirement. But really, this shouldn’t be surprising. Why should adults know how to manage their…

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Who is Rajiv Kumar, the new finance secretary

The Appointments Committee of Cabinet (ACC) headed by Prime Minister Narendra Modi on Tuesday approved the appointment of Rajiv Kumar as the administrative head of one of the key economic policy making divisions of the government – the ministry of finance. The finance secretary is the senior-most bureaucrat among the finance ministry’s five departments—economic affairs, revenue, expenditure, financial services and department of investment and public asset management (DIPAM). Kumar a veteran of power corridors of the North Block, is also secretary, financial services. He succeeded 1983 batch Indian Administrative Service (IAS) officer Subhash…

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Out of Finance Ministry, Subhash Chandra Garg: No one in govt questioned overseas bonds

S C Garg (right) takes charge as Power Secretary from A K Bhalla on Friday. (PIB/PTI Photo) Taking charge as Power Secretary, former Finance Secretary Subhash Chandra Garg Friday said “no one in the government” had opposed the idea of sovereign bond issuance during his tenure in the Finance Ministry. On Thursday, the day after he was moved out of the Finance Ministry, Garg said he had applied for voluntary retirement from the IAS with effect from October 31 — he was due to retire in October 2020. Gujarat-cadre officer Atanu…

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Aye Finance gears up for aggressive pan India expansion

Aye Finance, CapitalG backed fintech lender, has announced plans for aggressive Pan-India expansion in the current fiscal. After a successful year which saw Aye reaching a milestone AUM figure of INR 1000 crores, the fintech lender will be opening 67 new branches to service the credit needs of a larger number of Indian micro enterprises. Aye has been rapidly expanding its footprint and in this round Aye is entering the new states/UT of Maharashtra, Gujarat, Bihar, Jharkhand, Chhattisgarh, Chandigarh and Himachal Pradesh along with strengthening its branch presence in the…

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