|
Rupee
higher - Bonds down
Mumbai: The rupee ended higher against the US currency
on Friday. Closing at 45.2425/2475 per dollar. G-Secs-
the 10-year bond yield ended higher at 5.27%, up from
5.26% at Thursday's close.
The
overnight inter-bank call money rate ended slightly higher
at 4.25%-4.4% compared with the previous close of 4.0%-4.25%
due to higher demand.
Back
to News Review index page
BoB
to reduce floating home loan rates
Mumbai: Effective March 1, Bank of Baroda (BoB)
has decided to reduce the rate of interest on housing
loans to individuals under the floating rate option. According
to an official statement, the reduced rate structure,
with monthly rests, for the floating rate loans would
now be 7.5 per cent per annum for a five year tenor, eight
per cent for a tenor above five years and up to 10 years
and 8.25 per cent for a tenor above 10 years. The revised
rate will also be applicable to the existing borrowers
who have availed themselves of housing loans under the
floating rate option.
BoB's
existing housing loan customers will have the option to
convert from the fixed rate option to the floating rate
option subject to payment on outstanding balance, at the
rate of 0.5 per cent for every year of residual period
of loan, subject to a cap of two per cent of the amount
outstanding.
Back
to News Review index page
ICICI
Bank adds to its 2-wheeler portfolio
Mumbai: ICICI Bank has signed an in-principle agreement
to purchase the entire Rs 350-crore, two-wheeler portfolio
of Tata Finance Ltd. The ICICI Bank already has a two-wheeler
asset book of Rs 1,000 crore, and this portfolio will
grow to about Rs 1,300 crore through this acquisition.
The bank originates loans of Rs.140-150 crore to finance
about 5,000 vehicles every month.
Back
to News Review index page
Birla
Sun Life: Capital hike of Rs 40 crore
Mumbai: BIRLA Sun Life Insurance has announced
that it has augmented its paid-up capital by Rs 40 crore
to Rs 290 crore. The additional amount of Rs 40 crore
has been contributed by the joint venture partners, the
Aditya Birla Group and Sun Life Financial Inc. This capital
infusion will be used to fuel expansion of infrastructure
and support the increase in business volumes.
Back
to News Review index page
United
Western: Rs 55 crore raised through bonds
Mumbai: United Western Bank Ltd today said that
it has successfully raised Rs 55 crore through a private
placement issue of unsecured redeemable non-convertible
subordinated bonds.
The issue size at Rs 55 crore was inclusive of a greenshoe
option of Rs 20 crore, an official statement said. The
bonds, rated `A-` by CARE, was a mix of two options, one
with tenor of 75 months bearing coupon rate of 7.10 per
cent and the other with tenor of 99 months with coupon
of 7.25 per cent.
The
private placement of the bonds was made to augment Tier
2 capital for improving the capital adequacy ratio and
enhancing long-term resources, the statement said.
Back
to News Review index page
ADB:
Bond proceeds for core sector projects
Mumbai: The Asian Development Bank will lend the
proceeds of its debt issue in the Indian bond market to
private sector infrastructure projects in India. The Rs
500 crore will be disbursed for three projects in the
areas of power transmission, healthcare and housing finance.
ADB plans to lend to Indian private companies at 2-3 per
cent higher than the Government bond rate of commensurate
maturity with tenors ranging from 8 to 15 years.
The recently raised funds which will take another 3-6
months to be disbursed will temporarily be deployed in
the government securities markets in short-term instruments
such as treasury bills and government bonds with less
than one year residual maturity. ADB is open to more issuances
in the domestic debt market.
Back
to News Review index page
|
