: Thursday, April 15, 2021, 3:53 PM IST
IL&FS addresses debt of Rs 43,000 crore; raises recovery estimate to Rs 61K crore
IL&FS
Infrastructure Leasing and Financial Services (IL&FS) on Thursday said it has addressed aggregate group debt of Rs 43,000 crore so far and expects to cross Rs 51,000 crore by September 2021.
The debt-laden group has further enhanced its estimates of aggregate debt recovery to Rs 61,000 crore beyond September 2021.
In October last year, the group had targeted to address Rs 50,300 crore of its overall debt by March 2021 and over Rs 56,000 crore by FY2022. The group s overall debt stood at Rs 99,000 crore, as of October 2018.
By Reuters Staff
2 Min Read
MILAN (Reuters) - Credit Agricole Italia (CAI) has raised its bid for Italy’s Creval by 140 million euros ($167.6 million) in an effort to secure backing for its plan to expand in Italy’s consolidating banking sector.
FILE PHOTO: A branch of Credit Agricole bank is seen in Warsaw, Poland, July 3, 2018. REUTERS/Marcin Goclowski/File Photo
The Italian arm of French bank Credit Agricole announced in November that it would offer 737 million euros, or 10.50 euros per share, for Italy’s third-tier lender.
However, a growing number of Creval shareholders had opposed the bid, which runs to April 21, asking for a better price.
IL&FS aims to resolve 62% of total Rs 1 lakh crore debt
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Synopsis
In October last year, the group had targeted to address Rs 50,300 crore of its overall debt by March 2021 and over Rs 56,000 crore by FY2022. The group s overall debt stood at Rs 99,000 crore, as of October 2018.
Bankrupt infrastructure financier IL&FS on Thursday raised its debt recovery target to Rs 61,000 crore, almost 62% of the total financial debt. Last year the group has said that it could resolve loans worth Rs 56,000 crore. The new board led by veteran banker Uday Kotak said that it had so far resolved debt worth Rs 43,000 crore. Though it had earlier set a target to recover about Rs 50,000 crore by end of March 2021.
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After the success of the first ad film featuring cricketer Rahul Dravid, for this yearâs series; the next ad film will feature actor and Cred-favourite Jim Sarbh and actor Jackie Shroff in a never-seen-before avatar.
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The creative minds at Early Man Film produced and directed the ad films. The campaign was written and conceptualised by Tanmay Bhat, Devaiah Bopanna, Puneet Chadha, Nupur Pai and Vishal Dayama and executed by DDB Mudra and 22Feet Tribal Worldwide. To set the tone of the campaign right, Karan Malhotra lent his expertise to compose the music for the films.
(Corrects headline to show ban applies to participating in primary market)
FILE PHOTO: U.S. President Joe Biden delivers remarks on his plan to withdraw American troops from Afghanistan, at the White House, Washington, U.S., April 14, 2021. Andrew Harnik/Pool via REUTERS
(Reuters) - President Joe Biden will issue an executive order on Thursday authorizing the U.S. government to sanction any sector of the Russian economy and will use it to restrict Russia’s ability to issue sovereign debt to punish Moscow for interfering in the 2020 U.S. election, senior Biden administration officials said.
The officials, who spoke on condition of anonymity, said Biden would bar U.S. financial institutions from taking part in the primary market for rouble-denominated Russian sovereign bonds from June 14. U.S. banks have been barred from taking part in the primary market for non-rouble sovereign bonds since 2019.