Latest news with #Rs5bn
Business Recorder
a day ago
- Business
- Business Recorder
Aurangzeb tells Senate body: Govt plans foreclosure laws to boost housing finance
ISLAMABAD: In a diplomatic embarrassment for India again, this time the World Bank Board approved $700 million for Reko Diq project – a game changer, which is expected to generate exports worth $2.8 billion by 2028. This was stated by Finance Minister Muhammad Aurangzeb while briefing the Senate Standing Committee on Finance and Revenue. Aurangzeb also announced that government will introduce foreclosure laws to encourage bank-led financing in the housing sector, besides a new mechanism will be developed to eliminate non-filers to document the cash economy. Housing scheme with SBP's help: Rs5bn set aside for mark-up subsidy The committee commenced its first session to deliberate on the Finance Bill, 2025, including the Annual Budget Statement presented in the House, in accordance with Article 73 of the Constitution. The committee meeting chaired by Saleem Mandviwalla, here on Friday. Aurangzeb said that India tried again like it attempted in creating hurdles in the approval of the International Monetary Fund (IMF) loan. This time again India failed. This approval of $700 million which will be provided by the IFC was granted during a World Bank Board meeting in Washington. It is a significant economic diplomatic victory for Pakistan and a major setback for India, which had actively lobbied against the funding. Aurangzeb delivered an overview of the budget, economic progress, and the geopolitical headwinds confronting Pakistan. 'We have not imposed any new tax in the budget. Instead, we have taken new tax measures worth Rs312 billion through compliance and enforcement', said the minister, and confirmed that these steps were endorsed by the IMF under tax enforcement commitments. The finance minister shared economic data remarking that exports have increased by 7.8 percent in the current fiscal year. Last year's exports were $29 billion, this year we have already hit $30 billion in 11 months, he added. He said that there are no longer obstacles to opening Letters of Credit (LCs), and anyone saying otherwise is spreading misinformation. Facing questions on privatisation, Aurangzeb admitted, 'It must be accepted that privatisation targets were not achieved.' However, he reassured the committee that 'PIA has now been brought back into the privatisation stream.' Responding to the long-standing debate on agricultural taxation, he asserted, 'Earlier it was said agriculture tax can never be imposed. Now, they say it can't be collected. We will collect it—just give us the chance.' Provinces are set to begin agricultural income tax collection from July 1, 2025, he added. Copyright Business Recorder, 2025
Zawya
29-04-2025
- Business
- Zawya
ICICI Home Finance targets $59mln from five-year bonds at 7.36%: IFR
ICICI Home Finance is planning to raise Rs5bn (US$59m) from five-year bonds at 7.36%, according to market sources. The non-banking financial company is targeting Rs3.75bn plus a greenshoe of Rs1.25bn. It is seeking bids on BSE's electronic bidding platform on Wednesday from 10:30am to 11:30am India time. ICICI Bank and HDFC Bank are heard to be the anchor investors in the deal. AK Capital Services is heard to be the arranger. Crisil and Icra have assigned a AAA (stable) rating to the senior bonds. The issuer is yet to make an official announcement on the planned bond sale. Source: IFR
Zawya
29-04-2025
- Business
- Zawya
Tata Capital to tap September 2027 bonds: IFR
Tata Capital is planning to raise up to Rs25bn (US$294m) from a tap of its 8% September 10 2027 bonds, according to market sources. The non-banking financial company is eyeing Rs5bn plus a greenshoe of Rs20bn. Crisil and Care have assigned a AAA (stable) rating to the notes. ICICI Securities Dealership, Nuvama Wealth Management and Trust Investment Advisors are heard to be the arrangers. The issuer is seeking bids on the NSE's electronic bidding platform on April 30. Source: IFR
Yahoo
02-04-2025
- Business
- Yahoo
Restaurant Brands Asia raises $60m as MIT becomes largest investor
Restaurant Brands Asia (RBA), Indian franchisee of the Burger King restaurant brand, has raised Rs5bn ($60m) in a qualified institutional placement (QIP), with the Massachusetts Institute of Technology (MIT) emerging as the single largest investor, as reported by The US-based private research university has invested Rs920m in the issue as a foreign portfolio investor. The top four investors in the QIP, which concluded on 26 March 2025, were the SBI Multi Asset Allocation Fund, the Arisaig Asia Fund, Mercer QIF Fund Plc and 238 Plan Associates, among 23 participating entities. RBA group chief executive Rajeev Varman stated: "The funds will be used for opening new stores in India, reducing our debt, strengthening our balance sheet and for general corporate purposes." MIT's strong involvement reinforces India's status as a key growth hub due to its vast underpenetrated market, especially as many consumer markets worldwide approach maturity. This investment occurs even as discretionary spending in India has remained sluggish over the past four quarters, particularly in urban areas, where inflation has led consumers to cut back on dining out and other discretionary purchases. A QIP enables publicly listed companies to raise capital by issuing equity shares, completely and partially convertible debentures, or other types of securities. MIT has not commented on developments. According to its most recent regulatory filing for the December 2024 quarter, RBA, which operates the American chain Popeyes and the Canadian brand Tim Hortons in India, manages 510 stores across all its brands in the country. The company reported a year-on-year decline of 0.5% in same-store sales for the quarter, along with an increased net loss of Rs 503bn, compared to a loss of Rs 360m in the same period of the previous year. However, revenue experienced 5.8% year-on-year growth, reaching Rs6.39bn for the quarter. "Restaurant Brands Asia raises $60m as MIT becomes largest investor" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
