Latest news with #StateBankofIndia


Economic Times
2 hours ago
- Business
- Economic Times
Supreme Infrastructure sets Rs 2,200 crore debt resolution in motion
Construction and engineering company Supreme Infrastructure India (SIIL) has moved ahead with the resolution of its ₹2,200 crore debt exposure under a court-approved settlement plan involving 13 lenders. The company has repaid ₹387.92 crore as part of the resolution scheme approved by the National Company Law Tribunal (NCLT), Mumbai, in March under Sections 230 and 232 of the Companies Act, which allow companies to restructure debt and settle with creditors through a court-monitored process outside the Insolvency and Bankruptcy Code. The approved plan provides for a full and final settlement of ₹464 crore to financial creditors including State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, Punjab National Bank, Union Bank of India, Bank of India and JM Financial Asset Reconstruction Company, among the total amount, ₹183.29 crore was raised through monetisation of assets owned by the company and its promoters. Another ₹147.23 crore came from preferential allotment of equity shares to new and existing investors, including promoter contributions. An additional ₹133.48 crore was paid through monetisation of assets exclusively charged to certain lenders, who released their claims following receipt. While a portion of non-fund-based liabilities, mainly bank guarantees, remains pending, the company expects to address these in the coming weeks. MDP Associates represented SIIL, with the transaction team led by managing partner Ashok Paranjpe and partner Radhika Dixit. Saraf and Partners, led by partner Satyadarshi Kunal, with support from his team, represented the facilitate the settlement and ensure structured repayment, SIIL and the lenders entered into nine escrow agreements, resulting in the creation of 11 transaction escrow accounts. State Bank of India acted as the escrow agent, while SBICAP Trustee Company served as the escrow documentation agent. The accounts managed inflows from asset sales and equity issuances and routed repayments to creditors as per the to the scheme were initially raised by ICICI Bank, SRS Private Investment Powai and Central GST & Central Excise Department. ICICI Bank later withdrew its objection following a settlement, while the tribunal clarified that the GST department's claims were outside the scope of the scheme.
&w=3840&q=100)

Business Standard
9 hours ago
- Business
- Business Standard
SBI leads $9.2 bn QIP spree as firms tap market rally to raise funds
State Bank of India's recent record offering is leading a summer onslaught of a fast-tracked type of share sale as local companies take advantage of this year's stock-market rally to raise funds. About 40 Indian firms, led by banks, announced plans in July to raise more than ₹80,000 crore ($9.2 billion) via qualified institutional placements, according to data compiled by That may put Indian QIPs, which are only offered to professional investors, on track for one of their biggest years on record. QIPs have become a popular way for local companies to raise funds fast — these deals can be executed within weeks, instead of the months it usually takes to carry out public offerings in India. After the country's benchmark index climbed every month from March through June, optimism is running high that institutional investors will continue to snap up such deals. 'Robust secondary markets and ample liquidity have created conducive conditions for fundraising,' said Amrendra Singh, group head of equity capital markets at SBI Capital Markets Ltd. 'Banks are raising money to meet capital requirements, while companies are looking to improve their finances and fund future growth.' But the more companies issue shares via initial public offerings or QIPs, the higher the risk they will suck up money that would have otherwise gone to the stock market. India's benchmark Nifty 50 Index has pulled back some its gains in recent weeks amid concerns over things such as tariff negotiations, putting the gauge on track for a decline in July. That didn't deter investors from flocking to SBI, India's biggest lender. Bids for SBI's sale amounted to ₹1 trillion, or four times the ₹25,000 crore of shares being offered, people familiar with the matter have said. More than 10 other lenders, including Axis Bank Ltd., IDBI Bank Ltd. and IndusInd Bank Ltd., have announced plans to raise a total of more than ₹50,000 crore, according to the data compiled by Beyond banks, firms such as Reliance Power Ltd., Reliance Infrastructure Ltd. and Amber Enterprises India Ltd. have also announced fundraising plans. 'Companies are preparing to use this window to raise capital at higher valuations,' said Pranav Haldea, managing director at Prime Database Group. 'The QIP route offers companies a fast-track option to mobilise funds, while providing institutional investors an opportunity to acquire sizable stakes at a predetermined price.' This year, 25 companies have raised ₹56,100 crore via QIPs, according to data compiled by primedatabase. Though it may be difficult for this year's tally to exceed 2024's record ₹1.36 trillion raised through this type of offering, recent announcements indicate this year's total could surpass the ₹80,800 crore raised in 2020. QIPs are offered to large professional investors, allowing listed issuers to bypass the regulatory scrutiny and marketing typically needed for follow-on public offerings, shaving months off the process.


Time of India
12 hours ago
- Business
- Time of India
SBI leads $9.2 billion wave of Indian fast-tracked share sales
Synopsis Indian companies are leveraging the stock market rally to raise funds through qualified institutional placements (QIPs). Led by State Bank of India's record offering, around 40 firms plan to raise over $9.2 billion via QIPs in July. This fast-track method allows companies to quickly secure capital from professional investors, fueling optimism and growth despite recent market fluctuations.


Bloomberg
12 hours ago
- Business
- Bloomberg
SBI Leads $9.2 Billion Wave of Indian Fast-Tracked Share Sales
State Bank of India 's recent record offering is leading a summer onslaught of a fast-tracked type of share sale as local companies take advantage of this year's stock-market rally to raise funds. About 40 Indian firms, led by banks, announced plans in July to raise more than 800 billion rupees ($9.2 billion) via qualified institutional placements, according to data compiled by That may put Indian QIPs, which are only offered to professional investors, on track for one of their biggest years on record.


India Today
a day ago
- India Today
11 kg gold, Rs 36 lakh looted from Andhra bank, police suspect planned heist
Unidentified individuals looted over 11 kilograms of gold ornaments and Rs 36 lakh in cash from a State Bank of India (SBI) branch in Hindupuram, Sri Sathya Sai district in Andhra Pradesh, in what police suspect to be a meticulously planned incident took place at the branch located near the Thumukunta Checkpost, with preliminary findings indicating that the culprits gained entry by cutting through the window grills at the rear of the bank. Once inside, they disabled the CCTV system by severing the wiring and forcibly opened the locker where the valuables were complaint was filed by bank officials on discovering the robbery, prompting the police to launch an immediate investigation. A forensic team has examined the scene and collected fingerprints and other material evidence to help identify those involved. According to police sources, the branch was left without any security guards at the time of the incident. Investigators believe the robbers exploited the location of the branch along Chamindu Road and accessed the premises from the rear, suggesting prior reconnaissance and are reviewing surveillance footage from surrounding buildings and shops and are in the process of mapping potential escape routes. A case has been registered, and a special investigation team has been constituted to follow up on leads.- Ends IN THIS STORY#Andhra Pradesh