Thursday, June 25, 1998
Escorts Finance raises voice against Crisil downgrade of debt plans
Escorts Finance (EFL) has protested against the Credit Rating Information Services of India's (Crisil) downgrading of its fixed deposit (FD) and Rs 2-crore non-convertible debenture (NCD) programmes. Crisil officials have, however, said that there is no question of taking a relook at the rating assigned to the company.
Jindal Iron raises 5-year money at 14.25% as rates head upwards
In tell-tale signs of interest rates heading northwards for Indian corporates, Jindal Iron and Steel Company (Jisco) plans to raise five-year money from the debt market at 14.25%. The Jisco paper is the first instance of a corporate paper being backed by a structured obligation (SO) from a financial institution.
Unit Trust liquidating debt portfolio to keep US-64 payout commitment
Unit Trust of India (UTI) has embarked on a major fund-raising exercise in a bid to garner Rs 3,000 crore by liquidating part of its debt portfolio in order to pay dividends to the investors of its flagship scheme -- US-64. The mutual fund behemoth is likely to announce a 20% dividend for its US-64 investors this year as well.
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