The Financial Express -- News

Wednesday, November 26 1997

RBI drafts rating norms for NBFCs' access to public deposits

The Reserve Bank of India (RBI) has stipulated a minimum credit rating for non-banking finance companies (NBFCs) without which they will not be allowed to collect deposits from the public. Going by the RBI directive, NBFCs must acquire one of the four following ratings: FA- (if rated by Crisil) or MA- (Icra) or BBB (Care) or BBB- (Duff & Phelps) to be eligible to access public deposits.

SRF plans $30 million external borrowing to pare interest costs

In a bid to bring down its burgeoning interest cost of Rs 117 crore, the Arun Bharat Ram-promoted SRF Ltd is planning to raise $30 million through external commercial borrowings (ECBs). The company plans to move out of non-core businesses and is planning to offload the ophthalmic lenses business.

Yash Birla group to defer AP plan

The Yash Birla group has decided to defer its Rs 350-crore greenfield cement project in Andhra Pradesh due to reluctance on the part of the financial institutions to fund cement projects. The leading financial institutions IDBI, ICICI and IFCI have already stopped lending to greenfield cement projects citing depressed market conditions.

Raiji, Dalal & Shah valuers for BPL recast

Sandvik AG to hike stake in subsidiary to 75% through open offer