L&T Cap, UTI Bank arrange loan for L&T Fin
UTI Bank and L&T Capital Company has completed execution of a structured credit product of Rs 50 crore for L&T Finance. The syndicated borrowing programme was for Rs 40 cr with a greenshoe option of Rs 10 crore comprising of long-term debt and NCDs. The final participants in the transaction were UTI Bank, UTI and Industrial Investment Bank of India and others.IFCI FD scheme opens on Aug 14
IFCI will come out with its maiden fixed deposit scheme for retail subscription on August 14. The deposit scheme has four options in respect of periodicity of interest scheme - monthly, quarterly, half-yearly and yearly basis. The yield for the depositor ranges from 10 per cent to 11.25 per cent depending on the tenure of deposits, which is from one to five years.
Allahabad Bank pact with Zenith
Allahabad Bank has tied up with Zenith Infotech to provide Net banking. With the launch of this service, the bank will be able to offer its clinetele the flexiblity to access their account details from the Net, a Zenith release said.
RBI puts NBFC circulars on Net
The RBI has decided to discontinue the practice of physical despatch of company circulars and notifications containing instructions and amendments to provisions of directions relating to non-banking finance companies to individual NBFCs. NBFCs can now access directions relating to them at www.nbfc.org.in.
Crisil ups Kotak Mahindra Fd rating
Crisil has upgraded the ratings of Kotak Mahindra Finance FD from FAA+ to FAAA and debentures from AA TO AA+. The upgradation is a positive indication of the superior financial position of KMFL, reflecting its high net worth (Rs 475.41 cr), high capital adequacy (36 %), low debt equity ratio (1.27) and low net NPA (1.64 %) as on March 31, 2000.
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