The Board of IL&FS Ltd., appointed on the orders of the National Company Law Tribunal Mumbai (“NCLT”), had its second meeting today. As permitted by the order dated October 9, 2018 of the NCLT, the Board has initiated the replacement of its nominee directors on various subsidiaries of IL&FS Ltd.
Pursuant to the orders of the National Company Law Tribunal (Mumbai) (“NCLT”) dated October 1, 2018 and October 3, 2018, the Board of the Company has been reconstituted and Mr. Uday Kotak, Mr. Vineet Nayyar, Mr. G.N Bajpai, Mr. G.C. Chaturvedi, Dr. Malini Shankar, Mr. Nand Kishore and Mr. C.S Rajan have been appointed as the directors of the Company. The new Board had its first meeting today.
The Board of Directors of IL&FS approved a Rights Issue of 30 crore equity shares at Rs 150 per share aggregating to Rs 4,500 crores to shore up the capital of the IL&FS. The Rights issue would be completed by October 30, 2018. As on March 31, 2018, IL&FS net worth was Rs 7,400 crores. In addition, the Board approved the re-capitalization of Group Companies to the extent of Rs 5,000 crores in IL&FS Financial Services, IL&FS Transportation, IL&FS Energy, IL&FS Environment, and, IL&FS Education
ITNL Offshore Pte. (IOPL), a subsidiary of IL&FS Transportation Networks (ITNL), has completed sale of CNH 1.00 billion ($155 million) three-year Dim Sum bond. These bonds are guaranteed by ITNL. IL&FS Financial Services (IFIN) was financial advisor to ITNL and IOPL in this transaction. This is the largest bond issuance achieved by an Indian corporate in CNH bond market. This is also the first international bond issuance by any Indian company in 2018, and the first high-yield Dim Sum deal in more than 15 months.
Open to all age groups, a notable addition to this year’s race categories, is the inclusion of the 16 km run. The 5km and 10km run continues to encourage and introduce running as a daily sport among professionals. All the registration proceeds will go to ADAPT (Able Disabled People All Together) the event charity partners and a non-government organisation. Mr Ramesh C. Bawa, Managing Director & CEO, IL&FS Financial Services, said, “Running has not only been considered as an effective physical activity to chase good health and fitness leading to a healthy body, soul and mind, but this also brings perseverance in one's life to achieve the desired goals and ambitions. 'I Run For Fun' is an initiative undertaken by us five years ago with a motive to boost the morale of our employees and other participants to replicate the aspect of 'Run-to-Chase' in their personal and professional life. Besides this, we also feel privileged to provide financial support to one of the foremost 'Non-Profit' organisations in the country called 'ADAPT' with the funds collected from this event. I welcome all the participants to join hands towards a healthier, soulful, social and noble approach.”
With an eye on global liquidity and the increasing global investor interest in the Indian economy, infrastructure conglomerate Infrastructure Leasing and Financial Services Ltd (IL&FS) plans to embark on a major refinancing drive this financial year, said a senior executive of the firm. The group is looking to refinance debt to the tune of Rs15,000 crore this financial year, said Ramesh C. Bawa, managing director and chief executive at IL&FS Financial Services Ltd.
It’s a bold and game changing budget, with the government’s focus on increasing infrastructure spending through the public exchequer, while continuing to prepare the ground for greater involvement of private capital over the longer run. The finance minister has acknowledged the need to continue with strong economic reforms, promote higher investments, and accelerate growth, particularly is sectors like railways, roads, and renewable energy. The budget has focused on greater spending in the rural economy, housing, and infrastructure, and yet maintained best standards of fiscal prudence, which is praiseworthy.
On an e-rickshaw on the road to Banaras Hindu University (BHU), Alka, a third year student, is all praise for Prime Minister Narendra Modi. A first time voter, she thinks Modi is a doer. “Just go to Assi Ghat and see for yourself. The place is completely unrecognisable. It is so clean, and cultural events are held every day.”
IL&FS Financial Services Ltd, the financial arm of IL&FS Group, has raised $30 million from Mauritius-based AfrAsia Bank Ltd and SBM (Mauritius) Bank Ltd through a rupee denominated or masala loan, a senior executive of the firm said. “The masala loan enables us to eliminate currency risk entirely, and deploy funding directly into various infrastructure projects without having to convert foreign capital into local currency,” said Ramesh C Bawa, managing director and chief executive officer of IL&FS Financial Services.
To assess a scientific way for disposal of construction waste, LG Anil Baijal and North Delhi Municipal Corporation commissioner P K Gupta inspected the construction and demolition waste management plant at Burari on Saturday. The construction and demolition waste plant, functional since 2009, earlier had a capacity to process 500 metric tonne of construction waste but the plant has now been upgraded to process over 2,000 metric tonne of malba.