A Delhi court has ordered attachment of Vijay Mallya’s properties in Bengaluru in a case relating to FERA violations. Chief Metropolitan Magistrate Deepak Sherawat issued fresh directions after the Bengaluru police, through Enforcement Directorate, sought more time to execute its earlier order in this regard. The court directed the Karnataka police to attach the properties by July 10, the next date of hearing. The Bengaluru police had earlier informed the court that it had identified 159 properties belonging to Mallya, but had not been able to attach any of them. Mallya was declared a proclaimed offender by the court on January 4 last year for evading its summons in the case.
HDFC raises £100 mn abroad via masala bonds
HDFC has raised £100 million through the issue of rupee-denominated bonds in the international markets. This follows a revision in the RBI’s external commercial borrowing (ECB) framework in January 2019. Rupee-denominated debt issued in the international markets are also known as ‘masala’ bonds. The returns on these instruments are as if the investors had bought rupee-denominated instruments. This means that they will get high interest rates that are prevalent in India and their principal investment will shrink or appreciate along with the rupee. In a statement to the stock exchanges, the housing finance company said that the bonds, which have a three-year tenure, have been issued at an annual yield of 8.22%. The bonds will be listed in the London Stock Exchange’s International Securities Market.
2 Anil Ambani cos pledge more shares
Reliance Communications Enterprises (RCE) has pledged 4.5% of its holding in Reliance Communications (RCom) amounting to 125 million shares with IndusInd Bank, according to a regulatory filing. RCE held 490 million shares in RCom amounting to 17.7% stake, of which it had previously pledged 4.9%. With the latest pledge on March 22, the total pledged shares by RCE now stands at 9.4% of total share capital or nearly 260 million shares. The promoter group entity of Reliance Infrastructure (RInfra) has pledged 1.6% of the company’s shares, according to a regulatory filing. Reliance Project Ventures and Management had on March 6 pledged 41,00,000 shares. With this pledge, the total pledged shares by the promoter entity stands at 35.4%. RInfra’s lender IndusInd Bank had invoked 50,00,000 pledged shares, or about 2% stake, in the firm on March 8.
