Reliance Industries plans to raise $2bn via foreign loans for capex. Karvy clients challenge IBC amendments on individual creditors.
Outside In: In what would be one of the largest fundraising efforts by an Indian company in FY20, Reliance Industries Limited (RIL) is reportedly planning to raise as much as $2bn (?14,370cr) via overseas syndicated loans to fund routine capital expenditure in its telecommunications and petroleum businesses.
RIL is in talks with at least a dozen banks including Barclays, Citigroup, JP Morgan, Morgan Stanley and MUFG. The formal process to raise funds will begin mid-February and could be raised in one or two tranches. ET Markets
Meanwhile: Clients of Karvy Private Wealth who saw defaults on their loans to builders introduced by Karvy have challenged recent amendments to the Insolvency and Bankruptcy Code (IBC). The concerned amendments had imposed requirements of at least 100 creditors or 10% of a class of creditors in order for a petition to be filed. This, according to the Karvy clients, places unreasonable requirements on individual financial creditors. Livemint
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