Mumbai: PC Jeweller has reached a one-time settlement (OTS) with a consortium of lenders led by State Bank of India (SBI) to settle its debt by offering banks a mix of cash and equity in the Delhi-based company. The ₹2,250-crore offer represents about a 20% haircut to lenders’ principal amount, estimated at ₹2,900 crore, and…
Banks offer special FD rates to attract deposits: In an effort to attract retail deposits, banks have launched special schemes offering savers an additional 25-30 basis points for term deposits above current commitments for similar tenures. This move suggests that policy interest rates are likely to remain high in the near future.According to an ET…
New Delhi: The Delhi High Court has set aside Union Bank of India‘s decision declaring PP Jewellers (Export) as a ‘wilful defaulter‘, accepting the city-based jewellery exporter’s argument that the bank’s review committee made the decision without hearing the company. The High Court in its recent order granted time to the company to put forth…
Mumbai: Lenders to the debt-laden textile company Sumeet Industries are in negotiations with the Gujarat-based Gajera Group to improve its offer after its initial bid to take over the company was bettered by Geelon Industries, three people familiar with the matter said. Banks are seeking more than ₹250 crore for the company in an all-cash…
