Mumbai: State-owned Punjab National Bank (PNB) plans to raise equity capital through a qualified institutional placement (QIP) that could see the lender raise as much as $250-300 million, said two people aware of the development.

PNB is among the several state-owned banks that have planned to tap the capital markets to raise funds in order to recapitalize balance sheets laden with bad loans.

Three book-running lead managers have already been appointed for the IRFC IPO, namely IDFC, HSBC, ICICI Securities and SBI Caps. IDBI Capital Markets, SBI Caps and Axis Capital have been appointed for the Ircon IPO.

The initial public offerings (IPOs) of three profitable rail PSUs — Indian Railway Finance Corporation (IRFC), Ircon International and Rites — are likely to hit the market in the fourth quarter of 2017-18, officials said. Even though the companies would be ready for the IPOs in a month or so, they said, the IPOs would be pushed to the fourth quarter as bankers and foreign investors proceed on year-end vacations in December.

Sensex and Nifty opened flat on Tuesday after making new lifetime highs yesterday. The 30 share barometer Sensex shuttled in the range of 32,659.32 - 32,585.85 points in the early morning trade in a muted activity.

Sensex and Nifty opened flat on Tuesday after making new lifetime highs yesterday. BSE Sensex gained 20.77 points or 0.06% to open at 32,654.41 points while NSE Nifty lost 3.2 points or 0.03% to start at 10,227.65 points.

The value of declared assets of the Bharatiya Janata Party has increased from Rs 122.93 crore in 2004-05 to Rs 893.88 crore in 2015-16 while that of Congress has risen from Rs 167.35 crore to Rs 758.79 crore, according to the Association for Democratic Reforms (ADR) and Election Watch.

The value of assets of Trinamool Congress has seen a jump from Rs 0.25 crore to Rs 44.99 crore during this 11-year period, according to the figures as mentioned in the report that the ADR released at a press conference here, quoting declarations by the parties before the Election Commission.

With shale gas business becoming uneconomical due to low crude oil prices, India’s largest private sector firm, Reliance Industries (RIL) has said it would sell its remaining shale gas assets in the United States — if any company makes it an “attractive offer”. The Mukesh Ambani-led company has invested almost $9 billion in US since 2010.

During interaction with analysts after its September quarter results on Friday, RIL’s Joint Chief Financial Officer Srikanth Venkatachari said the company was not a distress seller of its shale gas assets and at the same time is not looking to acquire any more assets.

Two of the biggest states in the country, Rajasthan and Maharashtra, have around 40 per cent of their generation capacity under outage due to coal shortage.

Data with the Central Electricity Authority says of the installed 32,973 Mw in Maharashtra, 13,555 Mw is under outage. In Rajasthan, 4,865 Mw of the installed 11,114 Mw is shut down.

New Delhi: Air India is planning to raise $555 million by way of bridge loan for the purchase of three Boeing Co. aircraft, according to a tender document.

Air India, which is in the process of being privatised, would be taking delivery of three B777-300 ER planes early next year. Now, the airline has sought offers from “banks/ financial institutions to arrange a bridge financing up to $555 million for financing the acquisition of the three B777-300 ER aircraft to be drawn equally at the time of taking delivery of the aircraft,” the document said.

RJD Chief Lalu Prasad's wife and former Bihar Chief Minister Rabri Devi on Monday skipped the ED summons for the third time in connection with alleged irregularities in a 2006 IRCTC hotels maintenance contract case.

The Enforcement Directorate on October 11, had summoned Rabri Devi after she failed to appear before it last Wednesday.

Bharti Airtel is offering Apple iPhone 7 (32 GB storage variant) at a down payment of Rs 7,777 through its online store, which went live today i.e. on October 16. The smartphone comes bundled with additional data, free calls and national roaming, and Airtel secure package that covers the device against any physical damage and offers cyber protection.

To avail the iPhone 7 offer through Airtel online store, customers need to make a down payment of Rs 7,777 and enrol for 24 monthly instalments of Rs 2,499 each. The monthly instalments include the postpaid connection benefits that the telecom major is bundling along with the device.

Mumbai: Moody’s Investors Service has affirmed the ratings on State Bank of India’s local and foreign currency deposits of Baa3/P-3 apart from affirming the Baa3 rating on its senior unsecured debt issued through its London branch and the Baa3 rating on its medium term note programme. While retaining the ratings on Monday, the global ratings agency noted that since the merger of its associate banks in April, SBI’s asset quality deteriorated significantly, which is also due to the economic disruptions since last November.

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