Saturday, October 24
State Bank of India chairman CS Setty on Friday pitched for the creation of a market infrastructure institution to track the end-use of funds borrowed or raised as equity by small businesses. A "viable mechanism" is needed to ensure that the funds are used for the intended purposes, Setty said in remarks which come amid heightened concerns on the subject of end-use of funds. "We will require a viable mechanism to track the actual use of these funds to ensure that the funds are utilised for the purposes they have been raised for, probably through the establishment of a separate market infrastructure institution with powers to track the use of borrowed funds or the funds raised through equities," Setty said. Addressing a conference organised by the Sebi-promoted NISM here, Setty said the
Vedanta Resources Ltd., controlled by Indian billionaire Anil Agarwal, is in talks with banks to raise more than $450 million via a loan to repay existing debt, according to people familiar with the matter.First Abu Dhabi Bank PJSC, Barclays Plc, Mashreqbank PSC and Standard Chartered Plc are among the lenders in discussion with the borrower to provide the loan, the people said, who asked not to be named discussing private matters.The facility could carry a tenor of about three to five years, the people said, adding that proceeds raised could refinance Vedanta’s outstanding junk bonds.A spokesperson at Vedanta declined to comment. Talks are ongoing and the deal’s details could be subject to change, the people said.Vedanta’s notes maturing April 2026 were among the best performers fro
