A list of puns related to "Essel Group"
HDFC Asset Management Co. Ltd, which has a series of Fixed Maturity Plans (FMPs) exposed to Essel Group, on 15 April issued a note on how it will handle them at maturity.
HDFC AMC, India’s largest asset manager, said it will choose one of two options. In the first option, it will distribute proceeds of the FMP on due date of maturity after excluding the value of debt exposures to the Essel Group.
The residual amount of the maturity proceeds would be paid on receipt of dues from Essel. The same approach was followed by Kotak Asset Management Co. with its Essel-exposed FMPs.
In the second option, HDFC AMC will rollover the scheme (extend the maturity date) thereby extending the time for possible repayment. Investors must give their consent in writing to such a rollover. Investors who don’t consent to the rollover will get their money back at the prevailing NAV.
If the Essel papers have been marked at a lower valuation by the AMC to account for the repayment uncertainty, this will be incorporated in the NAV. Also, investors who fail to consent to the rollover and exit at this stage will not benefit from future recoveries in the troubled paper.
Livemint story.
Essel group makes partial repayment to mutual fund houses
This will have positive impact on the NAVs of the schemes.
Essel group Chairman Subhash Chandra is confident ZEE stake sale will happen within the Sept 30 deadline.
He said Zee Entertainment Enterprises (ZEE) has five suitors — from India to Japan, Europe and the US. “You might get surprised with the names,” he said in the first interview after his letter to stakeholders acknowledging commercial missteps in the wake of the January stock collapse. He also said that Essel will repay every rupee of the group’s Rs 17,174-crore debt.
ET story.
We came across this article, which draws on what happened at DHFL Pramerica as investors pulled money out, and concentration risk (on troubled paper) increased. Looks like something similar is unfolding across ABSL Medium Term Fund.
However, the author alludes to potential upside, if money is repaid in full - the risk here is anyone's guess at best.
Mutual funds and non-bank lenders holding shares of Zee Entertainment Enterprises Ltd. pledged by Essel Group not only allowed a standstill till Sept. 30 if share price falls but also on upcoming obligations on these borrowings through non-convertible debentures.
“Yes, it will cover the interest and the principal amount up to date plus whatever the amount accumulates until the deadline,” Zee Entertainment Enterprises Ltd.’s Managing Director Punit Goenka said in a call with analysts. “This [standstill] is only against the loan against shares of Rs 13,500 crore. Any loans in the operating companies of the Essel Group are their responsibilities and not the promoters.”
The problem is that if the group promoter fails to meet interest or principal obligations on borrowings against pledged shares till Sept. 30, SEBI regulations make it mandatory for rating agencies to downgrade the Essel Group’s debt instruments to default. That would set off another crisis for mutual funds as they can’t invest in non-investment grade paper. Mutual funds had to write down the value of investments in Infrastructure Leasing & Financial Services group entities after they were downgraded to default, and also face concerns over their exposure to bonds of Dewan Housing Finance Ltd.
...
Link to full article: https://www.bloombergquint.com/business/default-threat-persists-even-after-essel-group-buys-time-from-lenders#gs.TjN1Q3hB
Is Pietersen the prized catch that will resuscitate the Essel ambitions of a new cricket league?
By the time I get off Korriban I'm such a high level that I'm locked out of using the group finder queue to find a group for these flashpoints. This means I pretty much have to do them solo, which also means that I can't get the follow-up quest when I arrive on Dromund Kaas/Coruscant to detail my adventure to the relevants authorities (I can't remember the Republic version exactly, but the Empire's Lieutenant Mallohe sends you to report to the War Ministry).
I guess I'll have to try and form a group manually via fleet general chat.
1000 years later
"LF3M The Black Talon pst"
Please note that this site uses cookies to personalise content and adverts, to provide social media features, and to analyse web traffic. Click here for more information.