Non-bank lender IIFL Finance on Friday said it will open a public issue of bonds on 3 March 2021, to raise up to Rs 1,000 crore, to fund business growth and bolster its capital position. The Fairfax and CDC Group-backed IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), aggregating to Rs 100 crore, with a green-shoe option to retain over-subscription up to Rs 900 crore, the lender said in a statement. The bonds offer up to 10.03 per cent yield for a tenor of 87 months and the issue has been rated AA by Crisil and AA+ by Brickwork. According to IIFL Finance, this rate of 10.03 per cent will be locked in for 87 months and is thus provide an advantage against interest rate fluctuations in the future. Rajesh Rajak, chief financial officer, IIFL Finance said the funds raised will be used t

The Canadians of Indian origin protested on Thursday (local time) against the attacks by Khalistan supporters on Hindu minorities due to the ongoing farmers' protest in India. "We are not against the farmers' protest but this agitation has actually turned into a Khalistani movement which is now targetting Hindu minorities in Canada," said a demonstrator outside the office of Jagmeet Singh, MP from Riding (seat) of Burnaby. The protester further said, "We really expect our leaders to protect everyone without any discrimination". Several of these protestors were seen carrying Canadian flags and protesting against these attacks. India on Thursday requested the Canadian authorities to ensure the safety and security of its citizens following reports that threats have been given by Khalistani groups to the Indian comm

Maruti Suzuki India Limited and the Indian Institute of Management Bangalore (IIMB) will jointly nurture and mentor 26 startups in the mobility sector through up to a nine-month-long incubation program. The two organizations said the selected startups will undergo a three-month pre-incubation journey during which they will be engaged in various peer-to-peer learning activities besides regular one-on-one mentoring and advisory sessions. The ventures will be allowed to pitch for incubation and funding and the selected ones will be taken forward for a further six-month incubation journey. “Through our partnership with IIM Bangalore, we are excited to foster and encourage some of the most innovative startups in the country," Kenichi Ayukawa, MD, and chief executive of Maruti Suzuki India said in a statement. The

Prime Minister Narendra Modi on Friday stressed increasing credit to businesses to meet the needs of a fast reflating economy and said financial products will have to be tailor-made for fintech and startups. He said that although the government's endeavor is to promote the private sector, the public sector still needs to have its presence in banking and insurance to support the poor. Speaking at a webinar on Budget announcements on Financial Services, Modi said to help medium and small businesses during the COVID pandemic, 90 lakh Micro, Small, and Medium Enterprises (MSMEs) were given credit worth Rs 2.4 trillion. "Supporting MSME and startups and expanding credit flow to them is necessary. The government has undertaken reforms and opened up sectors like farms, coal, and space. Now it's the responsibility of the f

The world’s financial leaders are likely to pledge on Friday to support a robust global recovery and to boost the International Monetary Fund’s resources so it can help poorer countries fight off the effects of the global health crisis. Finance ministers and central bank governors of the world’s top 20 economies, called the G20, will hold a video-conference on Friday and the global response to the unprecedented havoc wreaked by the coronavirus on the economy will top the agenda. Hopes for constructive discussions at the meeting, chaired by Italy, are high among G20 countries because it is the first since Joe Biden, who vowed to rebuild cooperation in international bodies, become US president. ”The ministers will talk about the need for fiscal policies for a swift and robust recovery because they want to avo

Federal regulators have imposed $5.4 million in civil penalties against Boeing for violating terms of a $12 million settlement in 2015, and the aircraft maker has agreed to pay another $1.21 million to settle two current enforcement cases. The Federal Aviation Administration said Thursday that Boeing managers failed to put an adequate priority on living up to the earlier settlement and complying with FAA regulations. Under terms of the previous settlement, Boeing can't appeal the new penalty, the FAA said. This is merely the latest brush with regulators for Chicago-based Boeing. In January, the company agreed to pay $2.5 billion to avoid prosecution by the U.S. Justice Department for defrauding the FAA during the development of the 737 Max, the airplane that was involved in two crashes that killed 346 people. Boe

US regulators are allowing Pfizer's COVID-19 vaccine to be shipped and stored at less-frigid temperatures, which should ease distribution and administration of one of the two vaccines authorized for emergency use in the country. The Food and Drug Administration said Thursday that it's allowing the additional option after reviewing new data from New York-based Pfizer and its German partner, BioNTech. The FDA said the vaccine, which is shipped in frozen vials, now can be transported and stored for up to two weeks at the temperatures of freezers commonly found in pharmacies. That’s after Pfizer provided the FDA with data on Feb. 19 that showed its vaccine remains stable for up to two weeks at those standard freezer temperatures. Until now, the vaccine was required to be kept at ultra-cold temperatures from minus 11

ByteDance has agreed to a $92 million class-action settlement to settle data privacy claims from some US TikTok users, according to documents filed Thursday in US District Court in Illinois. ByteDance, the Chinese company that owns the short video app that has more than 100 million US users, agreed to the settlement after more than a year of litigation. "While we disagree with the assertions, rather than go through lengthy litigation, we'd like to focus our efforts on building a safe and joyful experience for the TikTok community," TikTok said Thursday. The settlement still requires court approval. The lawsuits claimed the TikTok app "infiltrates its users' devices and extracts a broad array of private data including biometric data and content that defendants use to track and profile TikTok users for the purpose