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ICICI Bank, Axis Bank, StanChart get back $2.5 billion of Essar loans

ICICI Bank, Axis Bank, StanChart get back $2.5 billion of Essar loans
24 October 2016 Current Affairs: Within days of Essar Group signing a mega $12.9-billion asset sale in its oil business, three top lenders  ICICI Bank, Axis Bank and StanChart  have got back an estimated $2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate. 

The two Indian lenders  which together had an exposure of $1.5 billion  will get back nearly half of their money or about $770 million in cash while further $750 million of debt will get transferred to Rosneft-led consortium and Essar's ports and other businesses, as per the terms agreed upon by them. 

Out of the total cash component, nearly $350 million was paid in cash to the two Indian banks last night, which together with interest payout of about $100 million takes their total collection from Essar to about $450 million .

In the case of StanChart, whose total exposure was much higher at over $3.3 billion, the bank has decided to opt for a larger cash component of about $2.1 billion for repayment of its loans. 

Payments totalling about $2.5 billion were made to the three lenders last night as part of the first tranche of the repayment schedule while payout of the remaining cash component (over $300 million) to the two Indian banks will happen soon .

The loans totalling about $1.2 billion will get transferred to the Rosneft-led consortium, which has acquired 98 per cent stake in Essar Oil, and to other businesses of Essar. 

Public sector banks are yet to get any repayment of their loans as their exposure has mainly been to Essar Steel. In the case of the two private sector Indian lenders and StanChart, the payment has been made towards their exposure to the oil business and global holding company of the Ruias-led group .

In the largest inflow of foreign direct investment, Russia's state-controlled oil giant Rosneft and its partners on October 15 acquired Essar Oil, India's second-biggest private oil firm, in an all-cash deal valued at about $13 billion. 

 


March 2017 Current affairs
23 MAR
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22 MAR
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21 MAR
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20 MAR
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18 MAR
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February 2017 Current affairs
28 FEB
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27 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
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28 JAN
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27 JAN
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25 JAN
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24 JAN
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December 2016 Current affairs
31 DEC
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30 DEC
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29 DEC
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28 DEC
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27 DEC
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26 DEC
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November 2016 Current affairs
30 NOV
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29 NOV
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28 NOV
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26 NOV
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25 NOV
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24 NOV
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