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Finance

Hero FinCorp looks to raise Rs 800 crore from ChrysCap

Hero FinCorp looks to raise Rs 800 crore from ChrysCap

Finance
MUMBAI: Hero FinCorp, the vehiclefinance arm of two-wheeler maker Hero MotoCorp, is looking to raise about $ 120 million, or Rs 800 crore, from India-focused private equity (PE) firm ChrysCapital, two people aware of the development said. In September 2016, Hero FinCorp had raised about Rs 1,000 crore in the first round from investors, including ChrysCapital. The PE firm and financial services firm Credit Suisse had invested around Rs 700 crore in the company, while about Rs 300 crore was invested by its parent, Hero Group. “Hero Fin-Corp has sent out feelers to ChrysCapital for the second round of investment. The deal is in an initial stage,” said a person close to the development. The second round of fund-raising is towards the company's plans for expansion and buying stake in other
Ditch that budget and craft a 'financial freedom' plan instead

Ditch that budget and craft a 'financial freedom' plan instead

Finance
I don't know about you, but I hate the word "budget." It suggests scarcity and constriction.Though I have always been more likely to indulge myself than to deny myself, I have come to realize that with money, as with life, boundaries are often necessary to create more freedom. So I call my budget my "financial freedom" plan.How can you create a financial freedom plan? The first step is to define your goals and your values. What would you be doing if you had more time? What responsibilities would you give up if you could? Where do you see yourself in five years if everything goes right in your life? It helps to bring as much detail as you can to your vision. Knowing that I am living my dream of varied days, using my skills to help people find peace and overcome challenge in their financial ...
Shikha Sharma reappointed as MD & CEO of Axis Bank for a period of 3 years

Shikha Sharma reappointed as MD & CEO of Axis Bank for a period of 3 years

Finance
MUMBAI: Shikha Sharma was reappointed chief executive of Axis Bank for another three-year term as the board felt the need for “continuity” with the industry undergoing stress and facing challenges on many fronts, including technology-led change. With her current term set to end next year, this will extend her tenure to June 2021. The search for a possible successor has been abandoned as the board wanted to put an end to speculation about the 58-year-old CEO’s exit from the bank, said two people with knowledge of the process. “The bank has an exciting future and I am just focused on trying to do the best we can as a team together for the bank and the stakeholders,” Sharma told ET. There has been talk of Sharma’s possible departure from the bank for more than a year. First there was spec
The euro’s obituaries were premature

The euro’s obituaries were premature

Finance
FIVE years ago, Mario Draghi, head of the European Central Bank, pledged to do “whatever it takes” to save the euro. At the time, many people were predicting that the euro zone would break up. But Mr Draghi pulled off the trick; no countries have left the single currency. Borrowing costs have come down and even Greece has been able to tap the markets.Keeping the euro together may have been the aim of the game, but was it worth it? As M&G, the fund management group, points out, the record has been mixed. Economic growth has rebounded to a respectable 1.5% year-on-year. This is not stellar but it is hard for the euro zone to grow rapidly when its population is ageing; the IMF suggests a greater proportion of older workers may weigh on productivity growth.  Of course, the euro zone could
Tata Industries raises Rs 250 crore via corporate bonds to refinance debt

Tata Industries raises Rs 250 crore via corporate bonds to refinance debt

Finance
MUMBAI: Tata Industries, the holding company for new-age businesses at Tata Group, raised Rs 250 crore by selling corporate bonds to Birla Sunlife Mutual Fund, Aditya Birla Finance and Kotak Mutual Fund as it looks to refinance existing debt and spend on general business purposes. Tata Industries issued 2,500 nonconvertible debentures (NCDs) of the face value of Rs 10 lakh each, according to documents seen by ET. Kotak Mutual Fund and Birla Sunlife Mutual Fund subscribed to Rs 100 crore worth of NCDs each while Aditya Birla Finance subscribed to Rs 50 crore worth of NCDs. ICICI Bank was the sole arranger of the private placement. "We do not share information on such matters. Suffice it to say that, from time to time, Tata Industries raises funds as part of its ongoing activities," a Ta...