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Indian Bank committee nods to raise up to Rs 4,000 crore through share sale

State-owned Indian Bank on Tuesday said its committee of directors has given approval for raising up to Rs 4,000 crore through share sale. Shareholders of the bank on March 2 had given approval for the capital raising. The Committee of Directors in its meeting held on March 9, 2021, has accorded approval for raising of equity capital of the bank aggregating up to Rs 4,000 crore (including premium) through qualified institutions placement (QIP) in one or more tranches, Indian Bank said in a regulatory filing. The fund raising would be subject to all statutory and regulatory approvals, it said.

Cairn says it has identified Indian assets for seizing if it is not paid

British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand. "Cairn is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets," the firm said in its 2020 annual earnings statement. The firm has moved courts in nine countries to get the arbitral award registered and recognised.

Indian renewable firms underperformed but credit quality intact: Moody's

Moody's Investors Service in its latest report said that close to 15-20 per cent of wind and solar power projects underperformed during 2019-20. However, with portfolio diversification, a lot of green energy companies will withstand the slowdown, it said. Moody's said India's renewable energy sector grew by 20 per cent in the last five years. "About 15-20 per cent of Indian wind and solar projects did not meet capacity utilisation targets in fiscal years 2019 and 2020 because of wind generation curtailments and lower irradiance for solar projects, which were responsible for 56 per cent and 68 per cent of the underperformance respectively,” says Abhishek Tyagi, a Moody’s Vice President and Senior Analyst. As a result, rated renewable energy companies’ EBITDA declined 2-5.6 per cent in fiscal 2020, said the report.

Vedanta's mining plant in Goa can't operate sans environment clearance: NGT

The National Green Tribunal has held that Vedanta's mining plant in Dharbandora area in Goa cannot operate without obtaining Environment Clearance (EC). A bench headed by NGT Chairperson Justice Adarsh Kumar Goel said the recommencement of the plant in 2019 can only be done after obtaining EC. "Accordingly, we hold that the application is maintainable and requirement of prior EC for operating the plants in question by Respondent no. 4 (Vedanta) is attracted. The Ministry of Environment and Forests and the Goa State Pollution Control Board may take further remedial action in accordance with this finding to enforce the rule of law," the bench said.

Top-100 brands risk losing $223 bn in brand value on data breach: Report

The world's top-100 brands could see a whopping USD 223 billion getting wiped off their brand value due to data breach, according to a report. A joint cybersecurity and brand value impact report by Infosys and Interbrand on Tuesday said the top-100 most-valued brands could face up to USD 223 billion of their brands value from a possible data breach. The report did not name the top-100 brands.

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