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Reliance Jio raises $1.5 billion from 26 lenders

The loan, guaranteed by RIL, will be used to refinance term loans of $1.5 billion tied up by Reliance Jio Infocomm in 2010

 

Reliance Jio Infocomm Ltd (RJIL), the telecom unit of Reliance Industries Ltd (RIL) said it has raised a syndicated term loan of $1.5 billion from 26 lenders across the world to refinance its term loans.

 

The loan, guaranteed by RIL, will be used to refinance term loans totalling $1.5 billion tied up by RJIL in 2010. A total of 26 banks from across the world — from North America, Europe, Australia, Asia and West Asia — participated in the facility.

 

The loan comprises $1 billion with a total maturity of 5.5 years and $500 million, with a total maturity of seven years. The higher tenure of seven years is the longest average maturity for an unsecured syndicated loan of similar size in Asia this year, it added.

 

The loan was tied up at better terms than the ones signed in 2010. There were 15 lead arrangers and book-runners for the facility, including Australia and New Zealand Banking Group, Bank of America, Barclays Bank PLC, The Bank of Nova Scotia Asia, The Bank of Tokyo-Mitsubishi UFJ and Citigroup Global Markets Singapore.

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SEBI mulls over one-time registration for DPs as well

Under the new norms, depository participants would be required to have only single certificate of registration issued by the SEBI

 

Seeking to simplify procedural requirements, market regulator Securities and Exchange Board of India (SEBI) is planning to put in place a one—time single registration process for depository participants (DPs) to operate on both depositories.

 

The proposal, which would replace the current practice of requiring separate registration certificate to operate in on both depositories, National Securities Depository Ltd (NSDL) and Central Depository Service Ltd (CDSL), would be discussed in SEBI’s board meeting on 19th November, according to official sources.

 

The new system would ensure cost efficiency, avoidance of multiple due diligence process and prevent duplication of registration process.

 

Under the new norms, DPs would be required to have only single certificate of registration issued by the SEBI.

 

A unique registration number without indicating the name of the depository on the registration certificate would be issued to the depository participants. In case the DP wishes to act as a participant with other depository, the same would be processed by the other depository under intimation to SEBI.

 

In October, SEBI had notified new norms that will require stock brokers and clearing entities to have one—time single registration process for operating across different bourses.

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