Sunday, March 3

Tag: barclays

Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal
News

Walmart Raises $5B Revolving Credit to Fund Flipkart Acquisition Deal

A number of monetary corporations including JPMorgan Chase and Barclays are offering $5 billion financing to Walmart that will help the American giant fund its $16 billion acquisition of Indian e-commerce unicorn Flipkart. The credit line involved would be one of the largest revolving credit facilities in the recent times as it is priced between 300-400 basis points over London Interbank Offered Rate. The facility amount will be secured against the balance sheet of Flipkart and its shares will have a tenure of 18 months. The proposed revolving facility is an arrangement that allows buying company to facilitate the immediate acquisition financing requirements while the loans are secured against the balance sheet of the target company of its share price. "Walmart has very strong ban...
50 Companies Keen on Associating With Postal Bank: Ravi Shankar Prasad
INDIA

50 Companies Keen on Associating With Postal Bank: Ravi Shankar Prasad

Around 50 companies including global banking institutions, like the World Bank, Deutsche Bank and Barclays, have expressed eagerness to be associated with the Centres postal payments bank initiative, Union Minister Ravi Shankar Prasad said today. "We will begin postal payments banking service from September 16, wherein 1.3 lakh postmen will be given hand-held devices, a moving ATM to provide banking services, insurance, money-order, as well as third-party service," Information Technology Minister said after inaugurating an incubation centre at the Software Technology Parks of India (STPI) here. "Some 50 companies, including World Bank, Deutsche Bank, Swiss Bank, Barclays, want to be associated with us," said the senior BJP leader. The Union Cabinet in June had cleared the ...