Indian Financial Firms Advance Capital Raising and Strategic Moves in December 2023

Several Indian financial and industrial firms have announced capital-raising and strategic initiatives with potential implications for the insurance and financial markets. Indian Railway Finance Corp secured a $300 million external commercial borrowing loan through a pact with Sumitomo Mitsun Banking Corp. Motilal Oswal Financial Services and HDFC Life Insurance plan to issue non-convertible debentures (NCDs) to strengthen their capital base, with board approvals scheduled in early December. Canara Bank has raised Rs 3,500 crore via debentures incorporating a substantial green-shoe option, indicating active efforts to enhance liquidity.