Monday 24 October 2016

ICICI, Axis, StanChart got back $2.5 bn of Essar loans

About$2.5 billion were made to the three lenders as part of the first tranche of the repayment schedule. The $13-billion sale of Essar Oil to Russia‘s Roseneft has helped lenders, including  ICICI Bank, Axis bank and StanChart, recover a combined $2.5 billion in part payment of their exposure to the Essar Group. The two Indian lenders — which together had an exposure of $1.5 billion will get back nearly
half of their money or about $770million in cash. Out of the total cash component, nearly $350 million was paid in cash to the two Indian banks, which together with interest payout of about $100 million takes their total collection from Essar to about $450 million.
iv. Between the two Indian lenders, ICICI Bank’s share is nearly three-fourths while that of Axis Bank is about one-fourth in the total exposure as well as repayments.

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