Latest news with #FCCB
Business Wire
23-06-2025
- Business
- Business Wire
First Citizens Community Bank Receives FHLBank Pittsburgh's 2025 Annual Member Award
PHILADELPHIA--(BUSINESS WIRE)--The Federal Home Loan Bank of Pittsburgh (FHLBank) announced First Citizens Community Bank (FCCB) as a 2025 winner of its Pillars of the Community Awards, and conferred the award today. This award is presented to member financial institutions that have demonstrated an outstanding commitment to community development. Awardees have also demonstrated exemplary efforts and effective use of FHLBank's community products. This award is FHLBank's highest organizational honor and is presented annually to select FHLBank members in recognition of their commitment to community revitalization. This year's other winner is Citizens Bank of West Virginia. For more than 150 years, FCCB, headquartered in Mansfield, Pennsylvania, has been building relationships and making a difference in their communities. In recent years, they have furthered their reach with the use of FHLBank community programs, including Banking On Business, which focuses on economic development, and First Front Door and Home4Good, which both focus on affordable housing. FCCB's work to help house and benefit local people and families by deploying FHLBank programs was a key factor in their being named a 2025 Pillars of the Community Award winner. Click here to learn more about FCCB, the 2025 Pillars of the Community Award recognition, and some of their incredible community work. About First Citizens Community Bank Based in Mansfield, Pennsylvania, FCCB operates 39 community offices strategically positioned across Pennsylvania, New York, Delaware, and New Jersey. Whether you're striving for financial milestones or seeking support for your endeavors, they're ready for you. Contact FCCB at (800) 326-9486, explore or engage with them on Facebook and LinkedIn to discover a different banking experience. About FHLBank Pittsburgh FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. FHLBank products and resources help support community lending, housing and economic development. As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932. Learn more by visiting
India.com
29-05-2025
- Business
- India.com
Masterstroke by Anil Ambani as he invests Rs 17600000000 in..., Ambani raised these funds from...
Anil Ambani (File) Anil Ambani, the younger brother of Asia's richest man, Mukesh Ambani has witnessed a remarkable turnaround of fortunes of late, especially in the current financial year, with many of his Reliance Group companies now debt-free and making significant profits. Anil Ambani's sons Jai Anmol Ambani and Jai Anshul Ambani have set the Reliance Group on the path of revival, with the group's companies recently acquiring some major contracts, including Japanese firm Nippon making a substantial investment in Reliance Capital. The impact of the Nippon deal was quickly visible as the debts of several Reliance Group companies began to decrease, but the group is still facing a mountain of loans which it needs to settle in order to avoid bankruptcy. How Reliance Infra and Reliance Power became debt-free? Last year, Anil Ambani raised Rs 17,600 crore to further reduce the debt burden of his companies. According to media reports, only two listed companies of Anil Ambani's Reliance Group, Reliance Infra and Reliance Power, have managed to become completely debt-free, while most of group's other firms still owe substantial amounts to creditors. Both Reliance Infra and Reliance Power, along with their subsidiaries, started repaying loans in September last year, and are now debt-free, as per reports. Anil Ambani began investing funds into both these companies in August 2024, and funds were raised through Foreign Convertible Currency Bonds (FCCB) and Preferential Issue. How Anil Ambani raised Rs 17,600 crore? Together, Reliance Infra and Reliance Power issued a preferential equity issue worth Rs 4500 crore, apart from raising Rs 7100 crore from Varde Partners via FCCB. Additionally, the two firms also raised Rs 3000 crore each Qualified Institutional Placement (QIP). Thus, Anil Ambani revived Reliance Infra and Reliance Power by raising Rs 17,600 crore. Meanwhile, the combined market cap of Reliance Power and Reliance Infra reached Rs 33000 crore on Thursday, even as as shares of three Reliance Group companies witnessed a strong uptick last week. Recently, Reliance Group acquired a Rs 2000 crore contract for a setting up a solar project in Bhutan, while Reliance Defence– a subsidiary of Anil Ambani-led Reliance Infrastructure Limited– has signed a deal with German arms maker Rheinmetall AG to manufacture ammunition.
Mint
21-05-2025
- Business
- Mint
650% rally in five years! Multibagger small-cap stock Kellton Tech Solutions declares closure of FCCB issue
Stock Market Today: Having seen a 650% rally in five years by the Multibagger small-cap stock Kellton Tech Solutions The stock remains in news having declared closure of FCCB issue. Check details Multibagger small-cap stock Kellton Tech Solutions on Tuesday 20 May 2025 intimated the National Stock Exchange of India and the BSE or Bombay Stock Exchange about is FCCB issue. Multibagger small-cap stock Kellton Tech Solutions said that In continuation to its earlier communication dated May 16, 2025, regarding the opening of the Foreign Currency Convertible Bond issue or FCCB Issue for subscription, it wishes to inform you that the said FCCB Issue has been successfully closed as of the end of business hours on Tuesday May 20, 2025. The Company Kellton Tech Solutions thereby has successfully raised USD 10 million from the offering (Foreign Currency Convertible Bond issue or FCCB), as per the relase on the exchanges. The Board of Director of the Board of Kellton Tech Solutions at their meeting held on May 14, with consent of the members of the Company obtained by means of passing requisite resolution earlier (January 22, 2025) and after achieving In-principle Approval dated February 20, 2025 obtained from the BSE Limited, and alsp from the National Stock Exchange of India Limited, proposed issue of the Foreign Currency Convertible Bonds ('FCCBs') for an aggregate amount not exceeding Rs. 100 Crores and its equivalent if foreign currency The Board had approved the issue of $10,000,000 aggregate value of FCCBs at 100% of its principal value. The the Initial Conversion price of the FCCB'S was set to be Rs.106/-. The company planned to allot 10,000 6.5 per cent. senior unsecured foreign currency convertible bonds due 2035 of face value of $1000 each, convertible into fully paid-up equity shares of face value of Re.5 each of the Company at a price of Rs.106/ Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
18-05-2025
- Business
- Mint
700% rally in five years! Small-cap stock in focus after allotment of foreign currency bonds
Small-cap company Kellton Tech share price will remain in focus in Monday's trading session after the company announced the issuance of Foreign Currency Convertible Bonds (FCCBs) totaling $10 million, with a minimum conversion price of ₹ 106 per equity share. Kellton Tech share price ended 2.73 per cent higher on Friday at ₹ 118.50. The stock has rallied over 684.77 per cent in past five years. The announcement precedes the bond offering scheduled to open on May 16, 2025, after receiving board approval earlier this week. In a regulatory filing, the company announced that its Security Issuance Committee has been given the authority to oversee the entire process of issuing FCCBs, as approved during the board meeting on May 14, 2025. These FCCBs will be offered in international markets and will take the form of 6.5% senior unsecured bonds, set to mature 10 years and 1 month after full payment is made. The minimum conversion price has been set in line with the FCCB Scheme, using May 14, 2025, as the reference date for pricing. At a conversion rate of ₹ 85.3 per US dollar, the bond issuance amounts to roughly ₹ 85.3 crore. Once fully converted, it would lead to the issuance of about 80.47 lakh equity shares, each with a face value of ₹ 5. The company plans to complete the allocation of FCCBs within 30 days from the issue's closure. The filing also emphasized that the company has a clean track record with no past defaults on FCCB commitments. Additionally, there are no current plans to issue preferential or bonus shares in connection with this offering. This step highlights Kellton Tech's strategy to strengthen its capital base and support future expansion through a mix of funding sources. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
India.com
15-05-2025
- Business
- India.com
This company to Raise USD 10 Million via FCCBs; Issuance to Open on May 16
Stock market- File image- For Representational purpose Shares of Kellton Tech Solutions are in focus after the company announced the opening date for its upcoming foreign currency convertible bond (FCCB) issuance. The tech firm plans to raise USD 10 million through 6.5% senior unsecured FCCBs, which will mature in 2035. In an exchange filing, Kellton Tech stated that its Board's Security Issuance Committee has approved May 16, 2025, as the official date for the issuance. The bonds will be issued internationally and will carry a 10-year and 1-month maturity period from the date of full payment. The conversion floor price has been set at Rs 106 per equity share, calculated in accordance with FCCB regulations, with May 14, 2025, designated as the relevant pricing date. 'Issuance of USD 10,000,000 6.50% senior unsecured foreign currency convertible bonds due 2035 of Kellton Tech Solutions Limited ('FCCBs'),' the company confirmed in its regulatory disclosure. Meanwhile, domestic equity benchmarks were under pressure in early trade Thursday, dragged by losses in major banking stocks and negative cues from Asian markets. The BSE Sensex fell 106.78 points to 81,223.78, while the NSE Nifty slipped 38.45 points to 24,628.45. Later, the Sensex was down 247.22 points at 81,082.80, and the Nifty declined 67.15 points to 24,599.75. Top laggards on the Sensex included Power Grid, IndusInd Bank, Axis Bank, Sun Pharma, Infosys, Mahindra & Mahindra, Kotak Mahindra Bank, and HDFC Bank. On the other hand, Tata Motors, Adani Ports, Tata Steel, Tech Mahindra, and UltraTech Cement emerged as top gainers. In Asia, key indices such as South Korea's Kospi, Japan's Nikkei 225, Shanghai's SSE Composite, and Hong Kong's Hang Seng were trading in the red. US markets ended on a mixed note on Wednesday. Meanwhile, Global oil benchmark Brent crude dropped 2.10 per cent to USD 64.70 a barrel.
