RIL Appoints Citi's Dutta To Handle Cash Pile -  Reliance Industries, the nation's biggest private sector company by revenue, has hired Soumyo Dutta from Citigroup as corporate treasurer to handle its cash, borrowings and currency risk. Dutta, a 15-year veteran at Citigroup, will be handling RIL's cash horde of more than Rs 70,000 crore and plan reduction in its borrowing costs where more than 85% are in long term. (Economic Times)

Sahara Close To Buying Digicable - Subrata Roy’s Sahara India is close to buying a majority stake in DigiCable, the cable TV distribution business set up by industry veteran Jagjit Singh Kohli, as the group seeks to reinforce its interests in the television business. Ashmore Investment will exit both DigiCable and Broadband Pacenet (India) Pvt. Ltd, where it has invested a total $240 million since 2007. (Mint)

Morpheus To Raise Rs 475Cr Fund -  Private equity (PE) investor Morpheus Capital Advisors, which has partnered with investment bank o3 Capital, has hit the road to raise Rs 475 crore to capitalise its second fund investing in consumption- related businesses.  The Morpheus Fund, managed by former IMG India chief Balu Nayar, intends to raise capital through placements to affluent investors, non-banking finance companies, banks and foreign investors. (Economic Times)

Former LIC Chairman May Be Offered UTIMF Top Spot - More than a year after T S Vijayan, under whose tenure the LIC Housing Finance scam broke out, agencies like CBI and CVC have cleared him of any suspected wrongdoing. Vijayan completed his term as LIC chairman last year but was not given an extension despite having a few years to retire. Although he was recently offered a post within the LIC group, Vijayan declined it because the position was of a much junior officer. With the government looking for ways to make him a suitable offer, the chairmanship of UTIMF could be one such option. (Times of India)

DCB, IFCI Opt Out Of CDR Forum - At a time when the flow of corporate loans heading for recast is surging, two financial services entities — DCB Bank and IFCI — have opted to exit from the Corporate Debt Restructuring (CDR) forum. They cite exposure to fewer CDR cases and changes in their business model, as the reason for this. (Business Standard)

India Cements To Get Rs 500Cr From Axis, ICICI Bank - South India's largest cement manufacturer India Cements has availed itself of over Rs 500 crore from ICICI Bank and Axis Bank. India Cements has availed financial assistance in the form of external commercial borrowing (ECB) of $60 million from ICICI Bank Limited for the purpose of setting up a thermal power plant with a capacity of 50 Mw and upgradation of Chilamkur cement plant in Andhra Pradesh. (Business Standard)

Shriram City Union To Raise Rs 500Cr From NCDs - Shriram City Union Finance Ltd (SCUFL) is planning to issue non-convertible debentures (NCDs) of about Rs 250 crore, with an over-allotment option of another Rs 250 crore, by August or September. The company had recently announced the board of directors’ approval to raise about Rs 2,000 crore through issuance of NCDs. (Business Standard)

Suzlon Redeems FCCBs Worth $360M -  Wind turbine maker Suzlon has redeemed in cash the two June series of foreign currency convertible bonds (FCCBs) totally valued at $360 million. In early June, holders of the bonds had approved the company’s proposal to extend the maturity date by 45 days till July 27. The remaining finance for the FCCB repayment has been tied up as a dollar denominated loan from a consortium of Indian banks. (Business Line)

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