JUNE 20248TOP STORIESSBI LOOKING TO RAISE FUNDS VIA FOREIGN CURRENCYTATA ELXSI & DEFENDER RALLY SERIES EXTEND THEIR PARTNERSHIPThe state-run lender will raise funds in one or more tranches through a public offer or a private placement of senior unsecured notes, which will be denominated in U.S. dollars or another major foreign currency. The Mumbai-based lender did not specify the intended use of the proceeds. Indian banks are bolstering their capital bases to meet the rising demand for loans. Several state-run lenders, including Canara Bank, Punjab and Sind Bank, and Punjab National Bank, also plan to raise funds via debt this fiscal year.In January, the State Bank of India (SBI) raised 50 billion rupees (approximately $600 million) by selling Basel III-compliant additional tier-I perpetual bonds. The lender is also open to raising equity capital to support growth, as Chairman Dinesh Kumar Khara stated last month.SBI's shares increased by 0.8 percent on Tuesday and have gained 30.5 percent so far this year. For the third season in succession, Defender Rally Series and Tata Elxsi continue their partnership, strengthening a relationship that began with the inaugural championship in 2022.The series includes seven challenging events across the UK and the Republic of Ireland, with each round hosting up to 16 competitors. This year, several teams from the 2023 UK Championship have advanced to the European Baja Championship, which consists of four rounds taking place in the UK, France, Spain, and Iceland.With technical support afforded to all entering the Series, Tata Elxsi logos will adorn every Defender 90 competing in the 2024 season.Ganesh Kumar, General Manager & JLR Account Director, Tata Elxsi, said, "The Defender Rally Series and Tata Elxsi share a common foundation of Xtreme engineering, thriving in challenging environments, fostering high-performing teams, and utilising next-gen technologies to revolutionise the modern automotive industry. Together, we are not just designing vehicles; we are crafting experiences that resonate with the passion and spirit of adventure inherent in every off-road enthusiast. Our journey with the Defender Rally Series has been a testament to our expertise in bringing robust, cutting-edge solutions to the most challenging terrains, and we look forward to another year of shared success and Xtreme engineering."With the first three rounds of both Championships complete, the coming months will see the Defender Rally Series and Tata Elxsi collaborate to ensure drivers, co-drivers, team members and engineers experience a thoroughly enjoyable and competitive year.
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