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Business Standard

IndiGrid unitholders approve move to raise Rs 695 cr via preferential issue

Infrastructure investment trust India Grid Trust on Thursday said it has received unitholders approval to raise up to Rs 695 crore through a preferential issue. During an extraordinary meeting held on Thursday, the unitholders gave their go-ahead for "issuance of units on a preferential basis for an aggregate consideration of up to Rs 695 crore", according to a regulatory filing. IndiGrid is India's first and largest Infrastructure Investment Trust (InvIT) in the power transmission sector. It owns, operates, and manages power transmission networks and renewable energy assets that deliver reliable power throughout India. As per its website, its assets under management (AUM) stand at Rs 29,255 crore. It has 22,550 MVA electricity transformation capacity.

The Economic Times

Foundation stone laid for Michelin India's tyre plant in Tamil Nadu

Michelin has laid the foundation stone for a new manufacturing facility in Tiruvallur district, Tamil Nadu. The plant will be expanded with an investment of Rs 563.67 crore to produce passenger car tyres. Minister for Industries TRB Rajaa highlighted that this decision reflects Michelin's trust in the state and its government under Chief Minister M K Stalin.

Business Standard

Axis Capital to explore legal remedies against Sebi's ban on debt segment

Axis Capital on Friday said it is exploring legal remedies against markets regulator Sebi's order restraining the firm from taking up new assignments as a merchant banker for the debt segment. In a statement, the company clarified that Sebi has not imposed any other restrictions on Axis Capital and it will continue to operate all other business activities in the ordinary course in equity capital markets, infrastructure investment trusts (InvITs), real estate investment trust (REITs), M&A, private equity and institutional equities domain. On Thursday, the Securities and Exchange Board of India (Sebi), in an interim ruling, prohibited Axis Capital from taking up any new assignments in the capacity of a merchant banker, arranger or underwriter for any issue or offer for sale of securities in the debt segment. This restriction will remain in place until further orders. "ACL (Axis Capital Ltd) provided guarantee/indemnity towards redemption of NCDs (non-convertible debentures) in the ..

Business Standard

DIT pips Indus Towers to become India's largest mobile tower company

Data Infrastructure Trust on Thursday said it has pipped Indus Towers to become India's largest mobile tower company after acquiring American Tower Corporation's operations in the country. Data Infrastructure Trust (DIT) is backed by Brookfield Asset Management along with affiliates of investors including British Columbia Investment Management Corporation (BCI) and GIC. The firm acquired 100 per cent of American Tower's operations in India comprising the buyout of approximately 76,000 communications sites in India for an enterprise value of Rs 18200 crore or about USD 2.2 billion. "With this acquisition, the Brookfield-led consortium reinforces its commitment to connecting India with an expanded portfolio of 257,000 telecom sites," DIT said in a statement. DIT's Telecom Infrastructure portfolio will be housed under the new brand name Altius. Bharti Group owned Indus Towers had a portfolio of 2,25,910 as of June 30, 2024. ATC India is Brookfield's third acquisition in the Indian .

The Economic Times

Supreme Court allows Adani-Dickey consortium to continue operating Coastal Energen power plant

The Supreme Court has allowed the Adani Power and Dickey Alternative Investment Trust consortium to operate Coastal Energen's 1,200 MW power plant until the NCLAT decides on appeals against the resolution plan. The consortium cannot dismantle the plant or create third-party rights. The final proceedings will not be affected by this observation.

The Economic Times

Mamaearth shares tumble 5% after Rs 1,763 crore stake sale via block deal

Honasa Consumer Share Price: Shares of Honasa Consumer, the parent company of Mamaearth, fell 5% to a day’s low of Rs 495 on the NSE following a block deal on Thursday involving a 10.9% equity stake valued at Rs 1,763 crore. The likely sellers include Peak XV Partners Investments VI, Redwood Trust, Sequoia Capital Global Growth Fund III, Fireside Ventures Investment Fund I, Stellaris Venture Partners India, and Sofina Ventures SA.

The Economic Times

Status quo on Coastal Energen resolution challenged

A consortium of Adani Power and Dickey Alternative Investment Trust has approached the Supreme Court to challenge an NCLAT order that directed them to maintain the status quo on implementing a resolution plan for Coastal Energen. The Supreme Court will hear the matter on Thursday, following concerns about due process and financial gains.

Business Standard

Northern Arc Capital's Rs 777 cr IPO to open on Mon, price band Rs 249-263

Non-bank financial institution Northern Arc Capital on Wednesday said it has fixed a price band of Rs 249-263 per share for its upcoming Rs 777 crore initial public offering (IPO). The Chennai-based company's initial share sale will open for public subscription on September 16 and conclude on September 19. The bidding for anchor investors will open for a day on September 13. The IPO is a combination of a fresh issue of equity shares valued at Rs 500 crore and an Offer For Sale (OFS) of up to 1,05,32,320 equity shares worth Rs 277 crore, at the upper end of the price band, by investor shareholders. This aggregates the issue size to Rs 777 crore. Those offering shares through the OFS are Leapfrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Eight Roads Investments Mauritius II Ltd, Sumitomo Mitsui Banking Corporation, 360 ONE Special Opportunities Fund (formerly known as IIFL Special Opportunities Fund) and Dvara Trust. Proceeds from the fresh issue woul

The Economic Times

Adani consortium seeks urgent SC intervention over NCLAT's status quo order in Coastal Energen case

The Dickey Alternative Investment Trust and Adani Power consortium have moved the Supreme Court against NCLAT's order to maintain the status quo in Coastal Energen's insolvency process. The consortium had implemented a ₹3,335 crore resolution plan approved by NCLT, but faces challenges from former director Ahmed Buhari over procedural lapses.

CNBC TV18

NCLAT pauses Adani Power-led consortium’s Coastal Energen acquisition

This decision follows a series of appeals filed by Ahmed Buhari, a suspended director of Coastal Energen, and shareholders Precious Energy Holdings and Mutiara Energy Holdings, contesting the plant's takeover by a consortium led by Adani Power and Dickey Alternative Investment Trust (DAIT).

The Economic Times

ISA, MIGA set up multi-donor trust fund to support solar projects

The Multilateral Investment Guarantee Agency (MIGA) and the International Solar Alliance (ISA) have launched a fund to support solar projects. The MIGA-ISA Solar Facility will offer concessional financing tools to improve project bankability and lower costs. Initially focusing on Sub-Saharan Africa, the facility aims to expand globally, mobilizing private capital for solar energy projects.

CNBC TV18

Baazar Style Retail's ₹835 crore IPO opens: Should you bid?

Ahead of the issue opening, the company has raised ₹250 crore from 22 anchor investors on August 29. Global marquee investors who participated in the anchor book include HSBC Global Investment Funds, Natixis International Funds, Optimix Wholesale Global Emerging Markets Share Trust, Allianz Global Investors Fund, and Societe Generale.

Business Standard

Singapore Airlines receives FDI approval for Air India-Vistara merger

Singapore Airlines on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of Vistara with Air India, a deal that will create one of the world's largest airline groups. With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year. The proposed merger was announced in November 2022. Air India is owned by Tata Group and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines. In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger. "The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and regulatory approvals received to-date, represent a significant development toward

Business Standard

Alberta investment, HDFC Life to invest Rs 667 cr in India Grid Trust

India Grid Trust on Tuesday said Alberta Investment Management Corporation and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively, in it. According to a statement, India Grid Trust (IndiGrid) announced the launch of its preferential issue process to raise Rs 695 crore following the successful conclusion of the offer-for-sale (OFS). IndiGrid on Tuesday launched its preferential issue process to raise Rs 695 crore through primary issuance of units for Rs 136.43 /unit, it added. IndiGrid has received investment commitments from Alberta Investment Management Corporation (AIMCo), one of Canada's largest and most diversified institutional investment managers, and HDFC Life for an investment of Rs 567 crore and Rs 100 crore, respectively, with a balance committed by other investors. Ambit Capital and SBI Caps are running a preferential issue process on IndiGrid's behalf. Harsh Shah, Chief Executive Officer IndiGrid, said, "We are also delighted to welcome AIMCo and HDFC Li

Business Standard

National Infrastructure Trust to raise Rs 1,600 crore through IPO

In accordance with SEBI Infrastructure Investment Trust (InvIT) regulations and the SEBI guidelines, 75 per cent of offer will be available for a proportionate allocation to institutional investors

Business Standard

Indian investors value sustainability, struggle to get good data: Deloitte

More than 90 per cent of Indian institutional investors now consider sustainability information essential in their due diligence process, a study by Deloitte and The Fletcher School at Tufts University said, adding as sustainability becomes more integral to investment management, trust in the ESG data used to inform these decisions is lacking, posing challenges in accessing trustworthy data. "According to Indian investors, the inconsistency or incomparability of ESG rating data (73 per cent), cost constraints on integrating ESG data into investment decision models (71 per cent) and lack of measurable outcomes in corporate disclosures (70 per cent) reduce the trust factor of available sustainability data, inhibiting their ability to implement ESG investment strategies," Deloitte said citing its study titled 'Investor trust in sustainability data'. The study further highlights that Indian investors are more likely to trust in-house proprietary data systems and audited (or assured) ...

The Economic Times

India fastest-growing REIT market in Asia Pacific

India's real estate investment trust (REIT) market grew 31% YoY in 2023, the fastest growth in the Asia Pacific region, according to a report by Cushman & Wakefield. The growth was largely due to the introduction of Blackstone's Nexus Select Trust, the country's first publicly listed retail REIT. The market is still relatively young, with only four REITs in India, but the market's growth is attributed to high investor interest.

Business Standard

Blackstone sells over 310 mn units in Nexus Select Trust for Rs 4,355 cr

Global investment firm Blackstone on Friday sold 31.55 crore units in its REIT firm 'Nexus Select Trust' for around Rs 4,354.90 crore through a block deal on stock exchanges as part of a strategy to monetise real estate portfolio. Blackstone currently holds around 43 per cent stake in Nexus Select Trust, which is India's first real estate investment trust (REIT) backed by retail properties. According to exchange data, Blackstone sold 31.55 crore units in Nexus Select Trust at Rs 138 apiece, taking the total transaction value to Rs 4,354.90 crore. Domestic mutual funds, including ICICI Prudential Mutual Fund (MF), and HDFC MF picked up units of Nexus Select Trust. Among foreign companies, US-based financial services company Wells Fargo and Morgan Stanley acquired stake in the company while French asset management firm Carmignac bought units of the REIT firm, as per the data on the NSE. These entities acquired a total of 11.75 crore units or 7.76 per cent stake in Nexus Select ...

Business Line

Blackstone sells 20.8% stake in Nexus Select Trust for ₹4,361 crore

Sale is part of firm’s monetisation strategy in investments; Blackstone is credited with the launch of real estate investment trusts in India