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1)Blackstone Group has signed a term sheet to acquire the remaining 50% stake in Indiabulls Real Estate’s commercial properties for over ₹4,420 crore.Blackstone had concluded a similar deal for 50% of the portfolio for nearly ₹4,750 crore in March 2018, marking one of the country’s largest such transactions in real estate.
2) Investors in mutual fund debt plans, especially liquid schemes, may have to brace for more uncertainty with regard to returns as the SEBI may make it mandatory for these debt products to assign the latest market price to all their bond investments from April 1.
3) CVC Capital and Carlyle could make the shortlist for the 30% Shriram Capital stake that Piramal Enterprises and private equity fund TPG are selling.30% STAKE SALE likely to value Shriram Capital at around ₹18,000-20,000 crore.
4) Lenders to the road projects of IL&FS are staring at haircuts of more than ₹4,500 crore. IL&FS has received bids worth ₹13,000 crore for its 10 road assets against collective debt of ₹17,700 crore.
5) A 1,200 megawatt (MW) solar tender issued by the Solar Energy Corporation of India (SECI) has been postponed for the third time due to lack of interest from developers.
1) Essel Group pays mutual funds nearly Rs 2,000 crore.Aditya Birla Sun Life AMC received Rs 765 crore, HDFC AMC got Rs 580 crore, ICICI Prudential AMC and Kotak Mahindra AMC received Rs 434 crore and Rs 208 crore.
2) Discoms of Maharashtra and Tamil Nadu have opposed the central government panel's recommendation to make advance payments to power producers.Discoms’ financial losses stood at Rs 28,369 crore at the end of FY19, up 88.6% year-on-year.
3) Hit by subdued demand for two wheelers, Hero MotoCorp will cut down its planned capital expenditure by around 15-20% for FY20, while also deferring part of the expansion at its upcoming plant at Chittoor in Andhra Pradesh.
4) The Union government has exhausted two-third of its market borrowing estimates in the first four months of this fiscal. According to the latest official data, the government has borrowed Rs 2.96 lakh crore during April-July period, which is 66% of its annual estimate.
1) SBI mulls lending Rs.35,000 cr to NHAI for highway projects.The bank is examining NHAI’s proposal to raise funds through securitisation of toll proceeds.
2) The government has set up a task force to speed up infrastructure spending and to identify projects where the budgetary allocation for the infrastructure can be front loaded.
3) Coal mine auction: Bidders flag distance of new blocks from consuming centres.Prospective bidders pointed out that the end-use industries (coal consumers) are in the East, but a majority of the blocks on offer are in the Western part, specifically Maharashtra.
4) Reliance Nippon Life Insurance has been rapped by IRDAI for excessive expenses nearly Rs.600 crore above the prescribed limit.The insurer had incurred expenses of Rs.1,632 cr against the cap of Rs.1,069 cr.
1) Govt's big plan to push EVs: Rs 40,000-crore subsidies in the works.The proposed move is expected to benefit micro, small and medium enterprises.
2) Mahindra Electric joins hands with Dassault Systemes for EV testing.Mahindra Electric is using a particular offering from the Dassault Systemes' stable called SIMULIA.
3) Steel import rules restrictive despite economic slowdown, says EEPC.While compulsory registration will monitor steel product inflow into the country, the specifications seem unwarranted, the engineering exporters' body said.
4) NHAI's maiden infra investment trust plan unlikely to see foreign interest.The minister met bankers, foreign investors and road developers as part of a road show for the NHAI's monetisation of a third bundle of roads under the TOT model.
5) Railways draws road map for FY20, plans to raise $1 bn in US market.IRFC has appointed arrangers in the US for the bond issue. Insurance companies and pension funds are likely to subscribe to them.
1) With stake sales, Yes Bank is now poised for a makeover.The promoters are willing to amend the Article of Association, allowing new shareholders to get a board seat.
2) EPFO seeks first right to assets in bankruptcies.In case of liquidation, EPF money should get priority over other debts, says a labour ministry proposal.EPFO is seeking to recover ₹574 crore from IL&FS and ₹700 crore from DHFL.
3) In a climbdown, Andhra may give concessions to power producers.The move comes after the central government pulled out all stops to impress upon the state government not to cancel the PPAs inked by the previous TDP government.
4) Local Cos in a Fix as Steel Imports Surge.Imports climbed from 586,000 tonnes in April to 856,000 tonnes at the end of August. Of this, in August alone, FTA imports climbed 0.8% even as shipments from non-FTA countries attracting 7.5% duty have declined.The real threat appears to be imports at zero duty from FTA countries.