ASSET SALE PROCESS MEMORANDUM
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
Acre ARC sells Nagarjuna Fertilizers and Chemicals debt to AM Green for ₹1,685 cr
Nagarjuna Fertilizers has successfully cleared its massive debt, positioning itself for a potential merger with AM Green to optimize brand and distribution synergies. The unresolved sale issues of its plant and business loom large, impacting the transfer of government subsidies.
NARCL receives four bids for debt takeover of Sion Panvel Tollways in Mumbai
National Asset Reconstruction Co (NARCL) has received four expressions of interest for a second round of bidding to take over the debt of Sion Panvel Tollways linking Mumbai and Pune. The initial three bids were rejected for being undervalued. NARCL aims to recover bad debt and has acquired 18 stressed accounts worth Rs 92,510 crore. Bidders have until July 18 to submit new proposals. BoB Capital Markets is advising creditors on the sale.
Coal India exploring lithium assets in Argentina with U.S. company
Coal India Ltd, in collaboration with a U.S. firm, is exploring lithium blocks in Argentina to secure battery material supplies under the U.S.-led Minerals Security Partnership. This initiative aims to diversify critical minerals supply chains and reduce dependency on China, with preliminary studies currently underway.
Women are taking stock: As more women enter the high-net-worth category, their investment choices are also changing
Deepika Gehani, the cofounder of Genesis Luxury, represents the trend of affluent Indian women shifting towards equity investments. Nupur Garg, founder of Winpe, shares a similar sentiment on increasing risk appetite with growing wealth. The survey by Waterfield Advisors highlights women's interest in equity investments, with a focus on financial literacy emphasized by Priti Rathi Gupta. Anuj Kapoor from JM Financial Services notes the active role of female UHNIs in wealth management, while Devna Shah and Suhasini Sampath provide insights on equity and real estate investments.
Apple's AI push could reinvigorate iPhone sales as customers look to upgrade
The new software, which requires an iPhone 15 Pro or Pro Max to function, could drive a surge in new purchases, according to several analysts. Some even anticipate the most significant upgrade cycle this fall since the 2020 release of the iPhone 12, which attracted consumers with its 5G connectivity.
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RBI to come out with norms for securitising stressed loans
RBI is set to release final guidelines for securitisation of stressed assets, potentially initiating a junk bond market in India.
ABB Mulling Sale of Some Electric Mobility Assets
ABB is considering selling part of its E-mobility business, including EV charging stations and R&D facilities in China, with potential buyers showing interest. The sale could fetch $100-200 million, but ABB may opt against it. The assets include ABB E-mobility's direct and alternating current charger operations. ABB has not commented, but notes it has sold over 1 million EV chargers globally. The company's CEO sees growth potential in China.
Lenders hope to recover at least 50% of Go First dues by auctioning land parcel
Go First Dues: Lenders will hold an auction of a land parcel measuring 94.7 acres at Thane in Mumbai on July 22. Lenders have stated that the land parcel is being sold to recover Rs 3918.5 crore. The reserve price of Rs 1965 crore equates to 50% recovery for banks.
ARC route being misused by "tainted" promoters: RBI deputy governor Rao
M Rajeshwar Rao stressed that asked the leaders of the ARC sector to ensure that the sector remains focused on course charted through legislative and regulatory intent and should ensure that any negative perception about the functioning and governance standards of the ARCs is dispelled.
I received Rs 18 lakh from sale of ancestral property. Where should I invest this money for the next 3-5 years?
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Petronas renewable energy arm leads race to climb green tower at Brookfield
Malaysian energy giant Petronas's renewable energy arm Gentari Sdn Bhd is leading the race for a part of India's renewable portfolio from Brookfield Asset Management.
Bitcoin falls 3% as traders mull risk of sales linked to Mt. Gox
Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators are returning a $9 billion hoard of the largest digital asset to creditors.
IDBI SASF gets 18 offers for bad loans
IDBI Bank's Stressed Assets Stabilisation Fund (SASF) aims to recover 11.59% by selling non-performing loans worth ₹6,151 crore.
Paytm employees warned of potential job losses after hit from RBI probe
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company's net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
SP Group arm Goswami Infra sweetens bond deal
Shapoorji Pallonji Group offers ₹400 crore more to Goswami Infratech bondholders to extend deadline for meeting covenants on ₹14,300 crore borrowings. The company seeks a 4-month window to sell assets, ensure payment of ₹1,400 crore interest at 18.75% by September 30, 2024.
Russia seizes Deutsche Bank, UniCredit assets
A Russian court in Saint Petersburg rules to seize 239 million euros from Deutsche Bank and 463 million euros from UniCredit in Russia. European banks exit after Moscow's 2022 offensive on Kyiv. The court decision follows a request from RusKhimAlians planning a gas project with German company Linde, affected by Russia's military assault.
RBI looks at asset reconstruction companies amid a flood of allegations
India's central bank is set to hold a meeting with top management from asset reconstruction companies (ARCs) to discuss corporate governance and stressed-asset resolutions. This comes amidst concerns about potential back-door entry by defaulting promoters. The meeting, scheduled for May 17 in Mumbai, will see the participation of all 27 registered ARCs, along with RBI executives. Allegations have arisen that ARCs may strike deals with defaulting promoters, allowing them entry at a steep discount, bypassing regulations.
IOB puts 92 bad loans worth Rs 13,000 crore on the block
The sale is the Chennai-based bank's attempt to explore other avenues for recovery when cases in the National Company Law Tribunal (NCLT) are delayed beyond any timeline, IOB executive director Joydeep Dutta Roy said.
Mop up from divestment, asset sale beats FY24 RE of Rs 30,000 crore
In FY24, government's capital receipts surpassed Rs 30,000 crore from disinvestment and asset monetisation. The budget combined targets under miscellaneous receipts. CPSE dividend collections reached a new peak of Rs 63,749 crore in 2023-24.
PPFAS Flexicap Fund bought 8.8 lakh shares of ITC amid BAT stake sale in March
In February, PPFAS had around 30 stocks in its equity portfolio which declined to 29 in March.
EDF plans partial sale of India clean energy assets
EDF plans to divest clean energy assets in India to reduce $50B debt. Rothschild manages sales to investors like KKR, Actis. EDF's global renewables growth and NPCIL partnership aim for debt reduction.
Government servants and their family members cannot buy or sell stocks 'frequently' without doing this
Government servants: According to Rule 16 of Central Civil Services (Conduct) Rules, ""No Government servant shall speculate in any stock, share or other investment." However there exists certain specified conditions in the Rule. Read here to know what government servants and their family members need to know before investing in the stock market.
Ace Aviation approaches NCLAT to expedite sale of three Jet Airways aircraft
Ace Aviation seeks expedited sale of three aircraft previously owned by Jet Airways by approaching NCLAT. It argues for possession of assets, transfer of ₹340 crore, and highlights the complex technology and restoration efforts required for the aircraft. The company also argued that the aircraft involved complex technology, and if the aircraft are poorly maintained, they can quickly deteriorate to a point where it would be difficult to restore them.
IBBI amends norms to streamline, ensure more transparency in insolvency resolution process
Regulator IBBI has amended corporate insolvency resolution process norms to increase transparency and accountability. Separate accounts, valuation methodology explanation, and separate resolution plans for real estate projects are now mandatory. Regular meetings and the option for a monitoring committee have also been introduced.
Byju’s asset sale hangs fire amid investor flare-ups
Unlike Epic — which is also on the block — the sale of Great Learning is being overseen directly by its founder Mohan Lakhamraju, along with the TLB investors. Byju’s is seeking around $600 million from sale of the higher education asset but is yet to find a buyer with a binding term sheet.
Vedanta weighs minority stake sale in Zambian copper assets to reboot mines
Vedanta Base Metals CEO Chris Griffith said on Wednesday the company is talking to a range of financing partners to raise money for a restart of its Konkola Copper Mines unit in Zambia, including the sale of a minority stake in KCM.
Disinvestment fetches over Rs 4.20 lakh cr in 10 years but target to be missed again in FY24
Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
Edelweiss Financial to sell stake in unit for up to $240 million
The company is receiving significant interest for the stake sale in Edelweiss Alternative Asset Management (EAAM), and the process is likely to be concluded in four to five months, Edelweiss said in a statement.
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