OFFSHORE CAPITAL
Carlyle, CVC & Hillhouse in the fray for GeBBS
Global private equity firms including Carlyle Group, Hillhouse Investment and CVC Capital Partners have been shortlisted to acquire ChrysCapital-owned GeBBS Healthcare Solutions, said people familiar with the development. The deal proposes to value the Los Angeles-based healthcare business process outsourcing firm at $800 million. The firms, shortlisted after the initial round, will submit a binding offer by mid-July, said one of the persons, who did not wish to be identified.
Hedge fund’s secret Adani short revealed in blow-by-blow account
The short-selling scandal involving Hindenburg Research, Adani Group, and Sebi triggered regulatory scrutiny and a US Justice Department probe. The scandal emphasized the importance of market efficiency amidst fraud allegations and regulatory actions.
Kotak Bank created fund used to bet against Adani: Hindenburg
Kotak Mahindra Bank managed funds for Adani stock trades, leading to significant profits. Despite ET queries, the bank mentioned transactions were made on a principal basis. Kingdon transferred funds for short positions on Adani stocks, resulting in gains after positions were squared off.
China's yuan slumps to seven-month low on weaker guidance
Markets react to the Federal Reserve's uncertain policy outlook as the dollar's index strengthens. JOLTS job openings data release creates anticipation in the market, impacting offshore yuan's trading, marking a volatile market sentiment.
Viability gap funding set to boost offshore wind energy space: Crisil
The government's outlay, announced on June 19, includes Rs 6,853 crore for the installation and commissioning of 1 GW of offshore wind energy projects of 500 MW each off the coast of Gujarat and Tamil Nadu. It also has Rs 600 crore for augmentation of two ports to meet the logistics requirements for offshore wind energy projects farms and encourage developers to enter this space.
China's yuan eases to 7-month low on weak fixing, hawkish Fed
The yuan weakens against the dollar due to central bank guidance and speculation on USDCNY pair. Federal Reserve's hawkish stance delays interest rate cuts. Foreign investors avoid China's struggling stock market, impacting the offshore yuan. The dollar maintains stability against major currencies supported by positive U.S. housing market data.
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$8 trillion & counting! How Family Offices have grown and their impact on the investment world
The history of Family Offices dates back to ancient Rome, evolving into a modern-day necessity for managing wealth and ensuring smooth transitions across generations.
3C IT Solutions IPO opens today: Check issue size, price band, GMP and other details
The SME IPO of 3C IT Solutions will open today, aiming to raise Rs 11.44 crore. India's GII ranking improved to 40th position, making it a top offshoring destination for IT companies. Kreo Capital is the lead manager for the IPO.
Capital needs to remain high for Indian corporates: Moody's
Moody's Ratings reported on Thursday that Indian corporates face high capital requirements for capacity expansion and growth spending. 16 out of 23 rated companies are estimated to need USD 70-100 billion annually over the next two years. While domestic liquidity can cover some needs, offshore funding remains crucial. Strong consumption growth, infrastructure spending, and government targets will continue to drive corporate capital needs.
India's growth set to get more broad-based, says Morgan Stanley; pegs 6.8% for 2024
India's strong growth, driven by consumer and business spending, is expected to become more broad-based, according to Morgan Stanley. The global investment bank forecasts 6.8% growth in 2024, attributing it to global offshoring, digitalization, and energy transition. Retail inflation is at 4.83%, within RBI's comfort zone. S&P Global Ratings revised its outlook on India to positive, citing robust economic growth and fiscal policies.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
View: Fund pool, more AIFs than buts
In 2015, when investment in AIFs was made permissible under the automatic route, rules on indirect foreign investment were also recalibrated. Downstream investments by companies were categorised based on the origin of invested capital. However, for AIFs, emphasis was placed on control over deployment of the capital, rather than the capital origin, indicating a nuanced regulatory approach to foreign investments under the extant framework.
Will prime residential assets remain the mainstream investment avenue for HNIs in India?
Real estate, long favored by India's affluent, served as an inflation hedge in a socialist economy. However, liberalization altered dynamics, shifting focus to financial assets as domestic real estate faced cyclicality amidst changing economic landscapes.
Forex settlement next step by GIFT to onshore what's offshore
GIFT City to launch foreign currency settlement system chaired by K Rajaraman, IFSCA, supported by RBI and Clearing Corporation of India. System to settle US dollar transactions between IBUs in real-time. CCIL subsidiary to operate FCSS, aiming for operation by October 2024. Other currencies may be added later
Green with Envy: Now ONGC, NTPC arm may bid for Ayana Renewable Power
Oil and Natural Gas Corp (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium for bidding on Ayana Renewable Power, owned by the National Investment and Infrastructure Fund (NIIF). The enterprise value of Ayana is estimated to be around $2 billion. Other entities like JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp have also shown interest in acquiring a controlling stake in Ayana.
ONGC, NTPC Green mull joint bid for NIIF-owned Ayana Renewable Power
ONGC is reportedly in discussions with NTPC Green Energy to jointly bid for Ayana Renewable Power, owned by NIIF. Several potential buyers have submitted non-binding offers for Ayana. ONGC previously announced ONGC Green for renewable projects, while NTPC Green plans an IPO. Ayana focuses on solar and wind energy projects.
RBI's investment in IIFC UK subsidiary fell by a fifth in FY23-24
The central bank is mandated to invest small portion of its foreign exchange reserves- $ 5 billion in the company following demands from the government in the past to fund infrastructure.
HNI investors in offshore ‘blank cheque’ companies receive income tax notices
Many resident Indians who bought SPAC shares haven’t disclosed such investments in ITRs. SPACs are established solely to raise capital through a pre-listing offering, aiming to acquire a stake in an existing, primarily unlisted, operating company. Subsequently, the target company can merge with the publicly traded SPAC, thereby becoming a listed entity on major stock exchange
Asian junk bond sales are hottest in five years on India boom
Regional sales of such corporate notes, outside of Japan, touched $5.9 billion so far this year, already surpassing $4.4 billion in all of 2023, according to Bloomberg-compiled data. Indian borrowers have topped the share of sales so far this year, with nearly 44% share.
Look a GIFT IFSC horse in the mouth
Tax benefits can be denied on issue of beneficial ownership for ODIs issued abroad. Treaty abuse conditions don't apply to ODIs issued in IFSC.
Over 46% office space leases in India by offshoring industry, Knight Frank
India's offshoring market dominates office space leasing, comprising 46% of total leasing in 2023, led by global capability centers (GCCs). With a 26% rise in leasing volume, GCCs are pivotal, fostering over 1,580 centers. India's unique proposition as a high-skill, low-cost market positions it as a global hub for offshoring
Byju’s lender group says US court ordered freezing $533 million
The court, according to the lender statement, also found that founders Byju Raveendran and Divya Gokulnath are working in concert with Byju's Alpha and ordered them to comply with its ruling.
FPIs quizzed on 'loans' for trading
It's unclear why the information was sought, but the Income Tax (I-T) department has directed these offshore funds to disclose the identities of the lenders, the latter's source of money, and the nature of agreement between the two parties. The move to fish out such information could well be to trace any possible and indirect links between overseas portfolio managers with Indian companies and promoters, feel some of the tax and finance professionals.
IFFCO moves NCLT against Triumph Offshore, Swan Energy
IFFCO has moved the NCLT against Swan Energy Ltd (SEL) and Triumph Offshore, seeking an injunction to restrain the passing of resolutions and issuing of shares to lenders. IFFCO alleges dilution of its shareholding, financial crisis, misuse of reserve funds, and violation of the tri-partite agreement.
India's Tata Capital plans to raise $750 million in debut foreign funding next fiscal year
Tata Capital plans to raise $750 million through overseas bonds or loans to diversify its liability base. The company's loan book stands at around $18.1 billion and aims to grow at over 25%. Funding costs for NBFCs have risen, and the corporate bond yield curve remains inverted.
Adani Green hydrogen unit aims to get up to $3 billion in loans
Adani New Industries plans to raise $3 billion for capital expenditure through offshore loans. It aims to become a major player in India's green hydrogen push and produce clean fuel in Gujarat. The company will invest $50 billion over 10 years to achieve net zero emissions by 2070. Adani New Industries plans to begin production of the clean fuel from 2027 in the western state of Gujarat, and could invest as much as $50 billion over 10 years, according to the company. Proceeds from the fundraising could be used to support this plan, the people said.
China tightens trading restrictions for domestic and offshore investors
In a statement Monday, the China Securities Regulatory Commission said it recently discovered multiple cases of stock market manipulation and “malicious short selling.” The regulator vowed to act quickly to stop illegal behavior that hinders stable stock market operations and hurts investors.
Tax exemption notified for non-residents' investments in offerings by IFSC
"The relaxation will allow non-residents to claim tax exemption in India on income from financial products offered by GIFT city intermediaries and is expected to give a boost to financial products and solutions offered from GIFT City," Rajesh Gandhi, Partner, Deloitte India said. "Among various intermediaries, the foreign clients of the brokers trading on various financial products on the IFSC stock exchanges are likely to be major beneficiaries of this exemption," Sunil Gidwani, Partner- Financial Services, Nangia Andersen LLP said.
90% crypto trading shifted to offshore platforms on TDS: study
The 1% TDS on virtual digital assets, introduced from July 1, 2022, has led to an exodus of users, funds and trades to offshore platforms, finds a study by Delhi-based think-tank Esya Centre.
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