TRUST ASSETS
It’s a raging bull market; navigate the next 12-18 months with caution: Pankaj Tibrewal
Pankaj Tibrewal from IKIGAI Asset Manager emphasizes the importance of risk management in the current market scenario due to slowing earnings growth. The firm is eyeing opportunities in sectors like auto ancillaries, pharma, and consumer goods for potential growth. Tibrewal also says that there are still pockets that offer reasonable valuations and probably visibility of earnings growth in FY25 and FY26.
Motilal Oswal Nifty India Defence Index Fund raises Rs 1,676 crore in NFO period
A new defense-themed fund has concluded its initial offering (NFO) with record-breaking success, marking the highest collection ever for an equity index fund. Units were allocated to investors on July 3rd, and the fund will reopen for further subscriptions and redemptions on July 9.
NHAI InviT head Suresh Goyal to quit
Prior to joining NHAI InvIT, Goyal was the Head of Macquarie Infrastructure and Real Assets for South East Asia & India region. Under Goyal, Macquarie Group had won the rights to manage 648km of national highways by bidding Rs 9,682 crore in an auction National Highway Authority of India (NHAI) in 2018.
Prestige Estates board okays proposals to raise Rs 5,000 crore
The Bengaluru-based company may either consider creating a real estate investment trust - which could be the first hotel REIT in India - or pursue an initial public offering to monetise the hospitality business. In April, ET was the first to report Prestige Estates' plan to monetise the business. "The firm is also currently evaluating to monetise its hospitality portfolio, which will lead to some value unlocking," Zaid Sadiq, executive director of hospitality at the Prestige Group had said. He could not be reached for comment.
Daibiru creates Gift City fund with Hines, invests Rs 1,000 crore in Gurgaon building
Daibiru Corporation, a subsidiary of Mitsui O.S.K. Lines, has invested Rs 1,000 crore in an upcoming office complex in Gurgaon developed by DLF and Hines. This investment facilitated the exit of Abu Dhabi Investment Authority (ADIA), with Hines holding a 33% stake in the joint venture. The project, named Atrium Place, spans 2.88 million square feet across 11.76 acres and is slated for completion in 2025.
Business families seek legal advice to amend tightly written deeds of family settlement amid global expansion plans
Business families, particularly in India, are increasingly seeking legal counsel to amend rigid Deeds of Family Settlement (DFS) originally drafted decades ago. These deeds, designed to safeguard inheritances, now pose challenges as younger generations seek to expand globally into new sectors like fintech, tech-led consumer businesses, and electric vehicles. Legal experts note that the old deeds lack flexibility for today's globalized and dynamic business environment, prompting families to consider amendments to address issues such as wealth protection, succession planning, and regulatory compliance.
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NHAI to monetise assets with Rs 15000 to Rs 20000 crore in 2024-25 through InvIT
The National Highways Infra Trust (NHIT), its infrastructure investment trust formed in October 2020, has so far garnered Rs 26,125 crore in three rounds of monetisation with the per unit net asset value at Rs 124.75 as against the launched value of Rs 101 per unit in November 2021.
Should you buy REITs when multibagger realty stocks seem unstoppable?
Experts recommend considering REITs alongside multibagger realty stocks due to rising demand for office space. SEBI's regulations have made REITs more accessible to retail investors, boosting market liquidity.
Bond vigilantes worry as weak Modi government win fans fiscal populism fear
Prime Minister Narendra Modi's smaller-than-expected poll victory is causing concerns among bond investors about increased populism. The election results shocked traders, leading to a selloff in Indian assets.
TRUST Mutual Fund appoints Jalpan Shah as head of fixed income
Prior to joining TRUST Mutual Fund, Shah served as Senior Vice President at HSBC Mutual Fund. He was a key member of the organisation and is credited for managing substantial AUM in the fixed income space.
Tata Sons shares are not freely transferable, say Trusts
SP Group, promoted by the Mistry family, has pledged its entire 18.5% in Tata Sons held through two entities to secure monies from private credit funds such as Ares and Farallon. Additionally, it needs to raise funds for a separate repayment due in three months and refinance existing high-cost borrowings.
Sebi allows privately placed InvITs to issue subordinate units
Capital markets regulator Sebi on Tuesday notified a framework for issuance of subordinate units by privately placed infrastructure investment trusts (InvITs).
Greater transparency: No indemnity clause in NPA sale pact between banks and ARCs
High-street banks and stressed asset firms in Mumbai adopted a 'model agreement' for selling loans but couldn't agree on 'indemnity'. Lenders can declare an account 'fraud' post-sale to ARCs. The industry body approved the Model Assignment Agreement and Model Trust Deed for adoption by banks, financial institutions, finance companies, and ARCs.
NHAI's road assets monetisation can fetch up to Rs 60,000 cr for govt this fiscal
ICRA predicts NHAI's road asset monetization plan could yield up to Rs 60,000 crore in FY2025, part of the National Monetisation Pipeline. NHAI plans to sell 33 assets through toll-operate-transfer (TOT) and InvIT modes, totaling 2,750 km with Rs 4,931 crore annual toll collection, likely attracting various investor types.
NHAI's infra trust got $217.13 mn in FY24 from Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) announced investments totaling USD 217.13 million in the National Highways Infra Trust and USD 394.78 million in Interise Trust for road concessions acquisition. Additionally, they committed USD 100 million to Kedaara Capital Fund IV and USD 300 million to an India-based asset manager focusing on credit opportunities. The organization manages funds for over 22 million contributors and beneficiaries of the Canada Pension Plan, investing globally in various asset classes.
Cube Highways announces Rs 3.94 per unit dividend for Q4
Cube Highways Trust declared an annual distribution per unit (DPU) of Rs 10.09 for FY24, with plans to acquire seven road assets, including six based on NHAI's Hybrid Annuity Model for revenue stability.
Nexus REIT in talks to buy Marina Mall in Chennai
Nexus Select Trust in talks to acquire The Marina Mall in Chennai, developing a diverse portfolio with Grade-A malls in Hyderabad. Plans to double assets to 20M sq ft in 5 years, reflecting India's retail growth and mall consumption surge.
Brookfield India REIT inks pact to acquire Bharti JV stake, funding through listed units
Brookfield India REIT acquires 50% stake in Bharti Enterprises' real estate joint venture in New Delhi, adding Grade A assets and increasing operating area by 16%. Ankur Gupta, Managing Partner at Brookfield, emphasizes the diverse portfolio.
Tax free settlement of family assets: How Godrej like family arrangement can help in redistribution of wealth among members without capital gain tax
The Supreme Court of India permits re-distribution of wealth using family arrangement among the members of the family. Further using this method eliminates the possibility of the family memebers paying any capital gains tax. The Godrej family recenlty used this process. Read here to know how you too can use family arrangement process.
Brookfield India REIT set to buy Bharti’s nearly 50% stake in realty JV
Last year, Brookfield Asset Management had closed the transaction picking up around 50% stake in Bharti Enterprises’ four commercial properties in Delhi-NCR. Following this deal, Canadian institutional investor Brookfield’s listed REIT in India and Brookfield Asset Management will together own the joint venture known as Rostrum Realty.
Grayscale Bitcoin Trust's shares jump after first inflow since January
Some outflows were also tied to the wave of bankruptcies in the crypto industry, as companies that collapsed in the last two years pulled money out of the fund to repay their creditors.
Mahindra Susten draws up plan to step up its green energy play, plans to invest ₹21,000 cr in next 5 years
Mahindra Susten plans to invest ₹21,000 crore in a 5.5 GW renewable energy portfolio over 5 years with Ontario Teachers' Pension Plan. The company aims to avoid a heavy debt burden through asset flipping and expand into the hybrid renewable energy sector.
ET Graphics: Gain from owning fractional assets
New regulatory guidelines notified earlier this year by market regulator Sebi allowing fractional ownership of real estate assets are set to bring in huge benefits for real estate investment trusts (REITs). Over Rs 4,000-crore existing assets under management are expected to be listed in the next two to three years. A detailed look:
Fractional ownership platforms start registering under new SEBI regulations
Integrated co-working firm EFC (I) Ltd plans to form an investment manager entity to manage assets and investments of SM REIT through a wholly owned subsidiary EFC Ltd. Others like Strata and WiseX are also taking similar steps. The company’s board has approved a proposal to create a step-down subsidiary under EFC Ltd for acting as an investment manager to SM REIT.
AUM of these 9 mutual funds declined by more than 5% in March
The total mutual fund AUM was recorded at Rs 54.55 lakh crore in March. Let’s look at mutual funds that witnessed a decline of more than 5% in AUM in March, according to ACE MF.
Macquarie, Canada Pension are among bidders on India road assets
The assets, with an enterprise value of $1 billion, are part of the National Investment & Infrastructure Fund’s roads platform known as Athaang Infrastructure, they added. Athaang’s portfolio consists of five stretches of highways, including toll roads, running a combined 230 kilometers (143 miles) across India, according to the firm’s website.
India has cracked the code on drawing foreign capital: Charles Emond, CEO CDPQ
Portfolio stands at $6.7 bn in India since 2016, Canada’s 2nd largest pension fund looks to deploy $4 bn in realty, infra in as many years. India according to the investment veteran must strive to become a lower-cost producer in higher skilled industries. CDPQ CEO Charles Emond is confident that the firm will be able to maintain the investment momentum over the next 5 years, which may put India as the largest investment destination in APAC, growing "pretty fast compared to other destinations."
MoRTH raises Rs 40,314 cr through asset monetisation in FY24
MoRTH monetises its assets under three different modes -- toll-operate-transfer (TOT) model, Infrastructure Investment Trust (InvIT) and project-based financing, in order to provide all categories of investors an opportunity to invest in assets pertaining to highways and associated infrastructure.
India's inclusion in global bond indices to up foreign investor interest in corp debt as well: Buch
The inclusion of the India in the global bond indices is also expected to increase the interest of investors in corporate paper, Sebi Chairperson Madhabi Puri Buch said here on Wednesday.
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