Finance
Tatas evaluate bid for UTI AMC as Reliance enters the MF space
The Tata Group is reportedly considering whether to bid for UTI Asset Management Company, following the entry of Jio Financial Services into the market. The salt-to-software conglomerate is closely monitoring Jio's future plans and their impact on the industry. Four state-owned entities collectively own just over 45% stake in UTI AMC and are exploring options to sell their stake. Earlier talks between the Tata Group and the public sector entities fell through due to a disagreement regarding the selling process. Jio Financial Services has attracted attention due to its appointment of KV Kamath to head its financial services business.
Family offices and UHNIs take direct investment route for higher returns
Traditionally, limited partners (LPs) commit capital to venture funds without knowledge of the specific investments the fund manager will make, known as blind pool investment. However, these co-investment programmes provide LPs with the freedom to choose startups they want to fund, and typically do not have any management fees attached to them.
Satya MicroCapital raises $60 million from Japan's Sumitomo Mitsui Banking Corporation
The funding will help the New Delhi-based micro loan provider to expand its portfolio. Satya has assets under management of nearly Rs 5000 crore. The fund is raised at around 11% rate, an official with the micro lender said. The lender has its average cost of funds at 12%. Established in October 2016, the lender has built a network of over 500 branches across 25 states.
LIC Housing Finance takes possession of property whose guarantor was Essel Group's Subhash Chandra
LIC Housing Finance took symbolical possession of a property in Churchgate, Mumbai, for which Essel Group Chairman Subhash Chandra acted as a guarantor due to unpaid debts. In a recent newspaper advertisement, LIC Housing Finance revealed that it had sent a demand notice to the borrower, Vasant Sagar Properties, PAN India Infraprojects, along with guarantor Subhash Chandra
Pahal receives $12 million investment from DFC for rural financial inclusion
Based in Ahmedabad, Pahal is registered with the Reserve Bank of India as a Non-Banking Financial Company that provides microfinance services to low-income households. It has over 300 branches with over 2,500 employees and serves over 5,00,000 active clients.
Mubadala, Brunei’s Sovereign Wealth Fund look to pick up a slice of Manipal Hospitals
Temasek owned Sheares Health, is in advanced negotiations to sell 8-9% of its 59% interest in Manipal Health Enterprises to Abu Dhabi' fund Mubadala and the sovereign wealth fund of Brunei, Brunei Investment Authority (BIA), said people in the know.
Abu Dhabi's IHC to dispose investment in Adani Green Energy and Adani Transmission
The company is currently completing all required procedures and obtaining all necessary regulatory approvals to implement the signed transaction, Reuters reported.
Sundaram Home Finance plans to raise Rs 2,500-3000 crore
The company with 90% branch and business concentration in the southern market is setting up a dedicated team for the affordable loan segment. The official launch is planned in January, managing director Lakshminarayanan Duraiswamy told ET.
L&T Finance to sell Rs 4,762 crore of distressed assets
L&T Finance, a subsidiary of listed L&T Finance Holding, had invited offers from ARCs for a portfolio of ₹5,293 crore comprising 16 accounts. It invited offers from ARCs in a combination of security receipts (SR) and cash payment wherein 15% will be paid as upfront cash and the balance 85% as security receipts. It had set a reserve price of ₹2,080 crore.
IL&FS and ITNL set to pay first instalment of dues to creditors
IL&FS, the distressed infrastructure financier that collapsed five years ago, is set to make its first payment to creditors. The parent company and a unit of IL&FS Transportation Networks will pay around ₹1,600 crore to lenders and bondholders. This is the first recovery for lenders since the company's board was superseded. In addition, lenders will receive approximately ₹700 crore as an interim distribution from ITNL. The recoveries are expected to directly benefit banks, as the accounts are fully provided for.
Must Watch
IL&FS Financial Services approves interim distribution payout of Rs 807 crore
IFIN had in February made an interim distribution payout of ₹3,200 crore to creditors. With the latest distribution, total interim payouts by IFIN currently stands at ₹4,007 crore.
Microfinance lenders need to raise fresh capital in FY25
According to Acuite Ratings & Research, pure-play microfinance lenders in India will need to raise fresh capital in FY25 to sustain their growth momentum. Acuite projects the country's microfinance portfolio to reach Rs 4 lakh crore by March 2024. The non-banking finance company-microfinance institutions (NBFC-MFIs) experienced a compounded annual growth rate of 24.6% in FY21-23 and increased their market share to 39.7%.
Majority of lenders of IL&FS Tamil Nadu Power Company seal loan recast deal
The master restructuring agreement (MRA) was approved by a majority of lenders last week. This envisages a loan repayment schedule up to March 2038 and redemption of non-convertible debentures (NCDs) by March 2040.
NARCL pays Srei lenders promised upfront cash
The cash was distributed as part of the ₹3,180 crore upfront payment promised by the bad bank in its winning bid and was credited to banks on Saturday, four people familiar with the details said.
Sundaram Home Finance eyes 20% growth from AP and Telangana
Sundaram Home Finance, a subsidiary of Sundaram Finance Ltd, aims to achieve a 20% growth in Andhra Pradesh and Telangana. The company has opened a new office in Hyderabad to strengthen its presence in the region. Sundaram Home Finance plans to focus on Tier-II and III cities as it believes there is potential for growth in these areas.
Inter-ministerial discussion under way to ease FDI norms in space sector: Official
The Indian government is considering further liberalising foreign direct investment (FDI) norms in the space sector to attract overseas players and private companies. Currently, FDI in the space sector is allowed up to 100% in satellite establishment and operations through the government route only. After the successful mission of Chandrayaan-3, three G-20 countries have expressed interest in collaborating with India in the space sector.
