India's largest private equity fund management company IL&FS Investment Managers Ltd said on Tuesday it will invest $100 million in QVC Realty making it the first venture capital-backed real estate start-up in the country.
We look at strong companies. We tell them to conserve liquidity and conserve cash so that they can survive this period of downturn and come out stronger, says Shahzaad Dalal.
Kishore Biyani, the founder of Future Group, is treading cautiously with the initial public offer of his venture capital arm, Future Ventures, this time.
Standard Chartered and IL&FS Investment Managers are close to signing an agreement to raise a $1 billion India-focused infrastructure private equity fund.
In a major deal in the FMCG sector, Godrej Beverages and Foods Ltd is all set to acquire Chittoor-based Nutrine Confectionery Company Ltd for around Rs 270 crore (Rs 2.7 billion).
The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
The National Company Law Appellate Tribunal has directed the new board of the debt-ridden IL&FS Group to distribute Rs 16,361 crore of cash and InvIT units available across the Group to its creditors on pro-rata basis. The interim distribution award of Rs 16,361 crore includes Rs 11,296 crore in cash and Rs 5,065 crore in InvIT units (Infrastructure Investment Trusts) and a majority of this is to be distributed to the creditors of three large group firms -- IL&FS, IFIN and ITNL. "The interim distribution shall be confined only to the entities as reflected in Annexure-6 except those excluded and for the amount of Rs 16,361 crores i.e Rs 11,296 crore of cash and Rs 5,065 crores of InvIT Units," said an order by a two-member NCLAT bench headed by Chairperson Justice Ashok Bhushan.
IL&FS group would resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has stated in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT). While updating the progress of the resolution progress, the IL&FS board, led by Uday Kotak, said Rs 55,000 crore debt would be resolved through asset monetisation, restructuring and insolvency proceeding initiatives. Some of this has already been completed while the rest is at different stages of resolution, it said in a brief snapshot on the progress made in the ongoing resolution process till December 7, 2021, and suggested estimates of progress to be made by March 2022.
Bankrupt Infrastructure Leasing & Financial Services (IL&FS) has sold the entire stake in the waste management arm IL&FS Environmental Infrastructure & Services (IEISL) and its subsidiaries to EverEnviro Resource Management (EverEnviro), an arm of the PE major Everstone Group, the companies said in separate statements. Though the value of the deal was not specifically disclosed, the crippled IL&FS -- which is under bankruptcy proceedings in NCLT -- said the sale will reduce its overall debt by Rs 1,200 crore, which is the combined debt of entities under the group's environment businesses. IL&FS Environmental Infrastructure & Services (IEISL) is one of the leading integrated waste management companies that is into municipal solid waste management apart from presence across various segments including construction and demolition, collection and transportation and waste to energy and currently manages over 8,400 tonnes per day solid municipal waste.
Only investors with a higher risk appetite should enter these funds.
Metropolitan Stock Exchange of India (MSE) plans to raise Rs 120 crore from investors in an attempt to stay afloat. The beleaguered exchange's board has approved issuance of 1.19 billion equity shares of face value Rs 1 at a premium of Rs 1 through private placements, according to a disclosure on its website.
Among other major companies, Cox & Kings made a total investment of $39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
Sources said Sankaran has been arrested on the grounds of abusing his powers in IL&FS Financial Services Ltd through fraudulent conduct and in granting loans to entities that were not credit-worthy or were declared as non-performing accounts.
Arundhati Bhattacharya, the chairperson of country's largest bank SBI, has been named as the most-powerful woman in business in India by Fortune magazine.
Investors should take limited exposure in credit risk funds.
Investors in LIC's insurance and other schemes are receiving a lower rate of return because LIC is subsidising incompetence at best and malfeasance at worst in institutions such as IDBI Bank and IL&FS, says Jaimini Bhagwati.
Joint MD of the company Arun K Saha and MD of transportation network K Ramchand were arrested late evening in Mumbai under the Prevention of Money Laundering Act.
The IL&FS group has a complicated structure, with the holding company owning stakes in its financial services arm as well as the subsidiaries that operate its infrastructure assets.
What ex-IL&FS top brass got for loans? Foreign trips, private jets and chopper rides.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Will have to take impairment of Rs 15,000 crore before recovering a single rupee from its arms
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
Alvarez & Marsal will develop a detailed restructuring plan for the group to demonstrate to shareholders and lenders that it was self-sufficient in repaying its liabilities. So far, the IL&FS management had been working on its revival plan.
Financial services company IL&FS Investsmart Ltd has fixed a price band of Rs 110 to Rs 125 for equity shares of Rs 10 each for its initial public offering.
Based on internal evaluation and legal opinion, the management was of the opinion that the company has the ability to ultimately recover the aforesaid ICDs
JM Financial Consultants, Arpwood Capital and Alvarez & Marsal will advise the board going forward
With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges.
They have also been accused of extending loans for criminal intent of falsification of repayment by a number of borrowers, including some entities associated with large corporate groups.
The report has identified 29 instances where it appears that the loans disbursed to borrowers were in turn utilised by their group companies to repay the existing debt obligations with IL&FS Financial Services Limited.
The first tranche was raised a few weeks ago and the company was looking to raise more if needed.
For non-banks, the IL&FS crisis was nothing short of India's Lehman moment, which has for a foreseeable future reset the sector on multiple grounds.
'The shadow banks are currently facing a liquidity and solvency crisis.' 'The danger is that it could potentially engulf the entire financial system because shadow banks have borrowed huge amount of money from banks, mutual funds, pension funds, and insurance companies.'
IL&FS, which has a mandate to sponsor, develop and commercialise infrastructure projects and provide value-added financial services, will seek to provide a wide range of investment banking services to cater to the needs of Indian and international customers in Middle East and African markets.
If raters get away by moving from AAA to D overnight after companies default, as happened with DHFL, YES Bank, RCom, and IL&FS, it shows a complete breakdown in the rating system. It calls for exemplary punishment, not kid glove treatment, says Debashis Basu.
Did men and women of redoubtable experience and public service, upholders of the country's steel frame and paragons of corporate governance, never smell a rat?
Sebi has allowed mutual fund schemes the option of 'side-pocketing' which move will help both fund houses and investors.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
