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Capital markets regulator <keyword id="20378396" type="General" weightage="20" keywordseo="Sebi-Chief" source="keywords">SEBI Chief</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="madhabi-puri-buch" source="keywords">Madhabi Puri Buch</keyword> on Monday refrained from commenting on the investment vehicle, <keyword id="20024284" type="General" weightage="20" keywordseo="real-estate-investment-trusts" source="keywords">Real Estate Investment Trusts</keyword> (REITs), saying if she comments on the subject, she will be accused of <keyword id="20339010" type="General" weightage="20" keywordseo="conflict-of-interest" source="keywords">conflict of interest</keyword>. The remarks came as US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> raised questions about a potential conflict of interest involving Buch and private equity major <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>. Her husband Dhaval Buch is a senior advisor with Blackstone, a major player in the <keyword id="20009947" type="General" weightage="100" keywordseo="REIT" source="keywords">REIT</keyword> space. However, the couple refuted the allegations. Also, Hindenburg alleged that SEBI's recent amendments to REIT regulations 2014 favoured a specific financial conglomerate, which the markets regulator denied. Speaking at an event organised by industry body CII, Buch said," If I utter the word REITs, I am accused of conflict of interest". REITs are a new concept in the Indian market but have been a popular choice globally for their lucrative returns and capital appreciation. A REIT is made up of a portfolio of commercial real estate assets, the majority of which are already leased out. Meanwhile, the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> on Monday levelled fresh conflict of interest allegations against Buch and asked Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> to come clean as the head of the appointments committee of the cabinet on her appointment. At a press conference, the Congress alleged that since the current SEBI chairperson took office in 2017, she has not only been drawing a salary from SEBI but has also been holding an office of profit at the ICICI Bank, continuing to receive income from them to this very day. SEBI didn't make any comment on the allegations made by the Congress. Last week, the SEBI Chief stated that there has been a positive response to small and medium REITS (real estate investment trusts) and industry players came forward for regulations on such entities. Recently, the Securities and Exchange Board of India (SEBI) implemented regulations for small and medium real estate investment trusts (SM REITS) aimed at significantly increasing investor interest in fractional ownership of real estate assets.

If I say anything on REITs, will get accused of conflict of interest, says SEBI Chief

In its latest report, US-based investor activist firm Hindenburg, lashed out at market regulator <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword> chief <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, alleging her and her husband, <keyword id="22743439" type="General" weightage="20" keywordseo="Dhaval-Buch" source="keywords">Dhaval Buch</keyword> of having stakes in the same offshore funds which had previously been utilised by Gautam Adani's brother, <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword>. Earlier last year, Hindenburg had come out with a report, arguing that the research firm had identified multiple instances where they had found that Adani Group was complicit in stock manipulation, and accounting frauds. The report mentioned around 38 Mauritius based shell entities which were directly controlled by Vinod Adani, or his associates, in addition to other suspected entities under his control, which were based out of Cyprus, the UAE, Singapore and Caribbean islands. It had also alleged that SEBI's distinct lack of regulatory action against the conglomerate, despite overwhelming evidence provided by them was disappointing. Now, in its latest report, it notes that "SEBI’s unwillingness to take meaningful action against suspect offshore shareholders in the Adani Group may stem from Chairperson Madhabi Buch’s complicity in using the exact same funds used by Vinod Adani, brother of Gautam Adani". We decode all that you need to know about the <keyword id="22758620" type="General" weightage="100" keywordseo="Adani-Hindenburg-saga" source="keywords">Adani-Hindenburg saga</keyword>. <h2>What is Buch being accused of?</h2>Three major things, really. First, quoting various whistleblower documents, Hindenburg alleged that during her tenure as a whole-time member at SEBI between 2017 and 2022, Buch maintained a 100% stake in Singapore-based Agora Partners. Two weeks post her appointment as SEBI's chairperson in March 2022, Buch privately emailed the fund, asking them to transfer all her share's to her husband's name. Second, during her tenure, Madhabi's husband, Dhawal Buch had been appointed as senior advisor at <keyword id="20144468" type="General" weightage="20" keywordseo="Blackstone" source="keywords" meta.keywordsubtype="org" meta.entityname="Blackstone" meta.hostid="261" meta.entityid="Blackstone">Blackstone</keyword>, a prominent global name in real estate and private equity. To this date, he maintains this position. Blackstone has, till date, sponsored three <keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword> in India, including Embassy Office Parks REIT, Mindspace REIT, and Nexus Select Trust. As such, this results in a massive conflict of interest. The <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="261" meta.entityid="Hindenburg Research">Hindenburg research</keyword> alleges that during Buch significantly altered regulations, in order to favor investments in REITs (real estate investment trusts). As the short seller noted, "Buch touted REITs as her favorite products for the future, and urged investors to look positively upon the asset class". But, as the firm highlights, she did not explicitly ever mention that her husband is associated with Blackstone, a company which stands to gain significantly from such investments. Thirdly, as Hindenburg research explains, Madhabi currently holds a 99% stake in Agora Advisory, an India-based consulting firm where her husband also serves as a director. Per reports, at the end of FY22, the firm's revenue stood at Rs 19.8 million, which is about 5 times her disclosed salary as a whole-time SEBI member. <h2>How has Buch retorted to each of these allegations? </h2>On first, Buch notes that investment in the fund cited by Hindenburg in its research had been made in 2015, when she held no public position of note, and was 2 years away from joining SEBI as a whole-time member. Moreover, the decision to invest in this fund was largely because Anil Ahuja, who was the erstwhile chief investing officer (CEO) of the fund, was a childhood friend of Dhaval Buch, apart from having a long career in investing, having worked with Citibank and JP Morgan. During this time, the fund did not invest in any bonds or shares issued by companies of Adani Group. On second, Buch made it clear that Dhaval was hired by Blackstone on account of his deep expertise in supply chain management. Once this happened, Blackstone was immediately added to Madhabi's recusal list. Additionally, regulatory decisions are not solely taken by the chairperson, but come into existence after intense public discussion. And thirdly, both Agora Advisory in India, and Agora Partners in Singapore were made dormant after Buch was appointed as SEBI chairperson. Per the joint statement issued by the Buchs, "These companies (and her shareholding in them) were explicitly part of her disclosures to SEBI." <h2>What kind of financial impact are we estimating? </h2>Stocks of Adani companies found themselves swimming in red today. Adani Ports dipped by 1.78%, while Adani Enterprises and ACC fell by over 1% each during trade today. Adani Total Gas plunged by over 3%, while Adani Wilmar also sunk by over 2%. With the shares cumulatively experiencing over 7% fall, estimates suggest that over Rs 53,000 crore worth of investor wealth was wiped off today. The news does not bode well for India's mutual fund companies, who have a total of Rs 41,814 crore on Adani companies. As for REITs, data from IRA (Indian REITs Association) suggests that there are, at present, four listed REITs on the Indian stock exchanges, collectively managing assets worth over ₹1,40,000 crores and serving more than 240,000 unitholders. "These REITs have distributed over ₹18,000 crores, with the market capitalization of this rapidly growing asset class reaching approximately ₹80,000 crores", the association notes. As the research firm disclosed, it made Rs 34 crores shorting (borrowing a stock who's value you anticipate will fall, and then sell it in markets to earn profits). According to media reports, about 111 mutual fund schemes have invested around Rs 14,000 crore in Adani Ports and SEZ. How has Hindenburg doubled down? In a fresh salvo, Hindenburg notes that this admission confirms that Madhabi and Dhaval Buch had indeed, "invested in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani, the brother of Gautam Adani". "She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director. SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Mrs. Buch was personally invested in, and funds by the same sponsor which were specifically highlighted in our original report. This is obviously a massive conflict of interest," the firm said. Another accusation that has gone the SEBI chairperson's way is that even while she was serving as SEBI chief, Buch continued to earn revenues from her active consulting firms, and also making deals under her husband's name all the while she served as SEBI's whole-time member. <h2>What's next? </h2>Taking note of Hindenburg's report, SEBI released a statement asking investors to "remain calm and exercise due diligence before reacting to such reports. Investors may also like to take note of the disclaimer in the report that states that readers should assume that Hindenburg Research may have short positions in the securities covered in the report", it said. "The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by SEBI. Hon’ble Supreme Court in its Order of January 3, 2024 noted that SEBI had completed twenty–two out of twenty–four investigations into the Adani group. Subsequently, one more investigation was completed in March 2024, and one remaining investigation is close to completion. During the ongoing investigation in this matter, more than 100 summons, around 1,100 letters and emails have been issued to seek information", it continued.

Adani Hindenburg case: All your questions answered

New Delhi, Nov 17 (PTI) Global investment firm Blackstone-sponsored Nexus Select Trust filed the draft paper with market regulator SEBI on Thursday to launch India's first public issue of retail REIT to raise around USD 500 million, sources said. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering about 10 million square feet area valued around USD 3 billion. As per the sources, Nexus Select Trust has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and is looking to hit the capital market with India's first retail REIT (Real Estate Investment Trust) public issue in the first half of 2023 calendar year. The size of the initial public offer (IPO) of Nexus Select Trust REIT will be around USD 500 million, they added. This will be the third REIT sponsored by the Blackstone. It had earlier launched India's first REIT -- Embassy Office Parks REIT-- and then Mindspace Business Parks REIT. The REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable participation of retail investors. At present, there are three listed REITs -- Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust -- on Indian stock exchanges but all these are of leased office assets. Nexus Select Trust will be the first REIT with rent-yielding retail real estate assets. In its portfolio of 10 million square feet of retail real estate, Nexus Select Trust has also included Select Citywalk mall in south Delhi. There are around 3,000 stores in its shopping malls while the number of brands are approximately 1,000. The sources said Blackstone is very bullish on the growth story of India's retail sector, which have bounced back sharply post the second wave of the Covid pandemic. "The fundamental of India's retail business is very strong. People are spending money and watching movies," a source said. Unlike office segment, there are not many players in shopping malls business and also the supply of Grade A malls is also limited, the sources said. On operational front, the occupancy level in the malls currently stands at 94 per cent with annual footfall of over 130 million, they said. The sales in its malls during the April-June quarter have been 24 per cent more than the pre-Covid level. Nexus Select Trust has done leasing of around 3.5 million square feet over the last three years and three months. Its senior management team consisting of nine CXOs (with 20+ years average experience) led by Dalip Sehgal (former executive director of Unilever India) as CEO is supported by over 500 employees. The board of directors is highly diversified and experienced. The key board members are Michael Holland (ex-CEO of the Embassy REIT), Arjun Sharma (Chairman and Director of the Select Group), Jayesh Merchant (ex-CFO Asian Paints), Sadashiv Rao (Former Director of IDFC) and Tuhin Parikh (Head of BX India Real Estate). Blackstone has a real estate portfolio of 85 assets totalling 150 million square feet across office, retail and logistics segments. In office, Blackstone is collectively one of India's largest office landlords (41 assets totalling 101 million square feet), while in logistics and industrial space, the Blackstone is one of India's largest warehousing landlords (21 assets totalling 38 million square feet). Blackstone has recently set up a fully-owned platform 'Lumina' to invest in data centres across Asia, with initial focus on India. India's first REIT of Rs 4,750 crore issue size was listed in April 2019 by Embassy Office Parks, sponsored by Blackstone and realty firm Embassy Group. In August 2020, K Raheja and Blackstone-sponsored Mindspace Business Parks launched the country's second REIT to raise Rs 4,500 crore. Global investment firm Brookfield has listed the country's third REIT after raising Rs 3,800 crore through an IPO.

Blackstone-backed Nexus files for $500 million IPO

Global VC firm <keyword id="48032" type="General" weightage="80" keywordseo="blackstone" source="Orion">Blackstone</keyword> on Monday reached a definitive agreement to sell its stake in the Kerala-based software-as-a-service (<keyword id="6395918" type="General" weightage="20" keywordseo="SaaS" source="Orion">SaaS</keyword>) provider <keyword id="95627" type="General" weightage="80" keywordseo="ibs-software" source="Orion">IBS Software</keyword> to global private equity firm Apax for $450 million. Following the transaction, Apax will partner closely with <keyword id="128946" type="General" weightage="100" keywordseo="ibs" source="Orion">IBS</keyword> Software's Founder and Executive Chairman, V.K. Mathews, who will remain the majority shareholder. Founded in 1997, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world's leading aviation, tour and cruise, hospitality, and logistics companies. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software's scalable, cloud-native platform and demonstrated market leadership position it to define the future of mission-critical technology for the travel industry. "This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We're grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax," said Mathews of IBS Software. The transaction is expected to close by the end of Q2 2023. Blackstone acquired about 40 per cent stake in IBS Software, from <keyword id="6375561" type="General" weightage="50" keywordseo="general-atlantic" source="Orion">General Atlantic</keyword>, in 2015 for $170 million. "Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled," said Jason Wright, Partner, Apax. Amit Dixit, Head of Asia Private Equity, Blackstone added that they are happy to have played an important role in IBS Software's transformation to a SaaS company with global leadership in travel and logistics. "IBS is already one of the largest enterprise SaaS companies out of India. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme," Dixit added. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/lowest-scores-in-ipl-history-rajasthan-royals-joins-the-list-with-59-runs/slidelist/100249661.cms">Lowest scores in IPL history – Rajasthan Royals joins the list with 59 runs</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

Blackstone sells stake worth $450 mn in Indian firm IBS Software to Apax

Global investment firm Blackstone-sponsored <keyword id="15283412" type="General" weightage="80" keywordseo="nexus-select-trust" source="Orion">Nexus Select Trust</keyword> plans to double its portfolio of shopping malls in next 4-5 years to 20 million square feet through acquisition mode. <keyword id="6369814" type="General" weightage="100" keywordseo="nexus" source="Orion">Nexus</keyword> Select Trust has acquired 17 shopping malls since the 2015-16 fiscal year and intends to grow its business inorganically. The company has no plans to develop greenfield shopping malls. Nexus Select Trust has bundled all its 17 malls, including the 5 lakh square feet '<keyword id="146398" type="General" weightage="50" keywordseo="select-city-walk" source="Orion">Select City Walk</keyword>' in South Delhi, under REIT (Real Estate Investment Trust) structure and will soon launch Initial Public Offer (IPO). According to sources, Nexus Select Trust is likely to hit the capital market in early May with India's first retail REIT IPO to raise up to Rs 4,000 crore. In November last year, Nexus Select Trust had filed the Draft Red Herring Prospectus (DRHP) with market regulator SEBI to launch its retail REIT. Nexus Select Trust has a portfolio of 17 operational shopping malls across 14 major cities, covering 9.8 million square feet area valued around Rs 23,000 crore. According to sources, Nexus Select Trust would continue its strategy to acquire Grade-A shopping malls to expand its portfolio. It also makes investment, if needed, to upgrade the facilities in malls. There are 100 premium shopping malls in the country, of which 40 are owned by large players. Therefore, the remaining 60 malls could be potential acquisition targets for Nexus Select Trust, sources said. Many mall owners are willing to put their assets under Nexus REIT, they added. Sources said Nexus Select Trust intends to double its mall portfolio to 20 million square feet in the next 4-5 years. <keyword id="48032" type="General" weightage="80" keywordseo="blackstone" source="Orion">Blackstone</keyword> spokesperson declined to comment. As per the sources, Nexus Select Trust is expecting to get Sebi approval for its IPO soon. The size of the IPO of Nexus Select Trust REIT will be around Rs 4,000 crore, of which Rs 1,600 crore would be the primary offering of shares. The part of the proceeds will be utilised to bring down debt, which stood at Rs 4,500 crore at the end of June quarter. This will be the third REIT sponsored by Blackstone. It launched India's first REIT named Embassy Office Parks REIT and then Mindspace Business Parks REIT. The REIT, a popular instrument globally, was introduced in India a few years ago to attract investment in the real estate sector by monetising rent-yielding assets. It helps unlock the massive value of real estate assets and enable participation of retail investors. At present, there are three listed REITs - Embassy Office Parks REIT, Mindspace Business Parks REIT and <keyword id="1424627" type="General" weightage="50" keywordseo="brookfield" source="Orion">Brookfield</keyword> India Real Estate Trust - on Indian stock exchanges but all these are of leased office assets. Nexus Select Trust will be the first REIT with rent-yielding retail real estate assets. There are around 3,000 stores across 17 shopping malls while the number of brands is nearly 1,100. On the operational front, the occupancy level in the malls currently stands at 94 per cent with annual footfall of over 130 million. The net operating income of Nexus Select Trust is projected to grow at nearly Rs 1400 crore during the last fiscal year. Blackstone has a big presence in the India market with an overall assets under management estimated to be USD 60 billion across various sectors. Real estate accounts for nearly USD 22 billion of this market value across over 40 investments. Blackstone is among the largest office owners in India with an office portfolio of around 100 million sq ft across 38 assets in 7 cities. Of this, around 13 million sq ft offices are under construction and 16 million sq ft is future development. Blackstone has created Nucleus Office Parks platform with 25 million sq ft for hosting 100 per cent owned commercial assets. Blackstone additionally owns over 10 million sq ft of retail space under the Nexus malls portfolio and 35.5 million sq ft of logistics space under Horizon Industrial Parks portfolio and Greenbase Industrial and Logistics Park. India's first REIT of Rs 4,750 crore issue size was listed in April 2019 by Embassy Office Parks, sponsored by Blackstone and realty firm Embassy Group. In August 2020, K Raheja and Blackstone-sponsored Mindspace Business Parks launched the country's second REIT to raise Rs 4,500 crore. Blackstone has exited Mindspace REIT now. Global investment firm Brookfield has listed the country's third REIT after raising Rs 3,800 crore through an IPO. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-13-ultra-with-support-for-camera-accessory-scheduled-to-launch-on-april-18/articleshow/99550135.cms">Xiaomi 13 Ultra set to launch on April 18: Flagship camera with 60-minute battery life at 1% charge</a> <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

Blackstone-backed Nexus Select Trust plans to double shopping mall portfolio in 4-5 yrs

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

Mumbai, Mar 4 () India is plagued with a slowing economy and lack of finance currently, Blackstone's chairman Stephen Schwarzman said, hinting that the global private equity major may be interested in distressed asset play in the country. Speaking to reporters at the IIT-Bombay, he also said the country is lacking the robustness in financial institutions. Blackstone has been present in India since 2006 and has invested USD 15 billion in the country, including private equity play in enterprises and also bets on realty. Schwarzman, who is also the chief executive and co-founder of Blackstone, said his company is "bullish" on India, but from a long term perspective. To a question on distressed asset investing, which a lot of its global peers have entered into, he said, "issues with india are more about slowing economic growth and limited credit extension by the banking system and neobanks and that should create more need for owners of companies to look for other sources of liquidity." "For us, if there is something very attractive here, we've a lot of long term confidence in india. So, we will be very active buyers or lenders in this market," he added. The company has a dry powder of USD 150 billion of committed money yet to find takers globally which makes it the best placed to take care of such requirements, he said. The financial system in a country is akin to the heart in the human body and if financial institutions in a country aren't in a great shape, it can impact countries in a broader sense, he said during a chat with Infosys chairman Nandan Nilekani earlier. Schwarzman said the coronavirus epidemic is a black swan event globally and flagged risks to companies' profits globally because of that. A self-professed Republican follower, Schwarzman said it is unclear if the US Fed's decision to cut rates will have the desired impact and pointed to the markets' negative reactions on Tuesday to illustrate his point. It is not markets or the availability of the money which will decide the way forward, but the way consumer confidence evolves from here on, he told reporters. Blackstone India will be focusing on the real estate sector to create spaces that can be hired by IT companies and also warehousing space going forward, he said. At present, India has slow growth, high inflation and a banking system which has high amount of NPAs, he said. After the 2008 crisis, the US' banking system is one of the most conservative in the world and differs with the Europeans because the former chose to take all the hits upfront, he said, asking India to emulate the same. "We are interested in india because it has grown enormously, it's got the youngest working age cohort in the world, it's strides in technology and education levels are going up. These are things that work well. Slight downturn in economies don't affect us. We look at a 5-10 year range. Sometimes it's better to be an outsider," he said. AA MRMR

India plagued with slowing economy, lack of finance: Blackstone chaiman

<ul><li>If successful, <keyword id="8042633" type="UNKNOWN" weightage="20" keywordseo="sona-comstar">Sona Comstar</keyword>’s IPO would be the largest ever for an automotive component maker in India.</li><li>The Blackstone-backed company supplies highly engineered, mission critical automotive components to OEMs of companies like Ford Motors, Daimler, Tata Motors, Ashok Leyland among others.</li><li>The electric vehicle boom has also boosted Sona Comstar’s business, contributing 13% to the company’s topline.</li></ul>Sona Comstar, one of India’s leading automotive components makers, is gearing up to launch its ₹5,500 crore initial public offering (IPO) next week, according to media reports. The Gurugram-based company had filed its draft red herring prospectus (DRHP) in February this year, with plans to raise ₹6,000 crore from the IPO. But <a href="https://www.moneycontrol.com/news/trends/blackstone-backed-sona-comstar-may-launch-rs-5500-crore-ipo-next-week-biggest-ever-in-auto-components-segment-7005191.html">reports</a> suggest that the offering has been reduced to ₹5,500 crore. Sona Comstar is backed by US-based private equity giant Blackstone. Out of the ₹5,500 crore IPO, Blackstone Group affiliate Singapore VII Topco III would get ₹5,200 crore. The remaining ₹300 crore will be raised via a fresh issue of equity shares. If successful, the <keyword id="10809605" type="UNKNOWN" weightage="20" keywordseo="Sona-Comstar-IPO">Sona Comstar IPO</keyword> would be the largest IPO by an auto component maker in India’s corporate history. Also read: <a href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-2021-in-india/slidelist/82766975.cms">IPO watch: List of upcoming public issues in 2021 – from Zomato to GoAir, over a dozen companies have filed for a listing</a> Reports suggest that the IPO could launch as soon as next week, when the markets are at an all-time high and investors would be interested in getting in a new company in its early days on the bourses. <div type="image" title="Sona Comstar IPO Revenue Profits." msid="83369725" hostid="261" caption="&amp;lt;p&amp;gt;Sona Comstar&amp;#39;s top and bottomline over the last four reporting periods&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Understanding Sona Comstar’s business" comment="subhead" text="Understanding Sona Comstar’s business">Understanding Sona Comstar’s business</cmsannotation> Sona Comstar is a supplier of highly engineered, mission critical automotive systems. It supplies components to original equipment manufacturers (OEM) of global auto giants like Ford Motors, Daimler and back home, to Tata Motors and Ashok Leyland, among others. The boom in the electric vehicle (EV) market around the world has boosted Sona Comstar’s prospects – 13% of its revenue is derived from supplies to the Battery EV segment. It has nine manufacturing and assembly plants located across India, China, USA and Mexico – six of those are in India. <a href="https://www.ibef.org/industry/auto-components-presentation">According</a> to the Automobile Component Manufacturers Association (ACMA), automotive component exports are expected to touch $80 billion by 2026. In FY20, exports stood at $14.5 billion. The industry’s turnover, on the other hand, is expected to touch $200 billion by 2026. It stood at $49 billion in FY20. <cmsannotation type="cmsannotation" annotationid="Here’s what Sona Comstar plans to do with its IPO proceeds" comment="subhead" text="Here’s what Sona Comstar plans to do with its IPO proceeds">Here’s what Sona Comstar plans to do with its IPO proceeds</cmsannotation> The company’s prospectus states that out of the ₹300 crore fresh issue, ₹225 crore will be used toward payment of certain borrowings, which will help reduce its cost of finance. The remaining ₹75 crore are earmarked for general corporate purposes, which includes capital expenditure, working capital requirements and marketing expenses, among other things. Sona Comstar also disclosed that it will not receive any proceeds from the ₹5,200 crore offer for sale. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/go-air-has-filed-for-a-3600-crore-ipo-at-a-very-desperate-time/articleshow/82626097.cms">Go Air has filed for a ₹3,600 crore IPO at a very desperate time</a> <a href="https://www.businessinsider.in/stock-market/news/pnb-housing-finance-shares-hit-upper-circuit-six-days-in-a-row-but-the-potential-upside-could-be-limited-now/articleshow/83305929.cms">PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now</a> <a href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-2021-in-india/slidelist/82766975.cms">IPO watch: List of upcoming public issues in 2021 – from Zomato to GoAir, over a dozen companies have filed for a listing</a>

Blackstone-backed Sona Comstar’s ₹5,500 crore IPO could open next week, reports suggest

<ul><li>In the year-till-date, 1,321 deals were recorded amounting to $45.9 billion.</li><li>That’s 62% lower in value, and 29% lower in volume as compared to 2022.</li><li>November’s deal value went up 143% MoM, even as volumes fell. </li></ul>India’s deal making activity saw a surge in November — both in terms of value and volume. With only one month to go, the deal-making activity is unlikely to reach 2022 levels for the full year, let alone surpass it, as per <keyword id="131240" type="General" weightage="20" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword>. The calendar year so far has seen 1,321 deals amounting to $45.9 billion. That’s 62% lower in value, and 29% lower in volume as compared to the same period last year. “The prevailing economic factors, including rising inflation, soaring gold prices, and escalating interest rates, suggest a challenging environment. The strength of the dollar and more stringent global financial conditions pose additional threats affecting capital flows and investor risk sentiments,” says Shanthi Vijetha, partner at Grant Thornton Bharat. November makes its mark with big deals In November 2023, 132 deals were sealed, amounting to $6.5 billion. This is the second best month of the year, after August. Thanks to big ticket deals, November’s deal value went up 143% on a month-on-month basis, even as volumes fell 21% from October. “This month set a record for the highest mergers and acquisition values in 2023, reaching a remarkable four-billion-dollar mark in a single month,” said Vijetha. The biggest deal of the month is Siemens AG increasing its stake in Siemens to 69% for $2.28 billion. This transaction alone was responsible for 35% of the month’s overall values. The other top deals include transactions in the financial sector – like AU Small Finance Bank’s acquisition of Fincare Small Finance Bank for $529 million. Zurich Insurance also acquired a controlling stake in Kotak General Insurance for $494 million. The inbound space drove the values with a 63% contribution while continuing the trend. Domestic deals dominated in terms of deal volumes with a 78% contribution. November deal tracker <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Type of deal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Volume </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;A </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4.4 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 81 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IPOs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIPs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">132 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.5 billion </td></tr></tbody></table>Source: Grant Thornton Size does matter with <keyword id="124574" type="General" weightage="20" keywordseo="pe-deals" source="Orion">PE deals</keyword> As many as 81 PE deals were closed during the month, totalling $2.1 billion. While there was a 28% decline in PE volumes compared to October 2023, the values stood unchanged – indicating that big deals are back. The average deal size for November 2023 reached $26 million, marking an increase compared to the preceding months. Three of the top five PE deals were above $200 million – including Blackstone acquiring a stake in Quality Care, undisclosed investors buying a stake in PhamEasy and Alta Capital’s acquisition of Capella Eduinfra. As compared to September 2023, November the month witnessed a 15% increase in values, driven by four high-value deals totalling $1.4 billion.

India’s deal activity in the slow lane in 2023 both in value & volume

Mumbai, Mar 4 () The USD 572-billion private equity giant Blackstone, which has pumped in USD 15.5 billion into scores of companies in the country since its entry 15 years ago, is bullish on the Indian market which has given it the strongest results globally. Of the USD 15.5 billion of total investments it has made into 40 companies (and only six record-breaking profitable exits), as much as USD 6 billion flowed into the country in 2019 alone, a record high for the firm. Addressing a select group of media over lunch here, Stephen A Schwarzman, the chairman, chief executive and co-founder of Blackstone, said, "India has given us the strongest results across the world. And am optimistic this (will) continue going forward." But Schwarzman, known for his 'don't lose money' way of risk taking, did not quantify the returns he has made from the India investments. Since his last formal visit to India in 2006, Schwarzman, who is spending hundreds of millions of dollars on philanthropy, education and the arts, also said the India he visited then is not the India of today. The country has "changed enormously. India is a highly unusual market... despite the problems it is facing today, which is exacerbated by the crisis in the banking system, this market can come around for the better." "India's education sector is doing well, producing seven times more engineers than the US does annually. So it means it has all the preconditions for expansive growth as the economy has reached an inflection point," said Schwarzman, who founded Blackstone 30 years ago with USD 400,000, which has since grown to a USD 572 billion Wall Street gorilla. "Despite some hiccups, growth is happening at a good pace. Last year was a record for us with USD 6 billion investments. I see the same level of investment growth happening this year as well," said Amit Dixit, one of the senior managing directors at Blackstone Advisors India. The PE giant's largest exit was Intelenet Global Services, which was sold to French outsourcing giant Teleperformance for USD 1 billion in August 2018. Blackstone acquired it in 2013 for around USD 385 million and the return was its largest exit in Asia then. Blackstone invested in Intelenet twice in the last decade. It first picked up a stake in 2007 before selling to Selco in 2011. In late 2015, it bought the company back for USD 385 million.Blackstone pumped in USD 6 billion into India 2019 when it picked up companies like Aadhar Housing Finance from the troubled DHFL group for Rs 3,000 crore, stake in Essel Propack from the debt-laden Zee Group for Rs 3,211 crore, Akash Education, Indiabulls realty arm (Rs 1,600 crore), the tony One BKC property (Rs 2,500 crore) and Future Lifestyle. Blackstone is the largest realty investor in the country through its joint venture with the Embassy group, having launched the country's first REITs. Embassy Office Parks, the JV of Blackstone and Embassy, launched the first real estate investment trust (REIT) in March 2019, raising Rs 4,000 crore. Embassy Office Parks has a portfolio over 33 million sq ft comprising seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida. Besides the Embassy Group, Blackstone has also partnered with developers like Salarpuria Sattva Group, Indiabulls Real Estate, Panchshil Realty and K Raheja Corp, among others, totalling over USD 10 billion investments in realty sector alone. BEN ABMABM

India has given us the strongest results globally: Blackstone chairman

<ul><li>One of India’s oldest drug manufacturers, <keyword id="45004" type="DOMAIN" weightage="20" keywordseo="Wockhardt">Wockhardt</keyword> is working on a deal to sell 46% of its stake in the domestic market. </li><li><keyword id="218609" type="COMPANY" weightage="20" keywordseo="Apax-Partners">Apax Partners</keyword>, Blackstone, Carlyle and KKR who are in the race for the ₹40-45 billion deal, have indicated interest to take up 51% shares. </li><li>Wockhardt is the 22nd largest drug maker in India with 1.07% of domestic market share. </li></ul>One of India’s oldest drug makers, Wockhardt is looking to sell its domestic pharmaceutical business. The drug-maker who has a wide chunk of interests in the US and Europe ---- is in talks with buyout funds Apax Partners, Blackstone, Carlyle and KKR to offload India business, <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/buyout-giants-in-talks-with-wockhardt-for-domestic-formulations-business/articleshow/70065629.cms?from=mdr">according to reports</a>. Habil Khorakiwala, owner of Wockhardt is willing to sell 40% shareholding in the firm. Companies in the race however individually indicated that they are interested in buying at least 51% stake and its controlling powers. The deal, when finalised, could value the drug manufacturing business at ₹40-45 billion. It might be a tough race for the buyer as another top Indian drugmaker Torrent Pharma has also shown keen interest in the company. The deal is set to come amidst increasing debt problems for Wockhardt, which has piled up as much as ₹ 24.53 billion. However, the losing streak for Wockhardt seems to be coming to an end. The company’s revenues stood at ₹41.58 billion for the fourth quarter, with its India business contributing 36%. Its European Union business contributed 32%, whereas 19% is accounted to the business in the US, <a href="https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/buyout-giants-in-talks-with-wockhardt-for-domestic-formulations-business/articleshow/70065629.cms?from=mdr">as per reports</a>. Wockhardt had posted a loss of ₹ 6.08 billion in 2018. The firm is the 22nd largest pharma company in India with significant presence in cardiology, dermatology, diabetes, respiratory diseases and ophthalmology medicines. It laos launched nine new brands this year, like Aceroc, Biovac-B, Brozedex, Clopione and Zedex. The firm’s market share in April 2019 stood at 1.07%, in a heavily fragmented Indian drug market. “The domestic business is strong and has good growth potential,” said a top executive of a global private equity buyout fund. But the company’s weak finances have remained a concern for analysts.

Debt-laden Wockhardt is in talks with buyout giants to sell its India business

<ul><li>Domestic AIFs saw tepid activity as residential <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> debt witnessed lower demand.</li><li>Large deals dominated the PE investment in real estate in the first nine months of FY24.</li><li>Commercial real estate continued to attract large fund flows, and PE investors favour equity vs debt. </li></ul>A sharp rise in home sales as well rising office occupancies might be the talk of the town. Yet, private equity investments in the sector remained muted. In the first nine months of FY24, i.e. April to December 2023, <keyword id="189346" type="General" weightage="20" keywordseo="pe-investments" source="Orion">PE investments</keyword> in the sector registered a 26% decline, says a report by Anarock. Investor activity remained tepid due to geopolitical uncertainties as well as a high interest rate environment. The size of domestic investments however declined to 14% of total capital flows to $360 million as compared to $717 million in the same period last year. "Domestic alternate investment funds (AIFs) have seen lower activity levels as their favoured asset class — residential real estate debt – witnessed lower demand for high-cost funds. Strong residential pre-sales and an accommodative stance by state-owned banks have led to reduced demand for capital from the more expensive AIFs," said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. The average ticket size marginally increased to $95 million from $91 million in the same time last year. This is largely due to a mega $1.4 billion deal in which Brookfield India Real Estate Trust REIT and Singapore’s GIC together acquired two commercial assets in Mumbai and Gurugram. The deal also aided the sharp rise in multi-city transactions. Otherwise, Mumbai Metropolitan Region led the transaction league tables in city-specific transactions. The region saw investments flows to the tune of $694 million. Top 5 real estate PE deals in 9MFY24 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investor </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Recipient </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asset class </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deal size </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield RE Trust REIT &amp; GIC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brookfield AMC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.4 bn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CPP Investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RMZ Corp </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Commercial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$325 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prakhhyat Group </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$85 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blackstone </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Allcargo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warehousing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$76 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Data Center Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sify Infinit Spaces </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data Center </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$73 mn </td></tr></tbody></table>Source: Anarock Office spaces dominate Most of the PE investment flows for the fiscal year flew into office spaces which dominated the big ticket deals. Data centers also became an emerging new asset class for investors. Domestic debt funds also showed interest in commercial projects. Varde Partners had invested $91 million in a Hyderabad based project by Phoenix Group. “The sector’s reliance on IT/ITeS diminished, with manufacturing, BFSI, and co-working spaces contributing to resilient demand. Anticipated growth in the IT/ITES sector is expected as more employees shift to working from offices for 3-4 days weekly,” said Anarock. Residential real estate was also one of the key sectors which saw large deals in 9M FY24. HDFC Capital as well as PAG invested over $60 million in CCI Projects and Kalpataru Group respectively. In times when overall flows softened, large deals dominated the scene. Top ten deals accounted for 87% of the total value of PE investments. In the same period last year, they accounted for 76%. While debt capital also flowed in, equity investments are preferred route for PE investors, which is visibly healthy at 84% of total deals.

Real estate hit its highs in 2023 but slipping PE investments a worry

Blackstone-backed <keyword id="457205" type="ORGANIZATION" weightage="20" keywordseo="Aadhar-Housing-Finance">Aadhar Housing Finance</keyword> Ltd has filed for an initial public offering worth up to Rs 7,300 crore ($1 billion). The offering would include equity shares aggregating up to Rs 1,500 crore and offer of sale of up to Rs 5,800 crore by the promoter BCP Topco VII Pte Ltd. In its draft red herring prospectus, the company said that it would utilise the money raised through the IPO towards augmenting its capital base. The offering gains significance as it joins the bandwagon of IPOs amid the pandemic, which have benefitted from the surge in stock markets. A recent EY report showed that proceeds from initial public offerings (IPOs) in the country surged 61 per cent last year to over $4.09 billion. It said that the fourth quarter of 2020 saw a strong rebound in IPO activity and market sentiment remains positive. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gamestop-short-sellers-have-lost-5-billion-this-year-as-reddits-day-trader-army-squeezed-their-bearish-bets/articleshow/80471605.cms" data-type="tilCustomLink">GameStop short-sellers have lost $5 billion this year as Reddit's day-trader army squeezed their bearish bets</a> <a href="https://www.businessinsider.in/policy/economy/news/imf-projects-11-5-growth-rate-for-india-in-2021-only-major-economy-to-record-double-digit-growth/articleshow/80468095.cms" data-type="tilCustomLink">IMF projects 11.5% growth rate for India in 2021, only major economy to record double digit growth</a>

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