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<ul><li>Deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in <keyword id="20061151" type="General" weightage="20" keywordseo="April" source="keywords">April</keyword> compared to March 2024</li><li>Adani Group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024.</li><li>Experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.</li></ul> In the dynamic landscape of Indian business transactions, the manufacturing sector has emerged as a beacon of value, while consumer retail reigns supreme in volume. April 2024 marked significant shifts in deal-making compared to the month before with a notable absence of billion-dollar deals. Overall deal volumes jumped by 21% to 191 while the values declined by 37% to USD 9.4 billion in April compared to March 2024, as per the latest <keyword id="20034170" type="General" weightage="20" keywordseo="Grant-Thornton-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Grant Thornton Bharat" meta.hostid="83" meta.entityid="Grant Thornton Bharat">Grant Thornton Bharat</keyword> Dealtracker report. The past month has witnessed a flurry of activity, with notable shifts and surges across various industries, offering a compelling glimpse into the evolving economic terrain. "Deal volumes increased in April 2024 marking the highest monthly volumes since May 2022. There were no billion-dollar deal but witnessed 12 high value (&gt; USD 100 million) deals amounting to USD 3.8 billion," said Shanthi Vijetha, Partner at Grant Thornton. <cmsannotation type="cmsannotation" annotationid="Adani Group leads M&amp;A activity" comment="subhead" text="Adani Group leads M&amp;A activity">Adani Group leads M&amp;A activity</cmsannotation> At the forefront of deal values stands the manufacturing sector, boasting an impressive tally of nine transactions amounting to a staggering USD 1,919 million. This surge is underpinned by two monumental deals, notably the Adani Group's strategic stake increase in Ambuja Cement and ACC, which was the most significant M&amp;A activity of the month. Adani Group secured a significant 7.5% stake in Ambuja Cements, injecting a substantial USD 1.8 billion into enhancing the manufacturing capacity of cement makers, signaling a bold step towards industry expansion and innovation. Overall, the group's three major domestic consolidations of around USD 2 billion in value marked 38% of the total deal values in April 2024. Despite this, the <keyword id="21645622" type="General" weightage="20" keywordseo="merger-and-acquisitions" source="keywords">merger and acquisitions</keyword> transactions saw the highest decline in value, dropping by 75 percent to USD 2.5 billion from USD 10.2 billion in March. This was mainly because of the absence of large-scale mergers like those seen in March. However, M&amp;A deal-making remained robust in April with significant domestic consolidations. "This month's activity, characterized by deal volumes spanning across breadth of sectors and by large deals by select players, illustrates a market that is both diverse and robust," observed Shanthi. <cmsannotation type="cmsannotation" annotationid="Private Equity landscape remains vibrant" comment="subhead" text="Private Equity landscape remains vibrant"><keyword id="19895041" type="General" weightage="20" keywordseo="private-equity" source="keywords">Private Equity</keyword> landscape remains vibrant</cmsannotation> The private equity transactions also experienced a slight decrease in value, reaching USD 2.666 billion, according to the report by Grant Thornton Bharat. However, with a total of 130 deals, the overall market landscape remains vibrant. The numbers indicate a clear shift towards enhanced number of investments while the size of the deals remains smaller compared to previous months. "The stable value of investments, despite the higher number of transactions, indicates a strategic adjustment towards spreading investments across various sectors, aiming to capitalize on emerging opportunities while mitigating large-scale risks," says the report. "The deal outlook for 2024 continues to remain positive as India stands at the cusp of a new era of growth and investment supported by a growing consumer market, a flourishing tech start-up ecosystem, and supportive government policies," concludes Shanthi Vijetha. Factors that could influence domestic markets in the near future include the outcome of Lok Sabha elections, global and domestic trends in interest rates driven by inflation, and supply chain dynamics. However, experts predict sustained momentum and growth in deal activities, supported by strong fundamentals and a conducive investment climate.

Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, With a larger number of entities preferring to shift their work back to offices, there has been a decline in women workforce in senior management roles in companies, a report said on Thursday. This is the third consecutive year that the share of women in the senior management roles 'considered essential for promoting diversity at workplaces' continued to decline, the report by consultancy firm <keyword id="20034170" type="General" weightage="20" keywordseo="grant-thornton-bharat" source="keywords">Grant Thornton Bharat</keyword> said. The onset of the pandemic around four years ago triggered a move to working from home, which offered a lot of flexibility for all the workers. However, with things getting back to normal, there has been a shift to working from offices and many companies are also ending the hybrid work models which they had adopted as the pandemic waned. The report, which comes ahead of the International Women's Day on March 8, is based on the inputs from about 300 women in senior management roles from as many companies. The consultancy firm said 34 per cent of women in Indian mid-market businesses currently hold senior management positions, which is modestly down from 36 per cent in 2023 and 38 per cent in 2022. It, however, stressed that the current percentage is much higher when compared to the 12 per cent figure in 2004 and 14 per cent a decade ago in 2014. Businesses offering a hybrid model have decreased to 56.5 per cent in 2024 from 62.3 per cent last year, while those asking employees to return to the office have increased to 34.7 per cent in 2024 from 27.4 per cent in 2023. It said staff working out of their homes has also significantly dipped to 1.8 per cent in 2024 from 5.3 per cent in 2023. The consultancy firm's chief business officer <keyword id="20865785" type="General" weightage="20" keywordseo="satya-jha" source="keywords">Satya Jha</keyword> said the need of the hour is to allow employees to work flexibly. "Measuring the number of women who have moved into senior management positions is very important to understand whether, internally, women are being championed to progress and move up the ladder," <keyword id="20865786" type="General" weightage="20" keywordseo="pallavi-bakhru" source="keywords">Pallavi Bakhru</keyword>, a partner at the consultancy firm, said.

Back to office led to decline in women in senior mgmt roles: Grant Thornton

At least 36 per cent of senior management positions are now being held by women in India's mid-market businesses, a report has revealed. With 36 per cent of women in leadership roles, India is ahead of the BRICS (34 per cent) and G7 (30 per cent) averages. "Sadly, 5 per cent of mid-market businesses in India still don't have any <keyword id="16760013" type="General" weightage="20" keywordseo="women-in-senior-leadership-roles" source="Orion">women in senior leadership roles</keyword>," according to <keyword id="16760014" type="General" weightage="20" keywordseo="Grant-Thorntons-International-Business-Report" source="Orion">Grant Thornton's International Business Report</keyword>. Globally, 32 per cent of senior management positions are now held by women in mid-market businesses. Alarmingly, 9 per cent of such businesses still have no women in senior leadership roles globally. "To push for better parity, businesses must adopt a hybrid or flexible approach, create a supportive and understanding culture, and focus on employee well-being and mentoring programmes that support women," said Pallavi Bakhru, Partner, Grant Thornton Bharat. Working towards improving diversity, especially at senior levels, is not only the responsible thing to do but also the right thing to do commercially. "It is a proven driver of performance," she added. All regions (Africa, APAC, ASEAN, Latin America, North America, EU) surpassed the 30 per cent figure for women in senior management for the first time. The ASEAN region experienced the most significant percentage point rise among the regions, increasing from 37 per cent to reach 40 per cent mark. Globally, 36 per cent of mid-market businesses are now working purely office-based, and 53 per cent have a hybrid approach. In India, 62 per cent of such businesses are adopting a hybrid model, 27 per cent are still primarily office based, 5 per cent of staff is permanently home-based and 5 per cent have a fully flexible schedule and choice to choose where to work from, the report noted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mfs-hit-a-9-month-high-in-feb-retail-mf-folios-at-record-high/articleshow/98546135.cms">Inflows into equity MFs hit a 9-month high in Feb, retail MF folios at record high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/not-just-game-of-thrones-144-hbo-originals-are-exiting-disney-hotstar/slidelist/98541137.cms">HBO Originals White Lotus, Big Little Lies &amp; more that'll vanish from Disney+Hotstar</a>

36% of senior positions in India's mid-market held by women:  Grant Thornton's International Business Report

Dealmaking activity witnessed a huge decline in January, with only 145 transactions worth USD 2.7 billion being undertaken by <keyword id="46431" type="General" weightage="80" keywordseo="india-inc" source="Orion">India Inc</keyword>, a report said on Monday. By value, the overall flows suffered due to the absence of any big-ticket deal and were 56 per cent down as compared to USD 6.12 billion in the year-ago period, and 62 per cent down compared to the previous month, the report by consultancy firm <keyword id="131240" type="General" weightage="100" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> said. The volumes were down 41 per cent when compared with 244 deals in January 2022, while the same were down by 3 per cent as compared to the preceding month of December. "<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> managed to account for record deal values last year (2022), which made investors hopeful about the future. However, the deal momentum in January 2023 did not match the expectation and witnessed a declining trend," its partner <keyword id="12539905" type="General" weightage="50" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword> said. The mergers and acquisition (M&amp;A) deal volumes declined by 62 per cent at 26 deals worth USD 311 million, an 88 per cent decrease compared to January 2022, it said. The M&amp;A segment continued to be dominated by domestic deals, it said, adding that at USD 270 million, the monthly value was the lowest since May 2022. Private equity (PE) investments recorded 119 deals valued over USD 2.4 billion, it said, adding that while both volumes and values declined compared to January 2022, there was a 28 per cent increase in deal volumes and a 30 per cent increase in deal values when compared with December 2022. <keyword id="6363818" type="General" weightage="80" keywordseo="pharma" source="Orion">Pharma</keyword>, healthcare and biotech stood at the top in terms of overall deal values, recording six deals valuing USD 921 million, most of which was contributed by two big-ticket transactions in the PE space, it added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/epfo-unveils-procedure-to-apply-for-higher-pension-under-employees-pension-scheme/articleshow/98094206.cms">EPFO unveils procedure to apply for higher pension under Employees Pension Scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-10-paise-to-close-at-82-72-against-us-dollar/articleshow/98094996.cms">Rupee gains 10 paise to close at 82.72 against US dollar</a>

India Inc sees winter chill in dealmaking activity in January: Grant Thornton

<keyword id="46431" type="General" weightage="100" keywordseo="india-inc" source="Orion">India Inc</keyword> recorded 2,007 deals worth $127 billion last year, a 6 per cent decrease in deal volumes over 2021, despite the global macroeconomic conditions, a report showed on Friday. The year also recorded 11 multi-billion-dollar deals amounting to $82.5 billion and 97 deals valued between $100 and $999 million, amounting to $26.2 billion, according to <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword>'s annual deal tracker report. The year 2022 also saw a 47 per cent increase in the values on the back of a few marquees deals that no other year witnessed. "It is worth noting that even against the global recession outlook, <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has been faring well. However, deal activity witnessed two different phases, as the second half did not see the highs of the first half," said <keyword id="53115" type="General" weightage="50" keywordseo="shanthi" source="Orion">Shanthi</keyword> Vijetha, Partner-Growth at Grant Thornton Bharat. The Indian mergers and acquisitions (M&amp;A) space saw 477 deals worth $91.4 billion in 2022, a 200 per cent increase compared to 2021. Deal values were driven by the <keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> and HDFC Bank merger ($40 billion), which was the biggest deal ever in Indian history. However, barring this deal, the year witnessed a significant increase in values showing the positive outlook of the Indian markets. The start-up and IT sectors dominated the space with 44 per cent of total volumes, while the banking and manufacturing sectors led the values, said the report. "Domestic and outbound M&amp;A continued to see momentum on the back of a resilient domestic economy, whereas private equity (PE) investments and inbound M&amp;A slowed down due to funding winter and global uncertainty," said Vijetha. The PE space saw 1,530 deals worth $35.4 billion, including four deals in the billion-dollar category and 66 deals valued between $100 million and $999 million, accounting for 63 per cent of total PE deal values with only 5 per cent of deal volumes. The start-up space attracted the most investment ($7.4 billion across 991 deals) with a slight decline of 8 per cent in volumes, compared to the 34 per cent decline in investments indicating lower ticket size investments, followed by e-commerce, which pulled in $6.6 billion and declined by 56 per cent in investments. Bengaluru topped the charts in volumes as most companies were born there, and Mumbai topped in values and accounted for 27 per cent of total values. The year witnessed the second-highest number of initial public offerings (IPO) listings in the last 11 years. However, this translated into 40 IPO listings raising $8.3 billion, a 38 per cent decrease in volumes and a 53 per cent decrease in values, the report said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kreditbee-closes-200-million-series-d-from-advent-international-mufg-bank-others/articleshow/96791309.cms">KreditBee closes $200 million Series D from Advent International, MUFG Bank, others</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/lt-rvnl-ril-and-other-stocks-in-focus-on-friday/articleshow/96780357.cms">Sensex, Nifty50 end the first week of 2023 in the red – IT, financial services amongst top losers</a>

India Inc logs 2,007 deals worth $127 bn last year, 6% down from 2021: Grant Thornton

New Delhi: After two <keyword id="19945688" type="General" weightage="20" keywordseo="acquisitions" source="keywords">acquisitions</keyword> this year, India's second-largest IT services company <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="268" meta.entityid="Infosys">Infosys</keyword> is on the lookout to scoop-up more firms and says the acquisition matching scale of recent in-tech buy is certainly a possibility. In an interview to PTI, <keyword id="24144" type="General" weightage="20" keywordseo="infosys-ceo" source="Orion">Infosys CEO</keyword> <keyword id="20115570" type="General" weightage="20" keywordseo="salil-parekh" source="keywords">Salil Parekh</keyword> said the company is keen on acquisitions in areas like data analytics, SAAS, and may look at some geographies within Europe, and the US. Asked if more acquisitions could be of the scale matching in-tech, which came with a price-tag of 450 million euros, <keyword id="20039787" type="General" weightage="20" keywordseo="parekh" source="keywords">Parekh</keyword> said, "Absolutely, I think those would be the size that we will look at in terms of scale, and given our structure we could do a few of those." Back in January, Infosys announced a definitive agreement to acquire 100 per cent of the equity share capital in InSemi Technology Services, a semiconductor design services company headquartered in India, for a consideration (including earn-outs, and management incentives and retention bonuses) totalling up to Rs 280 crore. A bigger acquisition followed in three months. In April, Infosys Germany, a wholly-owned step-down subsidiary, entered into a definitive agreement to acquire 100 per cent of the equity share capital in in-tech Holding -- leading provider of engineering R&amp;D services headquartered in Germany -- for a consideration of up to 450 million euros (about Rs 4,045 crore). "We have very good business in engineering services already within Infosys and then we did those two acquisitions, both of them in engineering services, one on semiconductor side and one on the automotive side... very strong businesses, and we feel quite good about expanding that footprint," Parekh said. Infosys is eyeing more acquisitions, he said, adding that the company is evaluating several firms. "We have a good balance sheet and good cash generation and now we are quite comfortable with the integration of acquisition in different areas. We have done engineering services, we will look at other areas... for example data analytics... may look at SAAS (software as a service) areas, and maybe at some other geographies in Europe, maybe the US as well," he said. Parekh, however, said a lot depends on strategic synergies, financial cost, cultural fit and integration aspects. "We are continuing to look, and we have things that are normally in the pipeline but those take their own time... there are a lot of discussions on strategic fit, on financial cost of it and cultural fit into the company and then how will we integrate them. Many of those discussions are ongoing and we will see what comes out," the Infosys top honcho said. On whether he is hopeful of closing more acquisitions this fiscal year, Parekh indicated that it is tough to put a timeline on the outcome of ongoing discussions. "It is difficult to say... we are evaluating several (of them). But to get a fit on the strategic parameters, financial parameters, culture, integration... all of it may not work out. But these two (InSemi and in-tech) happened relatively quickly... before that for some quarters we had not done anything. It is not a predictable thing, but the evaluation is ongoing," he said. According to the Grant Thornton Bharat Dealtracker Q2 2024 report, Indian dealmaking saw overall 501 deals, valued at USD 21.4 billion. The report said the second quarter of 2024 witnessed the highest quarterly volumes since the second quarter of 2022, while values declined due to the absence of big-ticket merger and acquisition transactions. Grant Thornton Bharat Dealtracker further said the merger and acquisition (M&amp;A) activity during the second quarter saw 132 deals worth USD 6.2 billion, marking a slight increase in volumes but a substantial 50 per cent drop in values. As per the report, domestic deals drove growth with volumes rising 29 per cent and values increasing 2.5 times compared to the first quarter of the current year. In contrast, cross-border deals experienced a decline, with volumes decreasing 24 per cent and values plummeting 85 per cent from the first quarter of 2024.

Infosys is keen on more acquisitions, says CEO Salil Parekh

The Indian art market is on course to have its best-performing year ever based on the first six months of FY23. Having a turnover of USD 75.8 million as of 30 September 2022, according to Indian Art Investor's <keyword id="15302035" type="General" weightage="50" keywordseo="indian-art-market-report" source="Orion">Indian Art Market Report</keyword> for H1FY23, FY23 may exceed FY22. The first six months of FY23 have been able to produce more than the yearly turnover of 34 of the 39 years of prior auction data held by <keyword id="6515833" type="General" weightage="50" keywordseo="iai" source="Orion">IAI</keyword>. The study states that a total of 468 artists - or 57 per cent of the works sold in FY22-have contributed to this accomplishment through the sale of 2,053 pieces. "The top tier of the market continues to break norms and make headlines. Works priced &gt;USD 1.2 million are responsible for 67 per cent of the turnover, with the top 5 most expensive works alone bringing in 20 per cent. But as the divide widens, so does the lowest tier. Works priced Commenting on the report findings, <keyword id="964124" type="General" weightage="80" keywordseo="pallavi-bakhru" source="Orion">Pallavi Bakhru</keyword>, Partner, Private Client Services at <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword>, said, "With a staggering USD 75.8 million being generated in the first half of the current FY, people are now understanding that the Indian art market is a great space for alternate investment portfolios. With a sharp increase in income, there has been an increase in demand for art. And while art was mostly considered a collectable and a luxury item, it has slowly and steadily moved into the category of a capital asset, which by definition provides benefits over a long period of time. Although traditional buyers remain a force in driving the market, there is an influx of new collectors who find art safe and are warming up to the idea of art as an investment option." The top 10 most expensive works sold in H1FY23 were equally distributed between Q1 and Q2. These ten pieces were responsible for 27 per cent of the entire turnover produced over those six months. Seven of these pieces belonged to <keyword id="99619" type="General" weightage="80" keywordseo="modernists" source="Orion">modernists</keyword>, and three were pre-modernist pieces. The majority of the works sold and 81 per cent of the overall revenue made during this time period are by modernists. Since oil was the medium used most frequently by Modernists, it made up 57 per cent of the overall revenue. Because canvas is thought to be the material of choice for oil, it accounted for 75 of the revenue. Online auctions have completely revolutionised the market and now makeup 86 per cent of all transactions. Overall, H1FY23 has demonstrated the strength of the Indian art auction business, demonstrating a steady growth and unrealized potential. With pride, the market has grown in all the correct directions. Modernists have shown to be wise investments since Contemporaries have been on the rise. Along with an influx of riches and a new breed of collectors entering the market, there is a positive attitude. The auction season has gotten off to a strong start in September, and the market has continued to astound everyone. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/risk-to-indias-sovereign-rating-from-external-pressures-is-limited-fitch-ratings/articleshow/94967621.cms">Risk to India's Sovereign Rating from external pressures is limited: Fitch Ratings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/ultratech-cements-profit-tumbles-42-yoy-to-756-crore-due-to-higher-power-raw-material-costs/articleshow/94964556.cms">UltraTech Cement’s profit tumbles 42% YoY to ₹756 crore due to higher power, raw material costs</a>

Indian art market clocks $75.8 million in turnover for H1FY23

<keyword id="46431" type="General" weightage="50" keywordseo="india-inc" source="Orion">India Inc</keyword> signed 1,149 deals valued at $104.3 billion in the first half of this year, amid global uncertainties, and the country saw $6 billion from 17 IPOs -- the highest values raised in the first six months, a report showed on Thursday. The figures represent a significant 34 per cent increase in the overall deal volumes, while deal values more than doubled (with a 143 per cent increase) from the same period last year, according to the <keyword id="10410446" type="General" weightage="80" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword> Dealtracker report. Driven by <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="83209" type="General" weightage="50" keywordseo="hdfc-ltd" source="Orion">HDFC Ltd</keyword>'s $40 billion merger, LTI and <keyword id="6357902" type="General" weightage="80" keywordseo="mindtree" source="Orion">Mindtree</keyword> merger ($17.7 billion) and Adani Group-Holcim Ltd's $10.5 billion deal, M&amp;A deal values recorded an over two times increase over H1 2021. These three deals alone accounted for 86 per cent of the total M&amp;A deal values in H1 2022. "Amid macro-economic stress, the overall deal sentiment for 2022 is expected to continue given the support from the government on infrastructure spending, supply-side response and key fiscal measures," said <keyword id="12539905" type="General" weightage="80" keywordseo="shanthi-vijetha" source="Orion">Shanthi Vijetha</keyword>, <keyword id="6399933" type="General" weightage="80" keywordseo="partner" source="Orion">Partner</keyword>, Growth, Grant Thornton Bharat. "However, corporates and more importantly PE/VCs may employ a cautiously optimistic approach as the impact of the global economic slowdown on the Indian economy becomes evident," Vijetha added. While private equity deal activity continued to dominate total deal volumes with 3/4th share, deal values were driven by mergers and acquisitions with 76 per cent of the total deal values in H1 2022. Startup, e-commerce and IT sectors led deal activity in H1 2022, driving 76 per cent of all deals followed by retail, education and pharma sectors. The M&amp;A space witnessed a significant increase in the first half, witnessing 284 deals while representing a 27 per cent growth over H1 2021. The banking and financial sector had the highest contribution of 53 per cent in terms of overall deal value in H1 2022, followed by IT and manufacturing sectors. The private equity and venture capital investments saw record volumes and values in the first six-month period with 865 deals at $25.1 billion. However, there was a 12 per cent and 15 per cent decrease in investment volumes and values over H2 2021 (the preceding six months), the report noted. "The drop in the deal values is due to a fall in big-ticket investments coupled with prevailing factors including geopolitical tensions, stock market volatility, concerns about the rise in commodity prices and the impact of inflation," the report noted. Nevertheless, large funds like <keyword id="526777" type="General" weightage="80" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>, Westbridge, Baring PE, TPG, Brookfield, Blackstone and Warburg Pincus, among others, continued to keep pace with their activity. The start-up space attracted the most investment at $5.1 billion across 550 deals, recording a growth of 69 per cent in deal values. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/india-vs-west-indies-heres-the-entire-schedule-for-the-upcoming-odi-t20i-series/slidelist/93024475.cms">India vs West Indies: Here’s the entire schedule</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/strong-corporate-earnings-drive-markets-higher/articleshow/93028512.cms">Strong corporate earnings drive markets higher</a>

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

New Delhi, <keyword id="10062958" type="UNKNOWN" weightage="20" keywordseo="transaction-auditor-grant-thornton">Transaction auditor Grant Thornton</keyword>, in a report shared with the <keyword id="57372" type="COMPANY" weightage="20" keywordseo="Administrator">Administrator</keyword> of <keyword id="127124" type="CITY" weightage="20" keywordseo="DHFL">DHFL</keyword>, has found certain transactions which are undervalued, fraudulent and preferential in nature, putting the newly-discovered fraud at ₹6,182 crore. The Administrator of <keyword id="6423706" type="DOMAIN" weightage="20" keywordseo="dewan-housing-finance">Dewan Housing Finance</keyword> Company Ltd, appointed under the Insolvency and Bankruptcy Code, 2016 to carry out the duties under it, obtained assistance from <keyword id="10802312" type="UNKNOWN" weightage="20" keywordseo="reputed-professional-agency">reputed professional agency</keyword>, Grant Thornton to conduct investigation of the affairs of the company in respect of transactions qualified under sections 43 to 51, and sections 65 and 66 of the Code. Accordingly, the Administrator of the Company received an initial report from the professional agency appointed as the transaction auditor, indicating that there are certain transactions which are undervalued, fraudulent and preferential in nature, falling under the aforesaid sections of the Code, as per a filing. On basis of the investigation and observations of the transaction auditor, the Administrator has filed an application before the Mumbai bench of the <keyword id="6354457" type="COMPANY" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword> (NCLT) under Section 45, Section 60(5) and Section 66 of the Code on February 20, 2021 in respect of disbursement made to certain entities as other large project loans (OLPL), against Kapil Wadhawan, <keyword id="2992416" type="PERSON" weightage="20" keywordseo="Dheeraj-Wadhawan">Dheeraj Wadhawan</keyword>, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. It is to be noted that further filings may be undertaken, in due course. The nature of fraud is in relation to irregularities in disbursement of OLPL loans by the company in the past. As per the transaction auditor report shared with the Administrator, the monetary impact of the above transactions covered under the application amounts to ₹5,381.90 crore towards outstanding principal, ₹589.36 crore towards accrued interest and ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest. Thus, the total impact of such transactions, as detailed in the transaction auditor's report, has been sought from the relevant entities involved, along with the interest for the relevant period, through the said application filed with NCLT. As per the report prepared by the transaction auditor, the concerned transactions occurred over a period of time, detailed in the report. Based on the report, the application has been filed with NCLT, Mumbai against 33 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Creatoz Builders Pvt Ltd, Ikshudip Fincap Pvt Ltd, Rite Developers Pvt Ltd and certain other entities. The preliminary estimation included in the application places the monetary impact of the concerned transactions at approximately ₹6,182.11 crore (which includes ₹210.85 crore towards notional loss of interest on account of charging lower rate of interest). All relevant details regarding these proceedings have been included in the application filed before the National Company Law Tribunal, Mumbai and is presently pending consideration. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/nurecas-100-crore-ipo-heres-how-to-check-share-allotment-status/articleshow/81135236.cms">Nureca’s ₹100 crore IPO: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/travel/article/exploring-the-unreal-beauty-of-the-andaman-islands/articleshow/81126293.cms">Exploring the unreal beauty of the Andaman Islands</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a>

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Volumes up, values down: April 2024 marks notable shifts in India's deal-making landscape

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36% of senior positions in India's mid-market held by women: Grant Thornton's International Business Report

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India Inc sees winter chill in dealmaking activity in January: Grant Thornton

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India Inc logs 2,007 deals worth $127 bn last year, 6% down from 2021: Grant Thornton

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Infosys is keen on more acquisitions, says CEO Salil Parekh

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Indian art market clocks $75.8 million in turnover for H1FY23

IANS

India sealed M&A deals worth $104.3 bn this year, raised $6 bn from IPOs

IANS

Fraudulent transactions of ₹6,182 crore in DHFL unearthed

IANS

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