Page 5 - Funds

PE firm CVC Capital raises $6.8 bn, plans to invest in Indian companies

Private equity and investment advisory firm CVC Capital Partners on Wednesday said it has mopped up USD 6.8 billion (around Rs 56,366 crore). The Luxembourg-based company has over USD 1 billion investments in four domestic companies -- the Indian Premier League franchise Gujarat Titans, Healthcare Global, Sajjan India and United Lex, according to a statement. It plans to invest some of the new money being raised into more domestic companies. In the statement, CVC, which is focused on private markets, private equity, secondaries, credit and infrastructure, said the fund closure is 50 per cent larger than its predecessor fund, that raised USD 4.5 billion in 2020. The funds raised in the latest round saw a strong demand from new and returning blue chip investors enabling it to exceed the USD 6 billion target and original hard cap of USD 6.5 billion. This makes CVC one of the leading PE players in the region, having raised over USD 21 billion across its Asia-focused funds. The new fu

SAT to hear Subhash Chandra's appeal in fund diversion case tomorrow

In the same order, issued in August 2023, Chandra's son Punit Goenka was granted relief by the tribunal

Canara Bank raises Rs 2,000 crore funds from bonds at coupon of 8.40%

State-owned Canara Bank on Wednesday said it has raised Rs 2,000 crore by issuing bonds to fund business growth. The fund has been raised through non-convertible, taxable, perpetual, subordinated, fully paid up, unsecured Basel III compliant Additional Tier 1 bonds of face value Rs 1 crore each at a coupon of 8.40 per cent, Canara Bank said in a regulatory filing. Additional Tier I bonds qualify as core capital or equity capital, and it is one of the means of raising capital by banks.

Gujarat state civic body accepts bids for maiden green bonds: Bankers

The city, situated in the Western state of Gujarat, has set a semi-annual coupon of 7.90%, and had invited bids from bankers and investors for the issue earlier in the day

Opec Fund delivers record results with $1.7 bn in development funding

The organisation was established 48 years ago and the 2023 results represent a record in new commitments

Sebi's new disclosure norms likely to impact few FPIs due to exemptions

No panic selling entailed as funds affected will have six months to rebalance their portfolio

EPFO adds 1.39 million net members during November 2023: Payroll data

Retirement fund body EPFO added 13.95 lakh net members in November 2023, as per the latest payroll data released on Saturday. Cumulative net addition of members during the current financial year continues to remain higher than that of the corresponding period of the previous year, a labour ministry statement said. According to the statement, the EPFO's (Employees' Provident Fund Organisation) provisional payroll data highlighted that the body added 13.95 lakh net members in November. The data indicates that around 7.36 lakh new members were enrolled during the month. The 18-25 age-group constitutes 57.30 per cent of the total new members added during the month, showing that a majority of members joining the organised sector workforce of the country are youth, who are mostly first-time job seekers. The payroll data reflects that about 10.67 lakh members exited but rejoined EPFO during the month. In fact, these members switched jobs and rejoined the establishments covered under the

Uttarakhand govt increases DA of employees by 42% to 46% per month

The Uttarakhand government has increased the Dearness Allowance of its employees under the seventh pay commission from 42 per cent per month to 46 per cent, according to an order issued here. The revised DA will be applicable with effect from July 1, 2023, and arrears will be paid to beneficiaries in cash, it said. From January 1, 2024, onwards, the revised DA will be paid to the employees along with their salaries every month, the order said. This will apply to state government employees and regularised and full-time employees of aided educational and technical education institutes, it added.

Probe alleged money siphoning by erstwhile promoters: Religare to ED

Religare Enterprises Ltd (REL) on Saturday said it has requested Enforcement Directorate to expedite investigation into money allegedly siphoned off by erstwhile promoters. ED officials, on the basis of a complaint by the present management of Religare Finvest Ltd (RFL) -- a subsidiary of REL -- and pursuant to the ongoing investigation with respect to corporate loan book, collected relevant information/documents on January 5, 2024 to expedite the investigation as per request made by RFL recently, REL said in a filing. REL said it stands committed to recover the amount siphoned off from REL and its subsidiaries by the erstwhile promoters Malvinder Mohan Singh, Shivinder Mohan Singh and their associates and affiliates. Multiple cases have been initiated towards the same and various agencies are investigating these transactions. RFL has promised its lenders that they will make all possible efforts to recover siphoned off funds and in line with the same, RFL has commissioned a forensi

Unclaimed assets: Create searchable databases

Over Rs 1.5 trn can be unlocked and put to productive use if unclaimed assets are restored to their rightful owners

40% wealth and pension funds prefer India over China, shows study

Almost 40% of investors chose India as the most attractive emerging market, while less than a quarter selected China in a survey

Within BFSI, space beyond banking offers a lot of opportunity

While banks provide the opportunity for steady medium-term compounding, it is the FSI segment, which includes life and general insurance companies, asset management companies. >

Centre giving Rs 6,080 cr for railways sector in Tamil Nadu: Vaishnaw

Ashwini Vaishnaw further said that the long pending demand of the Hosur Jolarpet inter-rail service project was being assessed and work would start soon after evaluating the cost efficiency

India could miss planned divestment targets by more than half this year

In 2023/24, about Rs 30,000 crore of the Rs 51,000 crore target was expected through stake sales in IDBI Bank and the privatisation of state-owned NMDC Steel

Odisha govt to redevelop 26 ancient temples in CM Patnaik's home turf

The Odisha government has sanctioned Rs 42.51 crore for the redevelopment of 26 ancient shrines in the Ganjam district, an official said on Thursday. Renovation, restoration and reconstruction of the ancient shrines located in 12 of the 13 assembly constituencies, except Berhampur, in Ganjam, the home turf of Chief Minister Naveen Patnaik, will be undertaken with the fund, he said. The Works Department will execute the project, he added. The district administration has recommended the government for renovation and infrastructure development of these old and historic temples on the basis of public demand, the official said. Earlier, the government had sanctioned Rs 48.97 crore for the district for giving a facelift to 997 village temples. The tenders for execution of the projects are under process, said Assistant Chief Engineer (Works) Durga Charan Behera. Among these 26 shrines is the 300-year-old Marda temple in Polasara block, known as Sharan Shrikshetra, where the deities of t

RRTS fund delay due to finance secy not clearing file: Kejriwal govt

In the wake of a dressing down by the Supreme Court on Tuesday, the Arvind Kejriwal government alleged it had to face the court's ire because the Finance secretary failed to clear the file he had been sent a month ago for the release of funds for the RRTS project. The Supreme Court earlier in the day pulled up the Delhi government for not coming up with funds for the Regional Rapid Transit System (RRTS) corridors to Alwar and Panipat, and said if the dues were not paid within a week, the funds allocated by the AAP government for advertisements will be transferred to the project. The Kejriwal government in a statement said that it supports the RRTS project and welcomes SC order. It said it had released the first tranche of funds, approx Rs 80 crore, a few months back. "The file for release of the remaining funds was approved by the Transport Minister and sent to the Finance Secretary over a month ago yet the funds haven't been released. As a result, the Delhi government had to hear

Funds over Rs 25,000 cr with Sebi in focus after Subrata Roy's death

The undistributed funds totalling over Rs 25,000 crore lying with the capital markets regulator Sebi's account have come back into focus after the demise of Sahara Group's chief Subrata Roy. Roy passed away in Mumbai on Tuesday night at the age of 75 after battling a prolonged illness. He faced multiple regulatory and legal battles in connection with his group firms that were accused of circumventing regulations with Ponzi schemes, allegations his group always denied. In 2011, capital markets regulator Sebi ordered two Sahara Group firms -- Sahara India Real Estate Corporation Ltd (SIREL) and Sahara Housing Investment Corporation Ltd (SHICL) -- to refund the money raised from nearly 3 crore investors through certain bonds known as Optionally Fully Convertible Bonds (OFCDs). This order came after the regulator ruled that the funds were raised by the two firms in violation of its rules and regulations. After a long process of appeals and cross-appeals, the Supreme Court on August 31

Revfin looking to raise Rs 500 crore in 12 months: CEO Samir Aggarwal

Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company's expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year. The platform is also targeting to achieve a topline of Rs 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Set up in 2018 for financing electric three-wheelers, the Delhi-based digital lender has expanded the business to two- and four-wheeler financing as well as vehicle leasing and rental services. "So far, we have raised about Rs 300 crore which has been in a combination of equity and debt. And the plan is now to raise about Rs 500 crore in the next 12 months," Aggarwal told PTI. He said that the company is in talks with a number of venture capitalists and futu

COP28 looks set for conflict after negotiations on climate damage fund

Tense negotiations at the final meeting on a climate-related loss and damages fund an international fund to help poor countries hit hard by a warming planet ended Saturday in Abu Dhabi, with participants agreeing that the World Bank would temporarily host the fund for the next four years. The United States and several developing countries expressed disappointment in the draft agreement, which will be sent for global leaders to sign at the COP28 climate conference, which begins in Dubai later this month. The US State Department, whose officials joined the negotiations in Abu Dhabi, said in a statement it was pleased with an agreement being reached but regretted that the consensus reached among negotiators about donations to the fund being voluntary is not reflected in the final agreement. The agreement lays out basic goals for the fund, including for its planned launch in 2024, and specifies how it will be administered and who will oversee it, including a requirement for developing

India has significant amount of dry capital for startup ecosystem: VCs

Fintechs have been among the five best-performing sectors in terms of funding since 2018, with an exception in 2020 when it came sixth