30 Aug 2024

General Atlantic plans to sell a 5.1% stake in PNB Housing Finance through an open market transaction, offering 1.33 crore shares at a minimum price of INR. 775 each, aiming to raise INR 1,033 crore (USD 125 million). This price is 4% below the previous closing price of INR 810.90. The shares will not have a lock-in period, allowing immediate trading post-sale. As of June 30, 2024, General Atlantic held a 5.13% stake in the company. Previously, Carlyle sold a 12.8% stake in PNB Housing Finance for INR 2,578 crore. PNB Housing Finance's net profit rose 25% year-over-year in FY25 Q1, driven by strong home loan demand. The company also plans to expand into non-housing and small-sized prime loans to boost profitability.Read more

30 Aug 2024

Tata Capital Housing Finance Ltd (TCHFL) plans to raise up to INR 3,500 crore through non-convertible debentures (NCDs) to fuel business growth. As of March 2024, TCHFL's loan book reached INR 51,402 crore, marking a 39% year-on-year growth. The company raised INR 5,429 crore via secured NCDs in FY24, with a debt-equity ratio of 7.27%. TCHFL's retail finance portfolio, including home loans and loans against property, grew to INR 42,391 crore, while its construction finance portfolio increased to INR 9,011 crore. The company's enhanced regulatory oversight stems from its substantial loan book exceeding INR 50,000 crore.Read more

30 Aug 2024

Asia Opportunities V has divested a 3% stake in PNB Housing Finance, raising over INR 676 crore by selling 78 lakh shares at INR 866.70 each. This reduces their holding from 5.19% to 2.19%. The Government of Singapore purchased 16 lakh shares worth INR 149.74 crore. The transaction highlights rising international interest in PNB Housing Finance, following recent major sales by other investors like Carlyle Group. Despite these changes, PNB Housing Finance's stock declined slightly to INR 867.20. The ongoing stake sales reflect dynamic shifts and potential growth opportunities in the company.Read more

30 Aug 2024

Interarch Building Products' IPO, valued at INR 600 crore, closed with exceptional interest, being oversubscribed by 93.46 times. The company received bids for 43.88 million shares, well above the 4.69 million shares available. Qualified Institutional Buyers (QIBs) led the demand, with bids exceeding 205 times the shares on offer. Non-Institutional Investors (NIIs) subscribed 128.42 times, and Retail Individual Investors (RIIs) 19.11 times. The IPO, priced between INR 850 and INR 900 per share, will fund capital expenditures and system upgrades. Managed by Ambit Pvt Ltd and Axis Capital, the shares will list on BSE and NSE.Read more

30 Aug 2024

Nisus Finance Services Co. Limited is set to launch an IPO, offering 65 lakh equity shares to raise capital and enhance its market presence. The offering includes 57.8 lakh new shares and 7.2 lakh shares from existing stakeholders, each valued at INR 10. The funds will strengthen Nisus's fund management infrastructure in key financial hubs such as GIFT City, Dubai, and Mauritius. The IPO proceeds will also support strategic investments and operational growth. With strong financial performance, including a profit after tax of INR 1,687.96 lakhs, Nisus is well-positioned for expansion in the competitive financial sector.Read more

30 Aug 2024

Kolkata's housing market has seen a significant decline in home sale registrations, ending five months of growth. In July, registrations dropped by 18% from June and 13% year-over-year, with only 3,506 properties registered compared to 4,292 in June and 6,709 in July 2022. This downturn follows the withdrawal of state government incentives, including a 2% stamp duty reduction and a 10% cut in circle rates, which had previously bolstered the market. Mid-sized homes (501-1,000 sq. ft.) accounted for 47% of sales, while large apartments over 1,000 sq. ft. saw a sharp decline. CREDAI Bengal has urged the state to reconsider these policy changes to stimulate sales. Experts anticipate market adjustments, with potential recovery during the upcoming festive season.Read more

29 Aug 2024

Nishkala Healthcare has acquired Suasth Healthcare Foundation's 400-bed multi-speciality hospital in Kalamboli, Navi Mumbai, for INR 189 crore under the Insolvency and Bankruptcy Code (IBC). The acquisition is financed through a mix of debt and equity, with promoters infusing INR 73 crore in equity. The hospital spans 500,000 sq ft and includes 63 ICU beds, neonatal units, and specialised operating theatres. The Kolkata bench of the National Company Law Tribunal (NCLT) approved a INR180 crore resolution plan against INR 628 crore in creditor claims. Yes Bank and Axis Bank, major lenders, hold voting rights, with J C Flower ARC acquiring Yes Bank's stressed loans.Read more

29 Aug 2024

Embassy Office Parks REIT has leased 800,000 square feet of premium office space to the Commonwealth Bank of Australia (CBA) in Bengaluru, with an option to expand by 600,000 square feet. This space, part of the Embassy Manyata project, will be a built-to-suit facility, expected for delivery by Q4 2026. Located in North Bengaluru, Embassy Manyata is one of Asia's largest business parks. This deal marks Embassy REIT's largest built-to-suit project and highlights Bengaluru's growing significance as a hub for global financial services.Read more

29 Aug 2024

Greenbase Industrial and Logistics Parks, a joint venture between Hiranandani Group and Blackstone, is set to invest INR 4,500 crore to expand its operations across India, targeting over 20 million square feet of industrial space within five years. Currently, Greenbase has invested INR 2,000 crore, delivering 5.5 million square feet of built-to-suit spaces. A significant portion of the new investment, INR 1,500 crore, will be directed towards expanding their Oragadam project near Chennai, which is expected to contribute 40% of their portfolio. Greenbase's focus on customised industrial infrastructure positions it as a key player in India's growing logistics sector.Read more

29 Aug 2024

Hyundai Motor India Ltd (HMIL) has announced an INR 180 crore investment to establish a 65,000 square-foot hydrogen innovation centre at IIT Madras' Thaiyur campus in Chennai, in collaboration with the Indian Institute of Technology Madras and Guidance Tamil Nadu. Supported by the Tamil Nadu government, the centre, set to open by 2026, will focus on green hydrogen development and fuel cell technology. This initiative underscores Tamil Nadu's growing role in sustainable automotive innovation, aligning with global shifts towards eco-friendly transportation and bolstering the state's position as a leader in the sector.Read more