26 Sep 2023

Over the past five years, the Nashik Municipal Corporation has seen a substantial increase in property tax collections through online payments, rising from 7% to 57% in the current fiscal year. This shift has streamlined the process for taxpayers, with Rs 69 crore of the Rs 122 crore collected this year coming from online payments, aided by a 1% concession. The civic body aims to reach a property tax collection target of Rs 210 crore this year, with incentives for prompt payments and plans to engage private agencies for bill distribution.Read more

26 Sep 2023

Signature Global's IPO witnessed strong investor interest, with a subscription rate of 11.88 times on the final day. Institutional investors played a pivotal role in this success, resulting in bids for 13,36,05,074 shares against the offered 1,12,43,196. Non-institutional investors subscribed 13.54 times, QIBs 12.71 times, and RIIs 6.82 times. The IPO, totalling Rs 730 crore, included a fresh issue of Rs 603 crore and an Offer for Sale of Rs 127 crore. Proceeds will significantly reduce debt, with net debt at around Rs 1,100 crore. Post-listing, the promoter stake will decrease from 78.35 percent to 69–70 percent.Read more

26 Sep 2023

Eldeco Group, a prominent real estate developer, has acquired land parcels in Greater Noida, Sonepat, and Ludhiana for approximately Rs 230 crore. These acquisitions are part of a strategic partnership with HDFC Capital Affordable Real Estate Fund 3 (H-CARE 3), totalling Rs 475 crore, aimed at developing multiple residential projects. The company plans to launch projects worth Rs 5,000 crore in the coming year. Pankaj Bajaj, Chairman of Eldeco Housing and Industries Ltd., expressed confidence in the real estate sector's growth. Eldeco Group has a strong track record, having delivered 175 projects totalling about 30 million square feet of development.Read more

26 Sep 2023

India's largest lender, the State Bank of India (SBI), achieved a significant financial feat by raising Rs 10,000 crore through 15-year infrastructure bonds at a competitive rate of 7.49 percent. The bonds garnered substantial investor interest, oversubscribed more than five times the base issue size. Notably, the pricing was lower than previous issuances due to softened market yields. Investors, including funds, insurance companies, and corporates, demonstrated strong participation, with total bids exceeding Rs 21,000 crore. With this issuance, SBI has fully utilized the approved amount for infrastructure bonds in FY24, and it anticipates lower borrowing costs for future offerings, impacting India's financial landscape.Read more

26 Sep 2023

Asia Healthcare Holdings (AHH), backed by TPG Growth and Singapore's GIC, has acquired a majority stake in the Asian Institute of Nephrology and Urology (AINU) for Rs.600 crore. AHH's investment will come from acquiring new shares and shares from existing investors. AINU operates a network of urology and nephrology care hospitals and has posted substantial revenue and profit figures. This move marks AHH's entry into the urology and nephrology specialty, expanding its portfolio that includes Motherhood Hospitals, Nova IVF Fertility, and the American Oncology Institute. The nephrology and urology sector in India is projected to grow significantly in the coming years.Read more

26 Sep 2023

A recent report by NAREDCO and Housing.com has highlighted the growing preference for real estate investments among investors despite rising prices and home loan rates. The report reveals that 48 percent of respondents surveyed favoured real estate as their top investment choice, surpassing gold, stocks, and fixed deposits. Tax benefits such as stamp duty and GST waivers are viewed as crucial motivators for potential homebuyers. Despite economic uncertainties, the property market has shown resilience, with a 15 percent year-on-year growth in sales in the first half of 2023. Ready-to-move-in properties are preferred over under-construction projects, with additional amenities playing a significant role in buyers' decisions.Read more

23 Sep 2023

DLF's subsidiary, DCCDL, has raised Rs 1,100 crore through non-convertible debentures on a private placement basis. DCCDL's board of directors approved the allocation of 1,10,000 senior, rated, and secured NCDs, each with a face value of Rs 1 lakh. These NCDs, featuring an 8.25 percent annual coupon rate and maturing on August 17, 2033, will be listed on the Bombay Stock Exchange. DCCDL, a joint venture between DLF and Singapore's GIC, manages a substantial portfolio of rent-yielding office and retail properties, encompassing 40 million square feet and generating an annual rental income of approximately Rs 4,000 crore.Read more

23 Sep 2023

Viacom18, a prominent Indian entertainment network, is set to lease a 400,000-square-foot headquarters in Mumbai from Blackstone's Nucleus Office Parks. The move aims to consolidate Viacom18's various business units under one roof, including tax, finance, sports, and digital divisions. The monthly rent for the marquee space is estimated at 60 million Indian rupees ($722,178). Viacom18, a joint venture of Viacom Inc. and the Network18 Group competes with major players like Disney and Netflix in India. The office relocation is expected to occur before December, and Blackstone is planning an IPO for its Indian office portfolio, including Nucleus Office Parks.Read more

23 Sep 2023

Signature Global, a Delhi-NCR real estate firm, has seen strong interest in its IPO, aiming to raise capital for expansion. Priced at Rs 366-385 per share, the IPO totals around Rs 730 crore. On day one, it achieved a 54% subscription rate, and by day two, it was oversubscribed at 1.61 times. Non-institutional investors and retail individuals showed substantial interest with 1.42 and 89% subscription rates respectively on day one. The IPO proceeds will primarily be used to reduce debt, and post-listing, the promoter group's stake will decrease from 78.35% to around 69–70%. Signature Global focuses on affordable and mid-income housing segments and has a strong presence in Delhi-NCR.Read more

23 Sep 2023

Singapore's sovereign wealth fund, GIC, is reportedly in the final stages of acquiring a majority stake in ESR India, a logistics real estate platform. The deal is estimated to be worth around $400 million. ESR India, a joint venture between ESR Group and Allianz Real Estate, owns eight assets across India, covering 388 acres with a gross floor area of 10 million square feet. Allianz Real Estate is expected to sell either its entire stake or a significant portion of it, while ESR may sell 35-40% of its stake in the platform. Multiple private equity firms are also vying for the assets.Read more