Public M&A: Do List Cos Really Need Omnibus RPT Approvals?

  • There seems to be an overlap between regular RPT approvals and omnibus approval routecreating ambiguity on what type of approvals must be procured for long term related partycontracts?
  • Listed companies often enter into long term contracts with…

C&I Green Open Access-play: The next big investment destination for infra funds?

  • C&I market significantly untapped – accounts for just 6% of the total renewable power purchases
  • Captive open access the most preferred route – i.e. procuring power for captive consumption from private renewable players using govt. transmission facilities.
  • C&I consumer perspective – low investment, significant cost savings,

    Smart meters: The basic infrastructure for a green future

    • Smart meters are essentially a data play – offering unprecedented data that can be used to bring online more green energy, curb electricity loses and reduce costs for consumers
    • The sector has immense depth – USD 30 bn over just the next 2-3 years….

      SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?

      • Strong minority unitholder protections introduced – for both public and private InvITs
      • Private InvITs originally designed to attract large institutional capital – light touch re- gulations allowed flexibility to parties to manage their arrangements…

        Investing into Infrastructure Holding Companies: What if you become a core investment company?

        • Infrastructure companies are mandated to execute concessions through SPVs, which often results in qualification of the holding company as a core investment company (CIC)
        • CIC risk is often avoided by structuring EPC and O&M revenues through the hol- ding company and swelling …

          Blurring lines between FPI and FDI: Can foreign investors really acquire less than 10% listed stake off market?

          • Investors face roadblocks in picking up less than 10% listed stake off the market under the FDI route
          • The shift from an investor-centric to investment-centric regime has been rather mismanaged, leading to divergent market practices…

            Ambiguity with thin cap norms: Private credit players risk significant tax leakage

            • Accurate reading of thin capitalization norms is highly relevant to maximize IRRs, especially in asset heavy sectors
            • Currently, norms interpreted such that sometimes the entire interest paid to foreign related parties is disallowed for the target (as expense)…

              Budget 2023: Impact on InvITs

              • Distributions out of repayment of debt principal could now be taxed as ‘other income’ – at odds with global standards
              • Distributions out of debt repayments through redemption of units not treated as ‘income’, but reduce cost of acquisition – InvIT / REIT Regulations do not permit redemption of units…

                SEBI’s Proposed Disclosure Regime: Impact on Public M&A and Directors’ Liabilities

                • Most proposals are well thought through – unintended impact in a few cases
                • Mandatory clarification of media rumours – M&A dealmaking compromised and potential creation of a false market?…

                  Private Funds: SEBI introduces investor diligence requirements for AIFs

                  • SEBI has cast new investor diligence obligations on AIF managers, which extends to underlying investors
                  • As per the new rule, the manager of an AIF is not permitted to on-board new investors or draw down capital from existing investors unless the diligence conditions have been complied with…

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