Category: P5
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SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?
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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…
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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 …
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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 routeThe shift from an investor-centric to investment-centric regime has been rather mismanaged, leading to divergent market practices…
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EduInfra – Emergence of a new asset class
EduInfra offers a promising 10 – 11% entry cap rate for annuity investors with rental escalations in the region of 3 – 5% Infrastructure classification allows for tax optimal exit through InvITs Seller awareness needed – operators slowly moving towards asset light models; depth, but potential…
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Investor or developer? Real estate regulator (RERA) classifies real estate fund as a promoter
The term ‘causes to construct’ in the definition of ‘promoter’ under RERA has been interpreted to include private funds exercising rights typical to such investments Protective rights of investors have been interpreted as being secondary to the rights of the homebuyers – in a conflict, the latter should be protected, notwithstanding inter-se contractual relationship between…
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Revamped Overseas Investment Regime (Part I) – A Rational Overhaul
Round tripping no longer illegitimate – doors open for externalisation and de-SPAC transactions Definitional clarity on direct investments and portfolio investments Indian GPs get a glidepath to setup offshore pooling structures…