Category: Ruchir Sinha
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SEBI formalises the use of co-investments but leaves some question marks?
SEBI introduces a new co-investment framework permitting AIF investors to co-invest alongside the AIF through portfolio managers The new framework provides that co-investments cannot be on more favourable terms than AIF investments Co-investments are not permitted in listed securities…
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Structures and Considerations for Offshore Debt Funding
Special situations and private credit funds have been increasingly looking at the high yield Indian market. With banks facing liquidity and risk issues, alternate capital with customised solutions seem attractive. Structured commonly through collateralised redeemable bonds with pay-outs deferred until maturity, these bonds may have equity kickers built-in as well, in the form of redemption…
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SEBI’s Public Float for Private Unlisted InvITs – an instance of Regulatory Overreach?
Infrastructure development has been a focal point for the Narendra Modi government. Indian infrastructure has historically failed to attract large offshore capital due to various systemic reasons – one such reason being the lack of a well-governed tax optimal investment structure. To address this, the Securities and Exchange Board of India introduced public or privately…
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Decoding India’s Infrastructure Investment Trusts
The Indian infrastructure story has been one of few successes and many challenges. To identify the most optimal route and vehicle that can attract long-term high value private capital in the infrastructure sector, the Securities and Exchange Board of India (SEBI) rolled out the ‘InvIT’ regime in 2014,
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Evolving Negotiation Strategies in Late-Stage PE Investments
Private equity (PE) investments into India are at an all-time high, with more than $11 billion invested by PE funds in 2017. The keenness now is more towards late-stage companies as compared to growth and venture investments. Fund raising by these late-stage companies has also become sophisticated, with many founders opting to run a bid…
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REITs – Will they now be a reality?
Whilst the markets have given a warm reception to infrastructure investment trusts (InvITs) and a spate of InvITs are in the pipeline, the fate of real estate investment trusts (REITs) remains to be seen. REITs still haven’t taken off and there is a degree of morbid scepticism around the success of a REIT.