CPPIB, Allianz to acquire 55% units in L&T’s IndInfravit Trust
Posted on 10th May 2018 |
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| Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partners (ACP) have agreed to together acquire 55% of units in IndInfravit Trust (IndInfravit), sponsored by L&T Infrastructure Development Projects Limited (L&T IDPL), a joint statement said on Wednesday. The two will be acting as anchor investors in the first private infrastructure investment trust in India, which will initially acquire five operational toll roads and plans to grow in the future through additional investments in road infrastructure in India. The InvIT will start trading on May 10 on NSE and BSE. FE had reported on March 21 that L&T IDPL will infuse Rs 1,500 crore as equity, another Rs 1,500 crore will be raised via a private placement. The total enterprise value of the trust is pegged at Rs 6,000 crore after the fundraising. FE could not confirm the final amount raised immediately. CPPIB will invest approximately C$200 million for 30% of IndInfravit units while ACP has acquired 25% of the units and L&T IDPL will hold 15% of the units. The remainder of the units have been subscribed by other local and international institutional investors, the statement said. L&T IDPL will act as a sponsor and its subsidiary will act as the investment manager for the trust. CPPIB had invested Rs 1,000 crore in L&T IDPL in December 2014 by way of subscription to compulsorily convertible preference shares and made a similar investment of Rs 1,000 crore in second tranche in December 2015, taking the total investment to Rs 2,000 crore. CPPIB has been investing in India since 2012. The five toll roads initially constructed by L&T IDPL are spread across four Indian states of Karnataka, Telangana, Tamil Nadu and Rajasthan. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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