Infrastructure sector-based mutual funds, including Quant Infrastructure Fund, Invesco India PSU Equity Fund, and Nippon India Power & Infra Fund, have been top winners in the last five years of the Modi government, offering impressive absolute returns up to 380%.
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Generally, if a special purpose vehicle (SPV) operating an infrastructure project seeks a loan, the bank will insist on promoters pledging shares in the SPV as security. If an AIF is the promoter or controlling shareholder of an SPV operating an infrastructure project, this would be difficult unless the fund can pledge the shares.
The Securities and Exchange Board of India (Sebi) is considering a plan to allow alternative investment funds (AIFs) to pledge their shares in investee companies, a move that would allow these investment vehicles to engage in leverage, said people with knowledge of the matter.
Sebi wants to allow pledging for legitimate purposes, particularly in cases such as infrastructure, , Alternative Investment Fund (AIF), reserve bank of india, Non-Banking Financial Companies (NBFCs), banks
Galaxy II, a wholly-owned subsidiary of Galaxy Investments, which is itself owned by KKR Asia Pacific Infrastructure Holdings closed the acquisition last week, a source said. The move follows an unsolicited binding offer submitted by Galaxy II for the complete interest of IL&FS stake in BETPL. This offer included the acquisition of BETPL sa;e shares and the redemption of other securities.
Sembcorp Industries Ltd. is in talks to acquire green energy projects totalling 1.1 gigawatts from ReNew Energy Global Plc, with the deal estimated to be valued at $1.2 billion at the enterprise.
SEBI in its order passed late last month concluded that pledging of securities held by an AIF in the portfolio company for loans availed by such portfolio company is in violation of AIF regulations and the prescribed code of conduct.