March 16 2021
In spite of challenges posed by the global COVID-19 pandemic, geopolitical tensions in the Indian sub-continent and market uncertainties associated with the US presidential elections, Indian M&A deal activity remarkably prospered in certain respects during 2020.
Deal flow crossed the $82 billion mark in aggregate deal value, representing an increase of 22.9% from 2019. However, nearly a quarter of this figure is attributable to multiple big-ticket investments made in Jio Platforms, the holding company for India s largest mobile network operator Jio and other digital businesses of the Reliance group, and there was an overall 17.1% fall in total deal-count. The second quarter of 2020, in particular, saw a significant drop in transactions.
Shares of recently listed companies, Home First Finance Company, Heranba Industries, Brookfield India Real Estate Trust REIT and Nureca hit their respective lows since listing on the bourses. These stocks were down between 2 per cent and 8 per cent on the BSE in the intra-day trade on Monday. In comparison, the S&P BSE Sensex was down 1.7 per cent at 49,925 points at 02:04 pm.
Shares of agrochemicals company Heranba Industries, for instance, slipped 7 per cent to Rs 708 on the BSE. With today’s fall, the stock has declined 25 per cent from its listing day high of Rs 945 hit on March 5, 2021. The stock had made a strong debut at Rs 900, a 43.5 per cent premium against the issue price of Rs 627 per share.
Proptech startup hBits amalgamates real estate, finance, and tech to create a platform where retail investors can invest with a foreseeable exit strategy.
Broker s call: Embassy REIT (Buy)
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Updated on
CMP: ₹334.04
As per an exchange announcement, Embassy Office Parks REIT (Embassy REIT) has received approval from the National Company Law Tribunal in relation to its composite scheme of arrangement among its entities that restructures and simplifies the ownership of key portfolio assets, including Embassy Manyata, Bengaluru and Embassy TechZone, Pune.
Manyata SPV, which is the largest asset in terms of size in the REIT with 11.8 msf of completed area and area under development of 3.1 msf will now have a simplified holding structure, with the REIT having direct ownership of the asset. As per current regulations, dividend distribution tax is only exempt when it is paid by an SPV to the REIT and not when there is a 3-tier ownership structure.
Embassy Office Parks REIT - Share of dividend to rise going ahead - ICICI Securities
Posted On: 2021-03-09 08:58:59 (Time Zone: Arizona, USA)
As per an exchange announcement, The Embassy Office Parks REIT (Embassy REIT) has received approval from the National Company Law Tribunal ( NCLT ) in relation to its composite scheme of arrangement among its entities that restructures and simplifies the ownership of key portfolio assets, including Embassy Manyata, Bengaluru and Embassy TechZone, Pune. Post the expected completion of collapsing the Manyata SPV shareholding into a two-tier structure, we expect the overall share of tax-free dividends plus SPV debt amortization to rise from ~62% in 9MFY21 to between 70-75% from FY22E onwards. We upgrade our rating to BUY from ADD with an unchanged target price of Rs400/unit as we have already built-in the collapsing of the Manyata shareholding structure in our estimates from FY22E onwards. At CMP of Rs329, the Embassy REIT offers an estim