MUTUAL FUNDS: Arbitrage funds are back in favour

Given the attractive spreads and the improving sentiment in the equity market, arbitrage funds are gaining traction from investors, especially among high-networth individuals. These funds offer an opportunity for high returns with moderate risk and investors are preferring them given the tax efficiency compared to liquid funds.

Arbitrage funds have seen an uptick in inflows due to the market volatility and decent post-tax returns as compared to liquid funds. These funds invest a minimum of 65% of the corpus in equity and the balance 35% in debt and cash instruments.

In these funds, the fund manager simultaneously buys shares in the cash market and sells them in futures or derivatives markets and the difference in the cost price and selling price is the return that the investors earns. The current spread is around 63 basis points (bps) as compared with around 40 bps in June last year.

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Arbitrage mechanism

The mechanism of these funds revolves around exploiting the price difference between stocks and their corresponding futures contracts, known as the arbitrage spread. Sonam Srivastava, founder, Wright Research, an investment advisory firm, says this difference tends to be substantial in volatile markets, enabling arbitrage funds to deliver high returns even when the overall market is not performing well. “Their potential to generate consistent returns with lower volatility is likely why these funds have witnessed an inflow of Rs 3,700 crore in April, the highest in the hybrid category,” he adds.

Investors look at arbitrage funds for short-term investments where the returns are closer to liquid funds but the tax implications are of equity. Harshad Chetanwala, co-founder, MyWealthGrowth. com, says, there is a possibility that investors who are seeing the stock market surging at present would like to hold on with their investment decisions at present and prefer going gradually. “Hence, they could be parking such funds in arbitrage funds,” points out Chetanwala.

Arbitrage funds generally run fully-hedged equity positions. In other words, all their long equity / stock positions are hedged by selling the stock futures. They generate returns from the differential in the prices of stock futures and the underlying stock. Funds in other hybrid categories such as dynamic asset allocation, aggressive hybrid and equity savings hold a mix of unhedged equity positions, arbitrage and debt based on their mandate and market views.

Tax efficiency

After the amendments to the Finance Bill, 2023, arbitrage funds are turning out to be more tax efficient than liquid funds. As arbitrage funds maintain a minimum of 65% equity allocation, they are treated as equity funds. Short term gains are taxed 15% if redeemed within one year and 10% for long term if redeemed after one year. On the other hand, liquid funds are taxed as debt funds where all gains are taxed at the marginal rate of the investor. “Arbitrage funds are more tax efficient than liquid funds,” says Hardik Gandhi, chief business Officer, Turtle Wealth.

Similarly, Abhishek Dev, CEO and co-founder, Epsilon Money Mart, says if an investor falls in the highest tax bracket, debt funds can prove to be a tad unattractive when it comes to taxation as the gains are taxed at the investor’s marginal rate. “While tax is an important aspect of the overall financial planning, selecting a product based only on tax is not the right way. Therefore, investors should first understand what they are getting into.”

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What to keep in mind

Investors must keep in mind that returns from arbitrage funds will depend on the arbitrage opportunities. These funds give higher returns during periods of high market volatility. Individuals should look at an investment horizon of six months to one year to ride the different market phases. As these funds take very low risk relative to other hybrid funds, volatility is low and return potential is also lower. However, the market volatility as seen in other equity funds is not witnessed in arbitrage funds.

While investors consider arbitrage funds as an alternative to debt funds, especially liquid funds, they must also keep in mind the interest rate cycle has peaked and returns from debt funds are likely to rise now.

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Fashionable conservation: How culturally committed fashion houses keep heritage buildings alive

Gucci presented its Cruise 2024 collection at Gyeongbokgung Palace, in Seoul, last month, celebrating 25 years in Seoul. The choice of location paid homage to the beauty of South Korean cultural heritage. The Gyeongbokgung Palace has been a renowned venue not just for this show but for royal ceremonies and has been receiving foreign dignitaries since the Joseon Dynasty.

“Gyeongbokgung Palace is one of those wonders of the world that made us feel an instant connection with Korean culture and the people who created it,” said Marco Bizzarri, president & CEO, Gucci, on the occasion. The brand has been committed to support the conservation and restoration of the Gyeongbokgung Palace since last year besides being associated with significant landmarks, including the Dia-Art Foundation in New York City; The Cloisters of Westminster Abbey in London; the Capitoline Museums in Rome; Hollywood Boulevard in Los Angeles.

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With the expansion of luxury retail globally, brands are increasingly opting for heritage properties for their unique historical charm and regality, and the exotic setups gel well with most brands’ lineage. All this put together makes for a great shopping experience.

Recently, fashion designer Sabyasachi Mukherjee opened his largest-ever flagship store at the majestic neo-classical heritage landmark building at Horniman Circle in Mumbai, which is also home to French fashion house Hermes and shoe couturier Christian Louboutin. Horniman Circle was originally built for the British Bank of the Middle East in 1913, and the building is classified under the Heritage Regulations of Greater Bombay 1995. The new Sabyasachi space houses several antique paintings and historical trinkets—over 100 chandeliers, 275 carpets, 3,000 books and 150 works of art. The space is lined with curiosity cabinets sourced from souks, modernist interpretations of Persian Qajars, 18th-century Venetian handcrafted chairs, rare French Art Nouveau cabinets and brass sculptures made in Kolkata.

Brands also look for clean and creative interiors for elaborate and arty display of ensembles as these places are high in demand and limited in number. Designer Anita Dongre opened her flagship early this year at the historic 200-year-old Sassoon Building that faces the David Sassoon Library and the University of Mumbai. Dongre has kept as much of the original form and blended the momentous past of the 19th with her 21st century designs. The teak staircase in the building has been restored and takes the visitor to the first floor where gold pichwai nature scenes adorn the room in an emerald green base. The floor speaks of craft stories against the 200-year-old restored metal and woodwork frames and recreates the magnificence of Bombay as a city in that era.

Last year in December, Tarun Tahiliani opened a brand new luxury address in Bengaluru in a colonial-era cottage.

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Meanwhile, Chanel announced a partnership with historical monument Grand Palais in Paris to contribute over £22 million towards the restoration and renovation of the site. The Grand Palais remains one of Europe’s most beautiful buildings and the brand is expected to build up extraordinary decorations for its haute couture shows here.

Louis Vuitton last month showcased its Cruise 2024 collection at the historic Isola Bella Island, one of the Borromean Islands of Lago Maggiore in north Italy, known as an architectural masterpiece, and a treasure chest of Baroque art suspended over water. The Isola Bella has been in the hands of the Borromeo family for around 400 years.

Other fashion houses are dedicated to restoring heritage buildings and support iconic landmarks. Prada revamped a historic 1918 mansion in Shanghai called Rong Zhai into a flexible site for cultural exhibitions and performances, while Italian luxury shoemaker Tod’s funded 25 million euros for a clean-up of the Colosseum in 2016 to remove crusted dirt and grime caused by traffic pollution. Italian jeweller Bulgari contributed 1.5 million euros to fix the cracked Spanish Steps, and the renovated steps were unveiled in 2016. Fendi donated 2.2 million euros to repair one of the world’s greatest archaeological treasures, the Trevi Fountain.

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HDFC launches fixed deposit schemes offering higher interest rates

HDFC Bank has launched two special fixed deposit (FD) schemes offering interest rates of 7.20% for a 35-month term and 7.25% for a 55-month term. Senior citizens will get 50 basis points more. The bank is offering 7% on deposits maturing between 18 months and 10 years.

As deposit rates are close to the peak and most banks offering 7% or more on retail domestic deposits on select tenures, investors should lock in at higher interest rates and select the tenure based on their investment horizon.

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As diversification lowers the risk to your investments, experts say the FD portfolio should be spread across banks and various maturities.

Gaurav Aggarwal, senior director, Paisabazaar, says many macro-economic indicators and G-Sec bond yields are hinting at the peaking of interest rates. “These make it the right time to start booking FD tenures offering higher interest rates, especially if those are offered for longer tenures.”

While investing in special deposit schemes, individuals must factor in their investment horizons as premature withdrawal of fixed deposits usually incur penal rates and sub-optimal returns. They must also check payout options and compounding frequency.

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Adhil Shetty, CEO, Bankbazaar, says as the special tenors offered by HDFC Bank are 35 months and 55 months. Depositors who expect to have a liquidity need at the end of these intervals can make full use of these rates. “When we are in a situation such as this where interest rates are peaking, the depositor faces a reinvestment risk. So, if you are looking for higher rates for longer periods, you may have to go for regular tenors that may be longer but offer a slightly lower rate,” he says.

Investors must also compare the fixed deposit rates offered by other scheduled banks as many small finance banks are offering FD yields of 8% and above. As these banks have also been classified as scheduled banks by the RBI, each depositor of these banks is covered under the deposit insurance for cumulative deposits of up to Rs 5 lakh.

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Deliciously Dilli: Reviving the rich, rustic and robust flavours of ‘Dehlnavi’ cuisine

Some of the travel tales of Moroccan traveller Ibn Battuta, who visited Delhi in the 14th century, find relevance even today. For instance, the rose water sherbet served before meals during that time is today known as the ‘Mohabbat ka Sharbat’, a rose syrup cold watermelon milk, on the streets of old Delhi. Pounded millets made into porridge with buffalo milk, consumed by Indians then, are being popularised today as the future of food, at a time when the nation celebrates the ‘International Year of Millets’.

As they say, our past is the window to the future. Delhi has rightly been known to imbibe a diversity of cultural influences from the past to find its very own cuisine: the Dehlnavi. The word ‘Dehlnavi’ or ‘Dehlvi’, which means one from Delhi, is a melting pot of the rich culinary fares across the world. The cuisine comes from the fascinating culinary history of one of the important political centres of India and also the capital of several empires.

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Each culture has contributed and left an indelible impression in shaping the Dehlnavi cuisine. From Emperor Akbar getting hundreds of cooks from Persia to the khichdi going through changes in his royal kitchen, a cluster of migrations including Marwari traders in the 19th and 20th centuries, or the post-1947 refugee Punjabi resettlement bringing butter chicken and kunni dal (dal cooked in a big earthen pot called a kunni), the vibrant food trail of Shahjahanabad, now called Purani Dilli, has a confluence of flavours and ingredients from the Kayastha, Baniya, Muslim and Jain communities living in the ‘walled city’.

“There were many recorded evidences and memoirs of poet Hazrat Amir Khusrau and Ibn Battuta about Dilli and its cuisine from homes, but the Mughals bought some refinement in their spread with its Persian nuances tempered with Indian flavours,” shared the late author and storyteller, Sadia Dehlvi, when she hosted the ‘Delhi Tablespread’ of the city’s authentic cuisines at Sheraton New Delhi, Saket, in 2017. Dehlvi’s family was the earliest settlers of Delhi, and she spent considerable time in old Delhi and at her family’s ancestral home, Shama Kothi, in central Delhi.

Red chillies find a purposeful mention in Dehlnavi cuisine. It is believed that the Portuguese brought red chillies to India, who began its cultivation in Goa in the 16th century. Two hundred years later, red chillies made their way to Delhi. During the 18th century, many people had fallen sick due to the polluted canal and the food prepared with that water. The hakims, who lived in the old city, advised using chillies in preparing chaats: paani ke bataashe, papri, chaat pakodi, qalmi badey, samosa and kachori, which were made with all the spices and chillies that would boost digestion and immunity without compromising on taste, wrote Dehlvi in her book Jasmine & Jinns—Memories and Recipes of my Delhi, a treatise on Indian cuisine.

Dehlnavi cuisine has been in a constant state of flux and is as diverse as what we see in many households today. But filmmaker, writer, and heritage buff Sohail Hashmi, who organises heritage walks in Delhi, says that there was no mention of garlic and turmeric in the Mughal cuisine.

“Food was cooked in slow flame, using firewood in brass vessels. Luckily, slow food cooking is making a comeback now. There was no paneer and mushroom until 1947 and these came with the arrival of Punjabis, Multanis and Sindhis. Native Aseel (Indian breed of game chicken) was cooked as chicken and not the white leg horn or the table bird which was more of a delicacy in Europe and England and became popular in Delhi post independence. Portuguese never ate chillies but decorated it as a plant because of its colourful fruit,” says Hashmi.

But Delhi gave garam masala to the world, says Manisha Bhasin, corporate executive chef, ITC Hotels, who has been at the helm of researching the concept of community cuisine, especially Dehlnavi, now for a decade, before bringing the dishes on to the plates of food connoisseurs.

“Spices such as cardamoms, cloves, cinnamon and peppercorns have garam taseer (a warming effect) and here people are particular about taseer, the effect of food on the body. In Dehlnavi cuisine, you will find a ubiquitous use of spices. It’s a no-fuss cuisine, more rustic, robust in flavour. While researching I gathered interest in local ingredients and the value they add to the cuisine, and that’s how my journey to explore our home cuisines and production began,” shares Bhasin, who introduced Dehlnavi cuisine under an umbrella concept first in 2005 in a food festival in New Delhi, and is back with a multi-city festival in ITC Hotels starting from May till September this year.

“We have brought the communities under a larger umbrella and not just in spurts. All the migrated communities who came and made Delhi their home have a culinary heritage and the city is a mix of all those royal recipes from the shahi kitchens, and the street food or the family recipes. All these are clubbed together to preserve the Dehlnavi which offers the Muslim, Kayastha, Vaish, Baniya and Punjabi food,” says Bhasin.

Over 200 dishes in this year’s festival offer a host of Dehlnavi interpretations. There is UP-style mirchi nimona pulao (basmati rice preparation enriched with whole gentle green chillies stuffed with a peas paste); meha bharwan (stuffed Indian round gourd cooked in light tomato and asafoetida gravy), inspired from Kayasthas’ gol kata tinda; dal dehlnavi (a combination of moth and split yellow lentils cooked on low heat garnished with pickled ginger julienne, green chilli and roasted cumin, served with crisp biscotti roti); bhe ke kebab (small cakes of lotus stem and potatoes flavoured with garam masala and pan-grilled to perfection); butter chicken and nehari (prime cuts of lamb cooked in brown onion and saffron gravy), and in desserts, baraf ki handi (reduced milk scented with crushed almonds and cardamom, served with frozen motiya zarda), khurchan (scrapings of milk made by heating milk in shallow pan and scraped off with sugar and rose water).

So, is Dehlnavi more about survival rather than sophistication? It’s a combination of both, says Bhasin. There is much refinement in the cuisine and its rediscovery has only upped the presentation. For a silbatte ka shammi (hand pounded meat kebab pan seared on a griddle, flavoured with Indian spices) Bhasin uses raan ka keema (leg of goat/lamb) to make it finer and mild.

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However, Dilli’s historical cuisine has been reduced to kebabs, rogan josh or biryani unfortunately and Hashmi feels there is a need to revive dishes that have fallen off the map. “Do you think the Mughals ate korma every day? No. Today, kormas, stews find equal importance in the homes of Dilliwallahs and communities of the old city as gravies or seasonal salans cooked with vegetables (tinda, karela, lauki, kaddu, torai), and these are very much part of a traditional, non-vegetarian fare,” says Hashmi.

Talking about how there will always be a place for traditions, Bhasin feels the new generation is widely accepting the traditional past, is more aware and wants to stick to their roots. “Such cuisines offer a vintage trend with a twist. These recipes are time-tested and have survived over 100 years. People are rediscovering their roots and the younger generation is at the forefront,” she says.

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UNCLAIMED DEPOSITS: Get back the money you forgot

In order to identify and locate the owners or claimants of unclaimed deposits, the Reserve Bank of India (RBI) has instructed banks to initiate ‘100 Days 100 Pays’ campaign from June 1. The central bank’s campaign will focus on tracing and settling the top 100 unclaimed deposits of every bank in every district of the country within 100 days.

Balances in savings and current accounts not operated for 10 years, or term deposits not claimed within 10 years from the date of maturity are classified as unclaimed deposits. In fact, about Rs 35,000 crore of unclaimed amount from 102.4 million accounts (as on February 2023) were transferred by public sector banks to the central bank’s Depositor Education and Awareness Fund.

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The central bank has also announced the setting up of a centralised web portal, that will incorporate state-of-the-art AI tools, for the public to search unclaimed deposits across multiple banks and help the banks return such deposits to the rightful owners or claimants. Experts say, by proactively notifying customers to either close or reactivate their dormant accounts, a substantial reduction in the volume of unclaimed deposits can be achieved.

Unclaimed deposits pile up

Unclaimed deposits have been piling up due to reasons such as demise of a depositor or account holder without leaving a nomination, people migrating to other cities or countries, not keeping Know Your Customer (KYC) information updated, losing deposit certificates, etc. Regular updating of KYC details with the bank is crucial to receive communications and alerts from the bank on the mobile and over e-mails.

Sanchit Garg, CEO and co-founder, GLC Wealth, says an individual must close down any unwanted or extra accounts and maintain only one or two accounts for regular banking. “This simplifies the management of accounts and reduces the risk of losing track of one’s money. They must appoint a nominee for their bank accounts or deposits.”

How to claim

Account holders must check the websites of the banks that are mandated to furnish details of unclaimed deposits. They can claim such money bank by filling the claim form and providing KYC proof such as Aadhaar, PAN card, etc. In the case of a deceased account holder, the legal heirs have to complete the formalities of transmission, including providing legal heir certificate or succession certificate or will. Banks may ask for no-objection certificates of other legal heirs and indemnity bonds.

Shashank Sharma, director, ScoreMe Solutions, a fintech specialising in automating credit underwriting, says to successfully claim such deposits, individuals must ascertain the precise institution holding the funds and promptly establish communication. “The initiative undertaken by the RBI in establishing the proposed centralised web portal for public access, enabling the search for unclaimed deposits across multiple banks, will enhance the ease and accessibility for individuals seeking to reclaim long-forgotten funds.”

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Benefits from technology

Technology can help in tracking unclaimed money. Advanced algorithms can tally depositor details with the centralised databases and facilitate quick and accurate identification of unclaimed funds. To effectively utilise technology in tracking unclaimed deposits, individuals should ensure updation of all their contact information with the banks.

Make a claim

• RBI’s ‘100 Days 100 Pays’ campaign focuses on tracing and settling the top 100 unclaimed deposits of every bank in every district of the country within 100 days
• Rs 35,000 cr of unclaimed amount as on February 2023 was transferred by public sector banks to the RBI’s Depositor Education and Awareness Fund

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WHO warns of ‘deadlier pandemic’ – What is Disease X and the impending threat of unknown pathogen

The World Health Organization (WHO) maintains a list of “priority diseases”, among which is an entry that stands out with a scarry moniker – ‘Disease X’. While well-known diseases like Ebola, SARS and Zika already feature on the list, ‘Disease X’ stands as a foreboding placeholder for an unknown pathogen that could trigger the next deadly pandemic. This comes amid the recent declaration by the WHO that Covid-19 is no longer a global emergency – this serves as a symbolic end to a pandemic that claimed the lives of at least 7 million people worldwide. However, WHO chief Tedros Adhanom Ghebreyesus issued a stark warning that the world must prepare for the next pandemic, one that could be even more deadly than Covid-19.

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What is ‘Disease X’?

Coined by the WHO in 2018, ‘Disease X’ represents an unidentified threat to human health, an enigma yet to be unraveled by medical science. With its potential emergence as a virus, bacterium, fungus, or other unknown agent, the unsettling reality looms that we may be ill-prepared, lacking vaccines and treatments to combat its devastating impact. The urgency to bolster research and development efforts becomes paramount in the face of this unpredictable and potentially catastrophic future disease.

Nature of Disease X

Experts in public health speculate that the next ‘Disease X’ could be zoonotic in nature, originating in wild or domestic animals before spilling over to infect humans. This pattern has been seen in previous outbreaks such as Ebola, HIV/AIDS, and COVID-19. There are also concerns that bioterrorism could be a potential cause of the next pandemic, adding another layer of complexity and uncertainty.

Additionally, there is a chilling notion that ‘zombie’ viruses, which have been preserved in permafrost or other frozen landscapes for centuries, could be unleashed due to a warming climate. As these ancient viruses thaw, they could pose a significant threat to human populations.

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What can be done?

In the face of these possibilities, the WHO emphasises the need for effective global mechanisms that can address and respond to emergencies of all kinds. The world must be ready to confront the next pandemic with decisive, collective, and equitable actions. The lessons learned from Covid-19 serve as a reminder of the importance of preparedness, robust healthcare systems, and international cooperation to mitigate the devastating impact of future health crises.

As ‘Disease X’ lurks in the shadows of uncertainty, it is crucial for scientists, researchers, and policymakers to remain vigilant, continuously monitoring and studying potential threats. The world must unite in its efforts to bolster pandemic preparedness, ensuring that the collective response is swift, comprehensive, and grounded in science.

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Madhwal magic sends Lucknow Super Giants packing, his 5-wicket haul propels Mumbai Indians to victory | Match Report

In a stunning display of skill and determination, engineer-turned-pacer Akash Madhwal from Uttarakhand emerged as the hero of the match, propelling the five-time champions Mumbai Indians closer to the coveted summit clash with an 81-run victory over Lucknow Super Giants in the IPL Eliminator held on Wednesday.

Mumbai Indians set a target of 182 for 8 in their allotted 20 overs, which seemed slightly inadequate given the explosive batting prowess of the Lucknow team. However, Madhwal, with his exceptional figures of 3.3-0-5-5, delivered a dream spell that sent shockwaves through the opposition. Supported by the brilliant ground fielding led by skipper Rohit Sharma, the Gautam Gambhir mentored side crumbled for a mere 101 runs in 16.3 overs, experiencing an evening they would rather forget. The Lucknow franchise suffered three run-outs, further adding to their misery.

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Following this resounding victory, Mumbai Indians earned a spot in the second Qualifier in Ahmedabad, where they will face off against the Gujarat Titans on Friday. The outcome of this match will determine the opponent for the mighty Chennai Super Kings in the highly anticipated final scheduled for Sunday.

While the first part of the evening saw an impressive performance from Naveen-ul-Haq, who claimed four wickets for 37 runs and raised concerns about Mumbai Indians’ final score, it was Akash Madhwal who reaffirmed the faith his captain had placed in him. The defining moment came when he bowled a remarkable delivery from round the wicket to the dangerous Nicholas Pooran (0). The ball, delivered from a slightly wider position on the crease, swerved inward before catching extra bounce and enticing Pooran into edging it behind the stumps, where Ishan Kishan made no mistake in taking the catch.

This pivotal dismissal shattered Lucknow Super Giants’ hopes, and Madhwal capitalised on the momentum, claiming four more wickets. It was a remarkable achievement for Madhwal, who had initially played cricket with a tennis ball until the age of 23, proving that dreams can be realised through determination and perseverance.

Skipper Rohit Sharma, who had faced criticism for his fitness, silenced the naysayers with his exceptional fielding. His relay throw to dismiss Krishnappa Gowtham was a testament to his commitment and athleticism, leaving spectators in awe.

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In the earlier innings, flamboyant Afghanistan seamer Naveen-ul-Haq displayed his talent by taking four wickets, restricting the Lucknow Super Giants to 182 for 8 in their allocated 20 overs.

As the Mumbai Indians continue their journey towards the final, fans eagerly anticipate more extraordinary performances and unforgettable moments in the IPL.

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IPL 2023 LSG vs MI Match Report: Definitely a Close Call! Mohsin Khan’s stupendous delivery in final over helps LSG beat MI

Lucknow Super Giants and Mumbai Indians got into an exciting and nail-biter of a contest in Lucknow on Tuesday as the hosts won the IPL 2023 encounter by five runs. LSG had scored 177 runs at the loss of 3 wickets in the first innings and had set a winnig target pf 178 for Mumbai Indians. It was Mohsin Khan’s stupendous delivery in the last over  as the left-arm pacer defended 11 runs off against the destructive Tim David to hand Lucknow Super Giants a five-run win!

Mumbai Indians had the match in their favour but they dwindled in the second half of the innings to end with 172 for five in 20 overs. Mumbai still remains in contention to enter playoffs despite the loss. Mumbai was off to a good start when Rohit Sharma and Ishan Kishan came on the field to open for the Indians. Both the players maintained a steady partnership and were going really good when they both fell prey to leggie Ravi Bishnoi in successive overs.

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Rohit Sharma scored 37 runs off 25 balls and Ishan Kishan managed to score 59 runs off 39 balls. Suryakumar Yadav was quite dissapointing in the game. A master at extracting runs behind the wicket, he went for his trademark scoop shot off pacer Yash Thakur but ended up hitting it back to the stumps.

Earlier, for Lucknow, Stoinis played a stupendous inning! He smashed eight sixes during the course of the game and shared an 82 run partnership with stand-in skipper Krunal Pandya, who scored 49 and had to retire due to injury.

The situation got worse for Lucknow when Quinton de Kock fell in the seventh over and scored only 16 runs off 15 balls. De Kock went for the drive off a googly from the wily Piyush Chawla but ended up getting caught behind. Mumbai leaked 54 runs in the last three overs. 

(With PTI Inputs)

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BOB, IDBI, SBI Capital in race to manage IREDA IPO

Three merchant bankers – BOB Capital, IDBI Capital and SBI Capital – are in the race to manage the initial public offering (IPO) of Indian Renewable Energy Development Agency (IREDA). Separately, Saraf and Partners, Luthra & Luthra and Crawford Bayley & Company are in the race to act as the legal adviser for the IPO.

The merchant bankers and law firms made their presentations to the Department of Investment and Public Asset Management on Wednesday. The IPO, which is expected in FY24, will likely comprise a 10% stake sale by the government and 15% fresh equity issuance by the renewable energy project financier to fund its business growth.

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Listing of unlisted state-owned firms is a priority for the Centre to unlock value in these companies and also improve corporate governance.

On March 17, the Cabinet Committee on Economic Affairs (CCEA) approved the IREDA IPO. This decision superseded the earlier CCEA decision taken in June 2017 to allow IREDA to issue 139 million fresh equity shares of Rs 10 each to the public on a book-building basis through IPO. The instant decision has been necessitated due to a change in capital structure following an infusion of capital to the tune of Rs 1,500 crore by the government in March 2022.

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IREDA currently is a wholly owned GoI enterprise incorporated in 1987. It is engaged in financing of renewable energy (RE) and energy efficiency (EE) projects in India.

It is registered as a non-banking financial company with the Reserve Bank of India.

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