The conglomerate, with businesses stretching from ports to renewable energy, tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show.
"We believe that increasing the tax burden would have a negative effect on investors, and completely stifle the participation of such investors in the MLD market," the letter states. "Looking at the investor sentiment, the impact gets further accentuated since this amendment seeks to introduce a retrospective amendment."
The fund will focus on investing in regions including Mumbai, Chennai, Noida, and Hyderabad that are witnessing significant rise in demand for these services.
The Committee of Creditors on Wednesday approved the plan submitted by NARCL, which offered a Net Present Value (NPV) bid of Rs 5,555 crore, after it received the highest vote of 89.2 per cent from verified creditors.
The regulator also said that while the scrutiny of applications was currently underway, to ensure greater transparency it was releasing current application status for all payment aggregators who had applied to the RBI for a license.
It expects the sector to notch up high double-digit growth of 20-30 per cent, on improved collections and disbursals. It sees the credit cost to improve to 1-3 per cent from 1.5-5 per cent this fiscal.
The invested corpus will go to a CRISIL rated, RBI-registered, financial institution, which is engaged in disbursing loan against property to retail investors in semi-urban and rural geographies in South India. The entire corpus will be secured by collateral cover maintained above 1.5x of receivables.
Late evening on Tuesday, its administrator informed lenders that 89.2% of verified creditors voted in favour of NARCL’s resolution plan, while 83.3% voted for Authum Investment and Infrastructure,
TVS Capital Funds co-led the equity and debt financing, the largest-ever Series A round for an Indian insurance technology company, the startup said in a statement. Investcorp, Avataar Ventures and LeapFrog Investments participated.