Blackstone will sell its entire 23.9% stake valued at $833 million in India’s largest real estate investment trust Embassy Office Parks, four years after it was first listed. Blackstone will sell 223.6 million units of Embassy REITs, in one of the biggest block deals this year, at a 7.7% discount to INR 335.75 per unit price as of December 19, according to the term sheet. The units will be sold via block deals in the secondary market. The deal marks
Category: Industry
TRAS ALERT – NOVEMBER 2023
In this edition we have tried to bring you notice the latest amendment that followed in the month of November, 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA Commerce Ministry to collaborate with e-commerce companies to promote exports from districts (November 23, 2023) In a significant move to enable micro, small and medium enterprises (MSMEs) and boost e-commerce exports from the country, Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India is collaborating
Audit trail Feature in Accounting Software
DEFINITION Audit trail is combination of two words where: Audit refers to examination of records Trail refers to series of clues that are left behind An audit trail is, essentially, proof of all the changes made to your financial data In general it is the history of a particular document since its creation PURPOSE Audit is a vast task depending on the financial statement there are some inherent limitation of audit that an auditor is not expected to mitigate
Offshore Financial Centres: Why do Business Offshore?
Offshore Financial Centres (“OFCs”) are countries or jurisdictions that provide financial services beyond their borders on a scale that outpaces their domestic economies. Typical examples of OFCs are Bermuda, BVI and the Cayman Islands. Because of the unique advantages they offer, OFCs have established a central place in the global economy and are consistently sought out by sophisticated investors, established financial institutions and innovative entrepreneurs. Indeed, global capital markets are underpinned by OFCs and offshore companies. As of June 2022,
Ultratech To Acquire Kesoram’s Cement Business In $645 Mn Deal
India’s UltraTech Cement will buy the cement business of Kesoram Industries in an all-stock deal valued at $645 million (around INR 53 billion), boosting its capacity ambitions in a highly competitive sector. As part of the deal, Ultra Tech will issue one share for every 52 shares of Kesoram and give UltraTech ownership of two integrated cement units in southern Indian states of Karnataka and Telangana. The deal implies an offer price of INR 173.15 per share, a 24.2% premium
Transaction & Regulatory Advisory Services Alert October 2023
In this edition, we have tried to bring to your notice the latest amendment that followed in the month of October 2023 issued by MCA, RBI, SEBI, IBBI and others. MCA The Companies (Incorporation) Third Amendment Rules, 2023 (October 23, 2023) The Ministry of Corporate Affairs (MCA) vide its notification dated October 20, 2023, has notified “The Companies (Incorporation) Third Amendment Rules, 2023” which came into force with effect from October 21, 2023. According to the amendment, under Rule 30(9)
Tax Calendar – November 2023
7 November 2023 – Due date for deposit of Tax deducted/collected for the month of October 2023. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day when tax is paid without production of an Income-tax Challan. 14 November 2023 – Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of September, 2023 14 November 2023 – Due date for issue
Form 10F – Clarifications
The Central Board of Direct Taxes (CBDT), vide notification1 dated 16 July 2022, had mandated the electronic filing of Form 10F. Due to this requirement, the non-residents transacting with residents in India and relying on any provision of the tax treaty for exemption/beneficial tax rates had to face certain challenges as: To file Form 10F electronically, the non-resident had to register themself on the income tax portal. For registration, PAN was mandatorily required. To sign Form 10F digitally, the non-resident had
DIFFERENCE BETWEEN IND AS 116 AND AS 19
Brief about Indas 116: Ind AS 116 sets out the principles for the recognition, measurement, presentation and disclosure of leases and faithful representation of the transactions by lessees and lessors. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity. The standard applies to all leases, including leases of right-of-use assets in a sublease, except for: (a) Leases to explore for
Corporate Finance Alert October 2023
Blackstone Buys Care Hospitals, KIMS Health for $1Bn Blackstone Group Inc. has acquired controlling interests in Care Hospitals and Kims Health in a multi-layered deal valued at $1 billion, marking the private equity giant’s maiden foray into India’s healthcare sector. The New York-based firm secured roughly a 75% stake in Care Hospitals from Evercare Health Fund, an arm of TPG, for $700 million. Care Hospitals, in turn, has entered an agreement to invest $400 million to acquire 80% stake in