The housing finance giant has subsequently sold the project to an asset reconstruction company (ARC). Despite being envisioned as one of the most luxurious real estate projects in Vadodara, Agora City Centre has been plagued by controversies and challenges since its inception.

The project, developed by Manav Infrastructure under the Pradhan Mantri Awas Yojana (PMAY), was built on land that formerly housed the Sanjaynagar slums.

As part of the redevelopment, high-rise residential buildings were constructed on a portion of the land and allocated to the slum’s former residents. These homes were completed and handed over to the beneficiaries as planned.

The remaining land was set aside for Balaji City Centre, a grand mixed-use development comprising retail, commercial, and residential spaces.

It was also designed to include a high-end clubhouse and other luxurious facilities. Promoted as a unique project and the first of its kind in Vadodara, Balaji City Centre faced significant challenges and controversies from the very beginning.

One of the first allegations against the project was that it had been launched without the necessary permissions. Additionally, constructing a retaining wall within the Vishwamitri River’s boundary raised environmental concerns. Further complications arose over the project’s height, which led to the removal of certain floors.

The project came under scrutiny again after Vadodara Municipal Corporation (VMC) conducted investigations during floods and identified encroachments that were reportedly obstructing the river’s natural flow. This resulted in VMC demolishing the project’s clubhouse, further tarnishing its reputation.

The challenges deepened for Manav Infrastructure following the untimely death of its chairman, Ashish Shah, in 2022. Shah, who passed away due to dengue in Ahmedabad, was the driving force behind the company and the Agora City Centre project. His demise marked a significant setback for the project and its developers.

Amid these ongoing difficulties, LICHFL issued a notice last month, inviting agencies to take over the project’s stressed loan. According to the notice, the developers owed a total of ₹711.2 crore, prompting LICHFL to initiate the process of identifying an ARC to handle the loan.

In accordance with the Securities and Exchange Board of India (SEBI) guidelines, LICHFL disclosed the transaction in a recent statutory filing to stock exchanges.

The bidding process resulted in the identification of CFM Asset Reconstruction Private Ltd as the ARC to manage the stressed loan. CFM Asset Reconstruction paid ₹250 crore to LICHFL for the acquisition of the loan.

This development highlights the financial challenges surrounding the Agora City Centre project. With LICHFL officially transferring the loan, CFM Asset Reconstruction will now take charge of recovering the outstanding debt.

The declaration underscores the significant hurdles faced by this ambitious project and marks a critical step in addressing its financial woes.

The post LIC Housing Finance Labels Agora City Centre as a Stressed Asset appeared first on .

In contrast, SEBI returned the draft IPO documents of Santhan Textiles Ltd on July 31. Additionally, SEBI has lifted the abeyance on the proposed Rs 2,200 crore initial share sale of SK Finance.

The five companies, that submitted their preliminary IPO papers to SEBI between March and June, received observation letters from the regulator between July 30 and August 5. In SEBI’s terms, obtaining an observation letter signifies the regulator’s approval to proceed with the public issue.

According to the draft red herring prospectus (DRHP), Bajaj Housing Finance’s Rs 7,000-crore IPO includes a fresh issue of equity shares worth up to Rs 4,000 crore and an offer for sale (OFS) of equity shares worth Rs 3,000 crore by its parent company, Bajaj Finance.

This share sale is being conducted to comply with the Reserve Bank of India’s (RBI) regulations requiring upper-layer non-banking financial companies to be listed on stock exchanges by September 2025. The proceeds from the fresh issue will be used to strengthen the company’s capital base to meet future capital requirements.

Manba Finance’s proposed IPO consists entirely of a fresh issue of up to 1.26 crore shares, with no OFS component, as indicated in the draft papers. Currently, the promoters hold 100 percent of the Maharashtra-based Manba Finance. The fresh capital raised will be used to bolster the capital base for onward lending and general corporate purposes.

Baazar Style Retail’s IPO includes a fresh issue of equity shares worth Rs 148 crore and an OFS component of up to 1.68 crore shares by promoter group entities and other selling shareholders. The fresh issue size was initially Rs 185 crore but was reduced to Rs 148 crore after Volrado Ventures Partners Fund II raised Rs 37 crore in a pre-IPO round. The proceeds from the fresh issuance will be used for debt repayment and general corporate purposes.

Diffusion Engineers’ IPO will consist entirely of a fresh issuance of 98.5 lakh equity shares, with the proceeds being used to expand its existing manufacturing facility and establish a new one in Maharashtra.

Deepak Builders & Engineers India’s IPO will feature a combination of a 1.2 crore fresh issue of equity shares and an OFS of 24 lakh equity shares by promoters, as per the draft papers. The funds will be used for working capital requirements, debt repayment, and general corporate purposes.

The equity shares of these five firms are proposed to be listed on the BSE and NSE.

The post SEBI Approves Bajaj Housing Finance to Launch Initial Public Offering. appeared first on .

Other companies whose properties will be auctioned include Sunheaven Agro India, Ravi Kiran Realty India Ltd, Jivan Sathi Dream Projects, and Purusattam Infotech Industries. The properties, comprising land with building structures, flats, land parcels, and land with structures, are situated in West Bengal and Odisha.

As per a SEBI notice dated July 10, the reserve price for these properties is set at Rs 20.74 crore. The online auction will be held on August 12, from 11 am to 1 pm.

SEBI has invited bids for the sale of these properties as part of recovery proceedings against the listed companies and their promoters/directors. Adroit Technical Services has been appointed to assist SEBI with the auction.

Bidders are advised to conduct their independent investigations regarding any encumbrances, litigations, attachments, titles, claims, rights, dues, etc., related to the properties before submitting their bids.

Of the 19 properties to be auctioned, seven are linked to Mangalam Agro Products, four to Sun Plant Business Ltd, three to Sumangal Industries, and two to Jivan Sathi Dream Projects. Additionally, one property each belongs to Sunheaven Agro India, Ravikiran Realty India, and Purusattam Infotech Industries.

These companies had raised funds from investors without complying with market regulations. According to earlier SEBI orders, Sunheaven Agro India allotted Redeemable Preference Shares (RPS) to about 7,772 investors, raising Rs 11.54 crore between 2009-10 and 2012-13.

Ravi Kiran Realty India raised funds by issuing RPS to 1,176 individuals. Mangalam Agro collected Rs 11 crore from the illegal issuance of secured non-convertible debentures (NCDs) to approximately 4,820 investors during 2011-2012, while Sun Plant Business collected Rs 4.17 crore from 2005 to 2008. Sumangal raised Rs 85 crore from investors through illegal collective investment schemes (CIS).

The post On August 12, SEBI will auction 19 properties owned by seven companies. appeared first on .

Aadhar was purchased by private equity firm Blackstone in 2019 for roughly $300 million as a result of the group’s wager on the rising demand in India for finance and affordable housing.

The IPO is Aadhar’s second attempt at listing following the cancellation of a $1 billion plan in 2022 due to market turbulence following the conflict between Russia and Ukraine.

According to these sources, Aadhar intends to submit its IPO paperwork to India’s market regulator in the upcoming two weeks.

In the midst of record-high stock markets in India—a rare bright spot for international investors—a deal would be the most recent instance of private equity investors seeking to sell off portions of their businesses.

A rapidly expanding economy and promises of political stability are driving the nation’s record-listing intentions at the moment. Its benchmark index, the Sensex, is trading close to record highs, and its stock market recently surpassed Hong Kong’s to become the fourth largest in the world.

“Blackstone intends to sell a portion of its holding to profit from the current state of the market. Since the IPO plan is still confidential, one of the two sources, who wished to remain anonymous, stated that timing is crucial for a progressive sell-down.

As consultants for its most recent initial public offering (IPO) filing, Aadhar has enlisted investment banks Citi, Nomura, and India’s Kotak and ICICI. The sources stated that a Mumbai listing is anticipated by May.

Citi, Nomura, and Blackstone all declined to comment. Aadhar, ICICI, and Kotak did not reply to requests for comments.

Aadhar provides house loans up to $18,000 to individuals with as low as $75 monthly income in a nation where escalating real estate costs have made major city property ownership more and more challenging.

According to the company, “economically weaker sections and low-income groups” receive the majority of its loans.

Although state-owned and private banks account for the majority of mortgage loans in India, more recent private equity-owned companies are vying for market dominance. In recent years, investors like Morgan Stanley and Warburg Pincus have placed bets on the industry.

Aadhar claims to oversee $2 billion in loans across 20 Indian states and 479 offices. According to its annual report, during 2022–2023 its net profit increased by 22% to $65 million, while its total income increased by 18% to $245 million.

The post Sources: Aadhar Housing Finance aims for an India IPO of $600 million. appeared first on .

Of the 200 properties the administration has designated for recovery, 32 will be auctioned on February 5.

“All the property owners who are in arrears have received notifications from the administration. They were instructed to pay the debts.

However, these defaulters have not paid tax despite numerous warnings, which has resulted in property auctions “said Ajit Deshmukh, head of PMC’s property tax department. There will be an online auction.

PMC anticipates making about Rs200 crore from the sale. The owners of any property will receive any residual funds if it sells for more than what is owed. “To get the remaining funds, the property owners must apply.

The money will be placed into PMC’s accounts if the owners don’t claim it within six months, according to a senior official. The administration has affixed its name to the property cards and other pertinent documents before the auction. For as long as ten years, some of the property owners have not paid taxes.

In compliance with the Maharashtra Regional and Town Planning Act, the auction will be conducted. It has authorized local self-governing organizations to hold these tax recovery auctions.

According to a local official, permission from the courts and other authorities has been obtained before the auction can begin.

Approximately 12 lakh properties are subject to tax, according to PMC data. Taxes on mobile towers and payments from large defaulters, such as businesses, IT parks, hospitals, and commercial buildings, are also included.

Ten percent of the property tax is discounted for citizens who pay it by May 31.

The post On February 5, the Pune local council will auction off the properties of tax defaulters. appeared first on .

Reporters in Chennai were informed on Thursday by Indian Bank MD & CEO SL Jain that Ind Bank Housing has not operated for the last 20 years.

“At this point, Indian Bank also offers home loans. He stated, “We will wind it (Ind Bank Housing) up,” in response to a question on whether action will be made to bring the HFC back to life.

More than a month has passed since the RBI revoked Ind Bank Housing Ltd.’s certificate of reserve, in which Indian Bank owns 51% of the shares. HFC, which was founded in 1991 and has its registered office in Chennai, has been struggling since the year 2000 due to a growing number of non-performing assets.

However, Indian Bank recorded its largest year-over-year net profit of Rs 1,988 crore for the quarter that concluded on September 30, 2023.

This is a 62% increase over the equivalent quarter of FY23 when the bank earned Rs 1,225 crore. It was due to a 23% increase in net interest income in the second quarter of FY24 compared to the same quarter the previous year.

The bank reported total business of Rs 11,33,091 at the end of September 30, 2023, despite advances growing by 12% YoY to Rs 4,92,288 crore in the quarter ended September 30, 2023.

During the July-September quarter of FY24, there were 1,976 crore new slippages, of which Rs 570 crore were attributed to corporates.

According to Jain, the two or three corporate slippages that occurred recently are from the power sector and are based in Chennai and Odisha. He claims that the recovery during the quarter was Rs 2,265 crore, greater than the amount of new slippages.

The post After the RBI eliminates the CoR, Indian Bank will close down Ind Bank Housing. appeared first on .