Tag: Invesco

IndusInd Intl partners with Invesco to acquire 60% in Invesco India Asset Management

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hinduja Group firm IndusInd International Holdings Ltd (IIHL) on Tuesday (April 9) said it has partnered with Invesco Ltd to acquire a 60% stake in Invesco Asset Management India Ltd (IAMI).

For this, IndusInd International Holdings Ltd and Invesco Ltd have entered into a definitive agreement to form a joint venture. Invesco will retain the remaining 40% stake in the newly-formed JV. Both IIHL and Invesco will have sponsor status.

IAMI is the Indian arm of Invesco Ltd, a leading independent global investment management firm with over $1.6 trillion in assets under management. IIHL is the promoter entity of IndusInd Bank, the fifth-largest private sector bank in India listed on the BSE and NSE and is regulated by the Reserve Bank of India (RBI).

Also Read: Exclusive: Hinduja Brothers confirm plan to increase stake in IndusInd Bank

IAMI is the fifth-largest foreign asset manager and the 17th-largest domestic asset manager in India with combined onshore and offshore advisory and assets under management of $853.93 billion as of March 31, 2024, and a presence in 40 cities across the country.

Both partners bring their respective strengths to the venture with Invesco’s portfolio of global products and processes, and IIHL facilitating a strong distribution network of 110,00+ pan-India touch points and a 45 million customer base.

Ashok Hinduja, Chairman of IIHL, said, “This partnership with Invesco is aligned with our business philosophy and principles ‘Partnership for Growth’ and ‘Act Local Think Global,’ and is another step in the journey of value creation for our shareholders.”

Founded in 1993, IIHL is an investment holding company regulated by the Financial Service Commission, Mauritius. Its investment portfolio comprises banking services (IndusInd Bank, Sterling Bank & Trust Ltd- Bahamas), capital market assets (Afrinex Exchange Ltd-Mauritius with a cumulative listing of $13.5bn of underlying securities) and bespoke wealth management services (Beryllus Capital-UK, Switzerland & Singapore).

Also Read: Hinduja Global Solutions to sell optical fibre assets to subsidiary IMCL Solutions for ₹208 crore

The transaction is subject to customary regulatory approvals. Motilal Oswal Investment Advisors acted as the exclusive financial advisor to IIHL. Crawford Bayley and AZB acted as legal advisors to IIHL and Invesco, respectively.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Invesco marks up Swiggy’s valuation to $8.3 billion

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US-based investor Invesco has marked up Swiggy’s valuation for the second time to $8.3 billion, regulatory filings as on October 31, 2023 showed.

In October 2023, Invesco had increased the foodtech platform’s valuation by about 42% to about $7.85 billion.

This is not the first time the foodtech giant’s valuation has been marked up. After a wave of valuation markdowns, US-based asset management company Baron Capital Group in August had marked up the valuation of Swiggy as of June 2023. In its quarterly report, Baron Capital internally increased Swiggy’s valuation by 33.9% quarter-on-quarter (QoQ) to $8.54 billion.

Invesco had also slashed Swiggy’s valuation in its holding to about $5.5 billion in May last year. The current valuation is still below what it was in January 2022. Swiggy was valued at $10.7 billion when Invesco led the $700 million fund raise in 2022.

In November, Swiggy’s investor Prosus, in its financial filing, stated that Swiggy’s core food-delivery business grew 17% and delivered gross merchandise value (GMV) of $1.43 billion in the first half of FY24.

“This was led by a rise in transacting users that drove double-digit order growth and inflation in AOV,” Prosus said.

Prosus, which holds 32.7% of the stake in Swiggy, mentioned trading losses reduced to $208 million.

The company further said that the quick-commerce business made rapid strides as customer adoption drove order growth. Basket sizes grew well ahead of inflation. In the last 12 months, Swiggy has facilitated the disbursement of loans worth ₹102 crore, of which ₹10.1 crore was disbursed in November alone.

Swiggy’s losses for the entire FY23 amounted to approximately $545 million, representing an 80% increase compared to around $300 million in FY22.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Headline indices and these two sectors may not see large upgrades soon, says Invesco’s Taher Badshah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Invesco Mutual Fund CIO Taher Badshah does not see much of an upside for the Nifty 50 index. “I’d still like to think that we will probably at least, if you were to look at headline indices like the Nifty etc, you might probably not see large upgrades coming around as yet,” he told CNBC-TV18.

In over the past month, the benchmark indice has scaled to all-time highs from its March-20 low of 16,828. On June 28, it crossed the 19,000 mark for the first time, it touched its all-time high of 19,991.85 last month, and since then has been attempting to touch the 20,000 milestone.

Badshah is of the view that it (the indice) will probably take some time to do so. “And it’s probably going to be some time that some of the large sectors like tech and banks, where it is very difficult to probably significantly upgrade numbers at this stage. So I don’t really think that will probably be coming,” he said.

He added that at this stage, he is not sure if it is even required. Badshah believes that at 19x, the valuations are not very heavy for the market. “We had 19 odd times it’s not a very heavy market in terms of valuations being very demanding at this stage, especially if you’re looking at recovery being a reasonably more broad-based as we go along,” he said.

And even though the headline numbers may not got up, but the undercurrent is “pretty fine”.

“When you look at sectors from companies from a broader basis, across different kinds of sectors, we’ve seen decent amount of performance, for example, NBFCs have done well, we’ve seen somewhat of a patchy performance as far as tech is concerned,” says Badshah.

But, by and large, banks, NBFCs have done pretty well. Some of the industrials obviously are doing well. Probably, they’ve run up too fast. So maybe markets are finding it challenging to walk them further. But in terms of the business performance, I don’t really think that’s been a challenge,” he said.

And consumption, which has been a drag, Badshah sees it joining the fray as well.

Even with the pharma sector, he said a few strands of triggers are coming through. “After a decent amount of time, we’ve seen pricing erosion, finally kind of bottoming out, if not getting significantly better. So that’s a good sign. We’ve seen some evidence of that either in the form of bankruptcies in the US in the trade and distribution segment or some supply tightness as well, as far as that part of the market is concerned,” he said.

He added that this is a sector that will probably have legs and “it will probably run a little more than what we have already seen up until now.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Invesco likely to sell over 5 percent stake in Zee Entertainment via block deals

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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US investment firm Invesco is likely to offload a 5.65 percent stake in media major Zee Entertainment Enterprises Ltd (ZEEL) via block deals on Monday (April 17), sources in the know told CNBC-TV18.

Invesco aims to raise Rs 1,130 crore through the stake sale. It is likely to sell the stake at Rs 199.80-208.15 per share (0-4 percent discount to the previous closing price of Rs 208.15 per share on the NSE), sources privy to the developments told CNBC-TV18.

Brokerage firm Kotak Securities is acting as the broker for the block trade.

Last year, Invesco had offloaded a 5.51 percent stake in Zee Entertainment. Over 1.84 crore shares changed hands on the National Stock Exchange.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Top News Podcast: Dhoni makes Jadeja CSK captain; Zee shares surge as Invesco drops EGM demand; Paytm stock up 9% and more

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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MS Dhoni fans may not be all that happy as he decided to step down as the captain of the Chennai Super Kings (CSK) team on Thursday, just two days ahead of IPL 2022. Dhoni captained the team since its inception in 2008. It’s like the end of an era but also the beginning of one because now all-rounder Ravindra Jadeja will lead the team.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares all top developments of the day from India and around the world, from markets, business, economy, politics, Russia-Ukraine war, and more.

Indian equity benchmarks indices ended marginally lower in the volatile session today. At close, the Sensex was down 89.14 points or 0.15 percent at 57,595.68, and the Nifty was down 22.90 points or 0.13 percent at 17,222.80.

During the day Paytm shares surged almost 13 percent and ended 9 percent higher after the company issued a clarification to the stock exchanges on the free fall of its stock in the recent past.

Another stock in focus was Zee Entertainment, which closed more than 16 percent higher. This is after Zee’s largest shareholder Invesco finally said it will support the Zee-Sony merger deal and has decided not to pursue the call for ZEEL EGM to remove Managing Director and CEO Punit Goenka and two independent directors.

the Income-Tax department continued its raids on the premises linked to Hero MotoCorp overnight and for the second day on Thursday. The search, which even continued overnight has expanded to multiple locations, according to sources.

In the NSE co-location scam, a Delhi court has dismissed the bail plea of the National Stock Exchange’s former group operating officer (GOO) Anand Subramanian. Subramanian is presently in judicial custody.

Meanwhile in West Bengal, Chief Minister Mamata Banerjee said suspects of Rampurhat killings will have to be hunted down and arrested unless they surrender, and asserted that police would ensure the strictest punishment for the culprits.

Tune in to Top News Podcast for more

In case you have any queries or suggestions, please write to us on cnbctv18podcast@nw18.com

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Zee shares surge over 15% after Invesco drops EGM demand

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Zee Entertainment Enterprises Ltd (ZEEL) rallied 15 percent on Thursday after Invesco Developing Markets Fund, Zee’s largest shareholder said it had decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee’s merger with Sony will achieve the fund’s aim of strengthening board oversight.

At 9:55 am, shares of Zee were trading at Rs 295.10, up 15.25 percent, or 39.05 points higher, on the BSE.

In September 2021, Invesco had put out a requisition to the Zee Board of Directors to hold an extraordinary general meeting (EGM) on the grounds that it felt the company was not running as smoothly as desired. The firm sought to remove three directors from Zee’s Board, including Managing Director and Chief Executive Officer (CEO) Punit Goenka.

Also Read: Bombay High Court allows Invesco appeal against injunction on EGM to remove Zee CEO Punit Goenka

On Tuesday, a division bench of the Bombay High Court vacated its earlier order restraining the National Company Law Tribunal (NCLT) to hear an appeal by Invesco.

According to the most recent order, Zee has three weeks to appeal the High Court’s decision to the Supreme Court. If the company fails to do so, the NCLT’s Mumbai bench has the authority to reopen the case.

Following appeals filed in the High Court in November of last year, the panel had deferred its hearing. Zee Entertainment Enterprises had been directed by Invesco to call an extraordinary general meeting (EGM) of shareholders.

Also Read: Ruchi Soya FPO opens today: Should investors subscribe?

Gurmeet Chadha, Co-Founder & CEO, Complete Circle Consultants said, “A key overhang would definitely be removed, with this merger going through though you probably now have a portfolio in broadcasting for almost 75 channels with great regional Hindi content. In fact, if you see if you exclude IPL the market share would be more than Star which has about 24 percent this could be like 26-27 percent, they have the war chest to even take on the digital space.”

“These guys have the ability to produce good weekly content on a regional Hindi basis and not just be a me too player and they have the war chest also. So I think the structure looks good and I think there should be some obviously positive news on the stock in the near term. Once all approvals come is best when I think the more structural story can be built on this,” Chadha added.

Catch all the live market updates with CNBC-TV18’s blog here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bombay High Court allows Invesco appeal against injunction on EGM to remove Zee CEO Punit Goenka

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Bombay High Court on Tuesday allowed an appeal filed by Invesco Developing Markets Fund, the largest shareholder of Zee Entertainment Enterprises Limited (Zee), against a single-judge order granting an interim injunction on holding an EGM to remove Zee’s CEO Punit Goenka. A division bench of Justices S J Kathawalla and Milind Jadhav quashed and set aside the single bench order of October 2021.

“The appeal is allowed. The single bench order is quashed and set aside. We have held that the requisition notice (sent by Invesco to Zee) is neither illegal nor incapable of being set aside,” the court said. Senior counsel Aspi Chinoy, appearing for Zee, sought the court to direct for a status quo to be maintained.

The court then directed for the status quo to be maintained for a period of three weeks. The bench also said it has quashed all the observations made by the single bench in its order.

Also Read: Govt says taking all necessary steps to augment NCLT capacity

In September 2021, Invesco had put out a requisition to the Zee Board of Directors to hold an extraordinary general meeting (EGM) on the grounds that it felt the company was not running as smoothly as desired. The firm sought to remove three directors from Zee’s Board, including Managing Director and Chief Executive Officer (CEO) Punit Goenka. When Zee refused to respond to the requisition, Invesco moved an application before the National Company Law Tribunal (NCLT) in Mumbai, which directed Zee to consider the requisition in accordance with the law.

Zee then approached the high court, seeking a declaration that the requisition notice by Invesco to hold the EGM was illegal and invalid. A single bench of Justice Gautam Patel had in October 2021 in an interim order granted an injunction against holding of the EGM.

Subsequently, Invesco filed an appeal against the interim injunction order on the ground that the high court had no jurisdiction to hear the matter and that it ought to have been heard and decided by the NCLT.

Catch all stock market updates here

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Invesco restrained by Bombay High Court from calling Zee EGM; expert discusses regulations and more 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Zee Entertainment can breathe easy for now as it has won an injunction from the Bombay High Court restraining Invesco from calling for an extraordinary general meeting (EGM). To discuss the developments, Hetal Dalal, President, and COO of IiAS spoke to CNBC-TV18.

Zee had approached the high court earlier this month seeking an injunction or restraining order against Invesco from taking any steps following its notice to the media firm calling for an EGM.

Invesco’s calls for a shakeup at Zee over corporate governance come at a time when the company is planning a merger with the local unit of Japan’s Sony Group.

That move is set to create India’s biggest broadcaster but Invesco has raised concerns about options given to Zee’s founding family, which includes its CEO Punit Goenka, to raise their stake in the merged company to 20 percent. The founding family of Zee currently owns 4 percent of its shares.

Dalal said, “If there is an investor, and this is again leaving aside the Zee- Invesco sort of factual information, but if there is an investor who is really arguing that the board is weak and needs better governance, or that there is essentially a hostile takeover, the shareholder wants to control the board, this becomes a bit of a challenge. To that extent, you would argue that maybe regulation has to provide for something like this.” 

However, the fact is that the regulations have been untested until now. This is the first instance of this kind of argument going to court. She suspects this will go all the way to the Supreme Court and a verdict will finally settle the entire matter.

Dalal cited the Fortis example, where two shareholders got together holding about 12 percent and removed the existing directors and appointed a set of independent directors. 

“So, there is a precedent to say that this has happened in the past. But in Fortis, the difference was that the board didn’t contest it and the EGM was held and therefore the independent directors were appointed by shareholders, and that sort of went through,” she explained.

The challenges of the regulation in terms of the fine lines, which have been written and how one reads the regulation vis-a-vis what is actually happening, is effectively being tested, she said. 

She added that this is the first instance where the courts have taken a view saying that an independent directors appointment has to go through NRC. “But I think the whole issue rests on the fact that Invesco was attempting to appoint independent directors, and the question of independence came into play and therefore, the regulation on how independent directors are getting appointed. So, it is sort of fine-tuned, technicality, which I think the regulation now needs to provide for a larger scope in terms of appointment of independent directors by shareholders,” she said. 

Also Read: Bombay HC temporarily bars Invesco from calling Zee EGM

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow