In a regulatory filing, IRB Infrastructure Developers said Rs 3,753 crore from GIC affiliates has been received out of its commitment of Rs 4,400 crores by IRB Infrastructure Trust.
With settlement of this dues, the company said it has completed the exercise of transforming its balance sheet and consolidation of all rental assets under the DCCDL.
India’s business travel spend accounts for about $37,127 million and ranks seventh globally. According to the report, India is likely to reach the fifth position by 2022.
The proposed investment will be done over the next three years for acquisition of hotel properties across India.
The Indian Hotels Company (IHCL) will put in 30% equity in every such acquisition, while the rest will come from GIC, according to an official statement.
All general insurers will cede 5 percent of premium for each policy sold.
In a bulk deal transaction on the NSE, Singapore government has sold nearly 6.8 crore shares of DLF at Rs 191.01 per share, translating the deal at Rs 1,298 crore.
With over Rs 55,000 crore debt its its books, Air India management has been trying to pare burden by monetising non-core real estate properties.
State-owned reinsurer General Insurance Corporation of India (GIC) was listed on the bourses in October last year, while New India Assurance Company Ltd made its stock market debut in November last year.
New regulations for the reinsurance business in India were finalised by the insurance regulator at its September 28 meeting and will apply to all segments of the insurance sector from March next year
GIC had in December last year bought 33.34 per stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 9,000 crore.
In late August, the promoters had sold the entire 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for Rs 11,900 crore and proposed to invest proceeds into DLF.
Focus for the next two-three years would be to pare down the completed inventory and grow commercial business and JV with GIC, Saurabh Chawla, Senior ED-Finance, DLF.
GIC Re's IPO was oversubscribed 1.38 times during October 11-13. The reinsurance company had fixed the price band at Rs 855-912 for its IPO.
A look at top cues from domestic and international cues that could have a bearing on D-Street.
In October 2015, DLF had announced that its promoters -- K P Singh and family -- would sell their entire stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of commercial assets of the group.
In October 2015, DLF had announced that its promoters would sell their entire stake in the DLF Cyber City Developers Ltd (DCCDL), which holds the bulk of the commercial assets of the group.
Two months after the Union Cabinet gave a go ahead to the listing of five general insurance companies, the Department of Investment and Public Asset Management (DIPAM) has set the ball rolling for listing of GIC Re
The board of Gurgaon-based ShopClues have responded to allegations saying that the termination of co-founder Sandeep Aggarwal was with joint consent with stakeholders. It further said that the claims by the ex-cofounder reek of 'personal vendetta'.
The real estate firm on Monday held an audit panel meeting which approved the talks with GIC to sell 40 percent stake. The deal could fetch DLF around Rs 14,000 crore.
DLF, one of the country's largest realty developers, has entered into an exclusive pact with private equity firm GIC to sell a minority stake sale in its rental commercial property arm, DLF Cyber City.
One of the largest realty developer DLF has entered into an exclusive pact with the private equity firm GIC. The documentation work for the deal will take 2-3 months, said Ashok Tyagi, DLF‘s Chief Financial Officer.
Stake sale could fetch the firm around Rs 14,000 crore and is likely to announce the talks exclusively with GIC, sources have told CNBC-TV18.
This is crucial, particularly on the back of National Insurance being among the five public sector general insurers who have received Cabinet nod for listing on the stock exchanges.