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May 14, 2008
Source: http://www.ameinfo.com/156604.html
Bank of Baroda, India’s international bank has entered into a Memorandum of Understanding (MoU) with Dubai Properties, the region’s leading real estate company, whereby the bank will provide home finance to buyers of residential units in a number of Dubai Properties’ projects across the UAE.
The agreement was signed by Mohamed S. Binbrek, Chief Executive of Dubai Properties, and Ashok K. Gupta, Chief Executive, GCC Operations, Bank of Baroda.
Speaking on the occasion, Gupta said the agreement will facilitate the Bank to help individuals fulfill the dreams of owning their own homes. He added it was a step towards making Bank of Baroda the first choice of every customer.
Bank of Baroda is a leading Indian bank, with an extensive network of over 2,800 branches in India and 71 overseas offices in 25 countries. In the UAE, the Bank of Baroda is the only Indian bank offering full fledged banking services. It has six (6) branches in Dubai, Deira, Sharjah, Abu Dhabi, Al Ain and Ras-Al- Khaimah and an Electronic Banking Service Unit at Jebel Ali. In Oman, Bank of Baroda has three branches and one branch in Bahrain. The Bank also has plans to have its presence in all GCC countries.
The Bank of Baroda provides an entire range of banking products to individuals and corporates under one roof. The Bank’s Retail Banking Shoppe offers various value added retail products, such as housing loans in the UAE and India, overdraft against property, car loans, and personal loans. The Shoppe endeavours to take care of the individual’s financial needs in a specialized and speedy manner.
The bank is continuously adding new customer-centric products and services for the convenience of customers.
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May 13, 2008
Source: http://www.livemint.com/2008/05/13001023/Indiabulls-to-price-Reit-share.html
Indiabulls plans to sell about 262 million shares in the proposed investment trust, Indiabulls Properties Investment Trust
New Delhi: Indiabulls Real Estate Ltd, India’s fourth largest listed real estate developer, plans to price the shares of its real estate investment trust in the range of 0.75 Singapore dollar (around Rs23) each, said a person familiar with the matter.
The price benchmark has already been set after billionaire L.N. Mittal, chief executive officer of the world’s largest steel company, ArcelorMittal Co. NV, picked up a minority equity stake in the proposed real estate investment trust for US$75 million (Rs310.5 crore), or about Singapore $103 million (Rs314.25 crore).
Routing the investments through family-controlled and Mauritius-based, Wellmark Investments Ltd, Mittal has valued shares in the proposed investment trust at S$0.75 each, giving him 4% of the trust, said this person, who did not want to be named because he isn’t allowed to speak with the media before the trust is listed. The prospectus of the share offer details Mittal as an investor.
Real estate investment trusts or Reits, such as the proposed Indiabulls one, use money from investors to purchase and manage property. Their shares (or common units as they are called) are traded on major exchanges. Much of the income from the properties owned by Reits is shared among its investors.
The company also hopes to raise US$25 million from another investor at a similar valuation, said the person.
Indiabulls plans to sell about 262 million shares in the proposed investment trust, Indiabulls Properties Investment Trust. At present, two firms, Indiabulls Real Estate Ltd and Farallon Capital, own 40% and 47% stake, respectively, in the trust.
Shareholders will dilute 15% stake in the investment trust to raise $300 million, which includes the private placement and the public offering, the person said. “We are diluting 10% stake in the trust through the public offering and 5% to investors who are picking up stake in the trust.”
This is the second time the Mittal-controlled investment company is picking up a stake in a venture of Indiabulls Real Estate. In February, it picked up 14.1% in Sophia Power Co. Ltd, an unlisted subsidiary of Indiabulls Real Estate, for Rs592.50 crore.
The asset portfolio of the proposed trust would include two office properties housing information technology firms in India. Both are located in Mumbai with a built-up area of nearly 3 million sq. ft of office space. The yield forecast, as per the document submitted with the Singapore market regulatory authority, is 5.1% for the year 2009 and 9.8% in 2010. The calculation is based on the assumed offering price of S$1 per common unit.
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Source: http://sify.com/finance/fullstory.php?id=14671243
As the list of mutual fund players in the country gets longer, every fund house is trying to make its mark. The 34th fund house, Shinsei Bank, is set to enter the Indian asset management waters.
The opportunity is obviously huge, for going by estimates of Barclays Wealth Advisors, the market will grow at 15% per annum. But, does the mutual fund glass contain beer or champagne. “You think it is champagne, but it is just beer in a champagne glass,” says Sanjay Sachdev, country manager — fund management for South-East Asia at Shinsei Bank. The bank has invested in Lemon Tree along with UTI, in which Shinsei Bank has a $650 million offshore fund.
But, Sachdev, bound by non-disclosure alliances, declined to throw light on the area that the Japanese Bank has found interesting. He shares insights with Joel Rebello and Khyati Dharamsi on what the international players of repute that entered India lack, and how Shinsei Bank plans to spin the picture.
What has taken Shinsei so long to enter the MF business? Is there any pressure from Japan, your home country, to initiate the business?
No. We are set to launch. We are trying to put processes in place and get better service for investors. We would have a much better infrastructure than some others who have entered the business.
The entry could be even in September. Time to market is not as important as value to market. Of the few other Japanese banks that had announced plans to launch Indian operations, we are the first to go ahead. We are investors in India. We have deals coming up for evaluation everyday in India. We are investing not in all, but one out of every 20 transactions that we receive.
How would Shinsei Bank’s services be different from those of other mutual fund houses in India?
We will bring in new asset classes, better service standards. The funds that already exist in India have only gone for the low-hanging fruits. We wish to expand the market. Diversification itself is not the reason to be in the (mutual funds) business.
Would the service for investors be provided out of Shinsei’s own offices or via distributors?
There are ample financial advisors available. We would facilitate them and set new service standards. We would provide a service platform and help them be more transparent.
What would be the newer asset classes that you are eyeing?
We have a strong and global expertise in the real estate sector. There are a lot of innovative products in real estate investments, products which could solve the old age crisis and many others.
Has hiring people been a problem considering several funds are entering the market?
Not at all. We have some of the best teams in place. We are not hiring only those who are from the asset management background. When fresh talent comes in, it brings with it fresh ideas.
What are your plans beyond the asset management business? Are you looking at a banking licence in India?
We are currently taking it one step at a time and focussing on only the mutual fund business. We are not applying for a banking license. Having said that, we are prepared for the long haul and we are open to opportunities in the future. Right now we have investor operations in India and there are a lot of things happening in that space.
Are you looking for opportunities to help Indian companies raise money for Japan?
Yes, we will be looking for an opportunity, definitely. But, not very soon, because we will wait for our mutual fund business to kick off.
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