Sebi approves IRB Infra’s application for InvIT
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Securities and Exchange Board of India (Sebi) has approved IRB Infrastructure Developers’ application for Infrastructure Investment Trust (InvIT), paving the way for launch of India’s first such instrument.
In a notice sent to stock exchanges, Mumbai-based road developer said, “Sebi has granted the certificate of registration in terms of Regulation 6 of Sebi (Infrastructure Investment Trusts) Regulations, 2014 (Regulations) to IRB InvIT Fund to which the company is a sponsor”.
According to sources, the company is in the process of preparing draft red herring prospectus (DRHP) and it will take around four months for it to file it. To enable the process of InvIT, the company in August, had sought shareholders’ nod to increase its capital base by Rs 16,000 crore.
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On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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