According to CBI K Rajendra Prasad and others allegedly collected several crores of rupees towards plots developed by Emaar MGF in the controversial township project from buyers, after grossly undervaluing the market price
The amendment in the Stamp Duty Act is expected to mop up revenue of Rs2,500 crore for the Goa government this fiscal
Panaji: Goa cabinet has approved an amendment to the Stamp Duty Act under which mine owners will have to pay 15% of their royalty for next 20 years for getting renewal of the lease, reports PTI.
The amendment is expected to mop up revenue of Rs2,500 crore for the state government this fiscal, resulting in the additional revenue mobilisation.
The cabinet meeting held this week approved the amendment, which will be tabled on the floor of the House during the ongoing state Assembly session.
In the past, the state government had not been renewing the mining leases, letting it run on the deemed provisions.
The cabinet decided that mining firms will have to pay 15% of royalty sum, that it is expected to be earned from lease for next 20 years. The period of renewal is for 20 years.
Chief minister Manohar Parrikar said the government will renew only those leases which will have proper clearances from various authorities.
Goa exported 43 million metric tonnes of iron ore during last fiscal, bringing in a royalty of Rs900 crore.
General Atlantic and Oak Hill Capital will cut their stake to 5% each while Bain Capital will hold 30% in Genpact. Bain Capital would also appoint four directors on the company’s board
Outsourcing major Genpact announced a $1.5 billion recapitalization, including the $1 billion sale of a minority stake to Bain Capital. It also announced a separate $0.5 billion debt-funded special dividend.
General Atlantic and Oak Hill Capital will sell a $1 billion minority stake in Genpact to Bain Capital at an ex-dividend share price of $14.76. This price is at a 0.9% discount to the closing price on 1 August 2012 in the market. The price is also at a 1.9% discount to the five-day VWAP (volume weighted average price).
Bain Capital will own a 30% stake in Genpact and will nominate four (out of 10) directors to Genpact’s board. General Atlantic and Oak Hill will own 5% stake each pro forma. Both the shareholders were earlier holding 20% each in Genpact.
Genpact also announced a one-time $0.5 billion special dividend ($2.24 per share). The dividend is funded by cash on balance sheet and new senior secured credit facilities.
NV Tyagarajan, president and CEO of Genpact, said, “Bain Capital has a long-term perspective which is critical to building value, particularly for a company like ours. We look forward to working with Bain Capital as we continue to make enterprises around the world run better by continuously improving their business processes, and run smarter through the innovative combination of technology, data analytics and process expertise, resulting in better business outcomes.”
Genpact began operations in 1997 as an India-based computer-services unit of General Electric Co which looked after the US company’s finance division. The Bermuda-based company still gets a quarter of revenue from GE, Mr Tyagarajan had stated last month.
Morgan Stanley is the lead financial advisor to the company on the $1 billion sale of minority stake. It is also the joint lead arranger and joint book runner on the senior secured credit facilities. It is one of two banks arranging and structuring the margin loan financing.