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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
City-based portfolio management company, UNIFI Capital, aims to diversify its portfolio and raise Rs 200 crore this year through its newly launched open-ended fund “UNIFI Capital India Spin-Off”.
Spin-Off fund is dedicated exclusively to investments into corporate spin-offs and demergers, according to a top company official.
“Through this fund we expect to raise an additional Rs 200 crore. While the fund would be an open-ended scheme, UNIFI plans to keep an investment perspective of 18-24 months”, UNIFI Capital CMD Mr Sarath Reddy told reporters here.
He said that during 2005-2010, Spin-offs has generated higher returns of 16 per cent on an average, in comparison to the BSE 500 index during the same period of time.
He said Spin-offs were triggered by corporate restructuring as they were seeing a growing interest among listed companies in using Spin-offs to unlock value.
According to UNIFI Capital Vice-President (Product Development and Relationship Management) Mr G Maran, Spin-offs occur when a parent company distributes most of its holdings of stock in a subsidiary to the parent’s shareholders. As a result, the subsidiary company is no longer owned by the parent company.
The market valuation of a combine company would be lower as separate companies and the valuation gap is called conglomerate discount. Spin-offs help remove such discounts and improve shareholder return, he said.
Spin-off is particularly effective in increasing shareholder value because the parent company can focus on its operations.
UNIFI manages funds for several high-net worth individuals, corporate heads and to entrepreneurs. The company presently operates in Chennai, Bangalore, Hyderabad, Mauritius and in the UAE.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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