Sattva, Blackstone files papers for REIT with plan to raise up to Rs 7500 cr

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Sattva, Blackstone files papers for REIT with plan to raise up to Rs 7,500 cr

Sattva Group and Blackstone are planning to launch a real estate investment trust (REIT) in India, aiming to raise up to Rs 7,500 crore from the initial public offering (IPO), according to a report by Economic Times.

The report, which cites unnamed sources, noted that the REIT, to be named A REIS, will be launched by mid-2024 if the market conditions are favorable.

The joint venture (JV) partners are planning to apply to the Securities and Exchange Board of India (SEBI) for the REIT IPO in the coming weeks.

The report further stated that the JV is planning to launch the REIT with a portfolio of four commercial and office buildings in Bengaluru and Mumbai, which are already operational and generate income.

The report also noted that the JV partners are planning to invest a total of Rs 10,000 crore in the REIT over the next five years, acquiring more properties and developing new projects.

The move comes as several other companies, including Magritte, a joint venture between IVR and an affiliate of Global RE, are also planning to launch REITs in India.

The report also noted that the US president is expected to meet with the heads of major crypto firms, including Bitcoin. As the US grapples with the potential integration of crypto into its financial strategy, the summit could herald a pivotal moment in the global economic landscape.

The summit will be held in the coming weeks at the White House, according to a statement by the administration. The meeting is expected to focus on the role of digital assets in the US financial system and the need for strong consumer protections in the burgeoning cryptocurrency industry.

The move comes after the president signed an executive order in early 2022 directing federal agencies to study and regulate cryptocurrencies.

The administration is also planning to launch a new initiative to promote responsible innovation in artificial intelligence, which will bring together leading AI researchers, technologists, and entrepreneurs to discuss the potential and pitfalls of the technology.

The initiative will focus on developing best practices for AI development and deployment, and promoting the technology’s use for the public good.

The initiative is expected to be launched in the fall.

How Kannada actress Ranya Rao allegedly smuggled 14 kg of gold in biggest ever seizure at Bengaluru airport

Kannada actress Ranya Rao is allegedly involved in the biggest-ever gold smuggling case at Bengaluru airport, with officials seizing 14 kg of the precious metal, as per a report by Times of India. The report, which cites officials, noted that the gold was concealed in the bottom portion of two large-sized suitcases.

The report further stated that the actress, who has acted in about 10 films in Telugu, Kannada, and Malayalam, arrived at the airport on Monday in an Air France flight from Paris.

During the scanning of her luggage, officials got suspicious and decided to carry out a physical examination of her suitcases.

On opening the suitcases, officials were stunned to find two metal sheets, each weighing about 7 kg, in the bottom portion of both the suitcases.

The report noted that the actress got flustered when officials questioned her about the sheets. On further inquiry, officials discovered that the sheets were made of gold.

The report stated that the gold was valued at about Rs 8.4 crore.

The actress has been booked under relevant sections of the Customs Act, 1962, and is currently being questioned by customs officials.

The report noted that the case is being investigated by the Air Intelligence Unit (AIU) of the Customs department.

The president is also expected to meet with the heads of major crypto firms, including Bitcoin.

US president will meet with major crypto executives and heads of Bitcoin in the coming weeks for a White House summit as the US grapples with the potential integration of crypto into its financial strategy.

The summit will focus on the role of digital assets in the US financial system and the need for strong consumer protections in the burgeoning cryptocurrency industry, the administration said.

The president signed an executive order early last year directing federal agencies to study and regulate cryptocurrencies.

The administration is also planning to launch a new initiative to promote responsible innovation in artificial intelligence, which will bring together leading AI researchers, technologists, and entrepreneurs to discuss the potential and pitfalls of the technology.

The initiative will focus on developing best practices for AI development and deployment, and promoting the technology’s use for the public good.

The initiative is expected to be launched in the fall.

At 13th, Vishnu Saravanan becomes highest-ranked Indian sailor in world

Indian sailor Vishnu Saravanan has become the highest-ranked sailor in the world, reaching the 13th spot in the latest Olympic sailing rankings released by World Sailing.

The 26-year-old sailor, who competes in the Laser Standard