Infrastructure sector-based mutual funds, including Quant Infrastructure Fund, Invesco India PSU Equity Fund, and Nippon India Power & Infra Fund, have been top winners in the last five years of the Modi government, offering impressive absolute returns up to 380%.
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Generally, if a special purpose vehicle (SPV) operating an infrastructure project seeks a loan, the bank will insist on promoters pledging shares in the SPV as security. If an AIF is the promoter or controlling shareholder of an SPV operating an infrastructure project, this would be difficult unless the fund can pledge the shares.
The Securities and Exchange Board of India (Sebi) is considering a plan to allow alternative investment funds (AIFs) to pledge their shares in investee companies, a move that would allow these investment vehicles to engage in leverage, said people with knowledge of the matter.