LBOs involve acquiring companies using a combination of equity and debt financing. A financial sponsor such as a private equity firm provides a small amount of equity and uses leverage (debt financing) to fund the remainder of the acquisition. The acquired company's assets are used as collateral for the borrowed capital. LBOs allow financial sponsors to make large acquisitions with limited capital commitment and provide tax benefits. However, they also involve high financial risk if the acquired company cannot generate sufficient cash flow to service the debt.
Working capital management — factors determining working capital — estimation of working capital —inventory management techniques — receivables management — management of cash and marketable securities — techniques of cash management — committees on working capital and their findings and recommendations.
Working capital management — factors determining working capital — estimation of working capital —inventory management techniques — receivables management — management of cash and marketable securities — techniques of cash management — committees on working capital and their findings and recommendations.
Mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new location.
This presentation is an overview of Capital Structure Theories.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
explain about techniques for hedging transaction exposure, how to used hedge future, option, money market for payable and receivable, comparing techniques for hedging vs not-hedging
Mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or new location.
This presentation is an overview of Capital Structure Theories.
Dr. Soheli Ghose ( Ph.D (University of Calcutta), M.Phil, M.Com, M.B.A., NET (JRF), B. Ed).
Assistant Professor, Department of Commerce,St. Xavier's College, Kolkata.
Guest Faculty, M.B.A. Finance, University of Calcutta, Kolkata
explain about techniques for hedging transaction exposure, how to used hedge future, option, money market for payable and receivable, comparing techniques for hedging vs not-hedging
Sources of Finance Functions and Investment Policies of NBFIs in India RBI Gu...Mohammed Jasir PV
Sources of Finance
Functions and Investment Policies of NBFIs in India
RBI Guidelines on NBFCs
Products offered by different NBFCs in India
Features of these Financial Products
Sources of long term finance, Corporate governance AND Financial engineeringMohammed Jasir PV
Sources of long term finance — conventional and innovative sources — Leasing — Factoring — securitization
Dividend theories — Walter’s model — Gordens model — MM approach — legal aspects of dividend — formulation of dividend policy.
Corporate governance
Financial engineering
Going private — transformation of a public corporation into a privately held firm
Leverage buyout (LBO) — purchase of a company by a small group of investors using a high percentage of debt financing
Investors are outside financial group or managers or executives of company
Management buyout (MBO) — leveraged buyout performed mainly by managers or executives of the company
Incorporation Stage Issues and Seed Financings Overview w/ Kristine Di BaccoStanford Venture Studio
Which legal entity is best for your startup company? How should you deal with founder stock and other incorporation issues? How should you structure a seed investment? Kristine Di Bacco, Partner at Fenwick & West, will help you answer these important questions, and others, as you think about the process of incorporating and raising seed financing.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
2. • Leverage Buyout is the process of acquiring a firm in which
the investment for acquiring is made partially by equity and
partially by other debt instruments (borrowing).
• The acquisition of the company or a segment of the
company is funded by debt. The assets of the acquired
company are used as collateral for the borrowed capital,
sometimes with assets of the acquiring company.
• A financial buyer say private equity fund invests small
amount of equity, as compared to the total purchase price
and uses leverage also called gearing (using debt or other
non equity based source of funding) to fund the remainder.
3. • Financial sponsor raises debt by issuing bonds
or securing a loan which is secured by the
assets of the acquisition target or for that
matter the cash flow of the target so as to
make the timely payment of interest and
principal amount.
4. Purposes of Debt Financing for LBOs
• Following are the purposes of debt financing for
LBOs:
– Increased use of debt increases the leverage which
results in increased financial return to the private
equity sponsor. The debt in an LBO has a relatively
fixed cost of capital, thus any return in excess of this
cost of capital flows to the equity investor.
– The benefit of tax shield is also applicable in case of
high debt. This results in higher valuation as well.
Income flowing to equity is taxed on the other hand,
the interest payments to debt are not. Thus the
capitalized value of cash flowing to debt is greater
than the same cash stream flowing to equity.
5. Management Buyout (MBO)
• MBO or the Management Buyouts are a special case of
a leveraged acquisition. As the name very well suggests
it occurs when a company’s managers buy or acquire a
large part of the company.
• The goal of an MBO may be to strengthen the
managers’ interest in the success of the company. One
of the most widely discussed and thought after issue of
MBOs is that they create a conflict of interest.
• There is always an incentive created for managers to
mismanage or inefficiently manage the firm so as to
lower its stock price for executing a handsome
profitable MBO.
6.
7. • LBOs involve institutional
investors and financial sponsors who make
large acquisitions, without committing all the
capital required for the acquisition.
8. Characteristics of LBO
• Efficient and experienced management team
• Assurance of sufficient and stable cash flow
• Lower degree of operating risk
• Limited amount of debt
• Other factors
9. Sources of LBO financing
• Senior debt
– Are given in the form of banks loans held by a
syndicate
– Interest rate is usually low
– Are structured in 3 trenches A, B and C
– The debt is usually secured on specific assets of the
company
– It is prepayable and has a floating rate of interest
– This is a better option for both the parties
– It may form 50% of the total financing
10. • Subordinate Debt
– This debt ranks behind senior debt in order of
priority on any liquidation
– Terms are less stringent
– Security given is less as compared to senior debt
and so the lending cost are higher
– One of the important form of subordinate debt is
the high yield bond
15. Advantages of LBO
• The acquiring co is benefited from acquisition of
international brand without incurring huge amount of
outlay from the internal resources of the firm
• Since a new SPV is created in a LBO system, the existing
co business will not get affected. When debts are fully
repaid, the parent co can merged with the newly
created SPV
• The newly created SPV can enjoy tax benefits in
operating the business. Due to the existence of debt
capital, tax benefits can be achieved in respect of
payment of interests.
16. • The LBO system helps simulating the cross
border acquisition
• High gearing tends to be a discipline on
management, since a company’s cash flow is
quite tight due to the high interest burden
17. Limitations
• High degree of financial risk
• A LBO candidate should have strong asset
base that can be used as collateral for
financing the acquisition
20. TATA Jaguar- Land Deal
• The deal has started in June, 2007 when FORD had announced to sell two
prime brands such as Jaguar & Land Rover.
• At that time there were many players interested to acquire such as Apollo
Management, TPG Capital, Cerberus Capital Management, Mahindra &
Mahindra and Tata Motors. From them only two main bidders have bid for
acquiring the Jaguar & Land Rover, one was Mahindra & Mahindra and
second was Tata Motors.
• In June 2008, India-based Tata Motors Ltd. announced that it had
completed the acquisition of the two iconic British brands - Jaguar and
Land Rover (JLR) from the US-based Ford Motors for US$ 2.3 billion.
• Tata Motors stood to gain on several fronts from the deal. One, the
acquisition would help the company acquire a global footprint and enter
the high-end premier segment of the global automobile market. After the
acquisition, Tata Motors would own the world’s cheapest car. The US$
2,500 Nano and luxury marquees like the Jaguar and Land Rover.
24. • The Securities and Exchange Board of India
(“SEBI”) finally notified the SEBI (Delisting of
Equity Shares) (Amendment) Regulations,
2015 (“Amendment Regulations”) on March
24, 2015 introducing certain path breaking
changes to the existing delisting framework in
India.
25. • A public company may choose to go private for a
number of reasons. An acquisition can create
significant financial gain for shareholders and CEOs,
while the reduced regulatory and reporting
requirements private companies face can free up time
and money to focus on long-term goals.
• Because there are advantages and disadvantages to
going private as well as short- and long-term issues to
consider, companies must carefully weigh their options
before making a decision.
26. Advantages of Being Public
• Being a public company has its advantages and
disadvantages. On the one hand, investors who hold stock
in such companies typically have a liquid asset; buying and
selling shares of public companies is relatively easy to do.
• However, there are also tremendous regulatory,
administrative, financial reporting and corporate
governance bylaws to comply with.
• These activities can shift management's focus away from
operating and growing a company and toward compliance
with and adherence to government regulations.
27. Advantages of Privatization
• Investors in private companies may or may not hold a
liquid investment. Covenants can specify exit dates,
making it challenging to sell the investment, or private
investors may easily find a buyer for their portion of
the equity stake in the company.
• Being private frees up management's time and effort
to concentrate on running and growing a business
• Thus, the senior leadership team can focus more on
improving the business's competitive positioning in the
marketplace. Internal and external assurance, legal
professionals and consulting professionals can work on
reporting requirements by private investors.
28. What It Means to Go Private
• A "take-private" transaction means that a large private-
equity group, or a consortium of private-equity firms, purchases or
acquires the stock of a publicly traded corporation.
• Because many public companies have revenues of several hundred
million to several billion dollars per year, the acquiring private-
equity group typically needs to secure financing from an investment
bank or related lender that can provide enough loans to help
finance (and complete) the deal.
• The newly acquired target's operating cash flow can then be used
to pay off the debt that was used to make the acquisition possible.
29. • Less than 24 hours after he decided to take Dell private through a
$24.4-billion buyout deal, Michael Dell is already facing a tough
time, with quite a few shareholders taking a dim view of the price.
Companies in India would empathise with Dell as their delisting
experience hasn’t been easy, either. Take Cadbury India, for
example. Its delisting move has been stuck since it was announced
in 2003, as minority shareholders demanded a 50 per cent higher
price than the Rs 1,340-a-share Cadbury proposed.
“We think the company did not offer us a good exit price and it was
not valued like its peers, such as Nestle,” says small investor
Sobhana Mehta.
Shareholders of Essar-owned India Securities had protested against
delisting move last year, saying the shares were infrequently traded
and, hence, the company was not valued properly while going
private.
30. • In last five years, 200 firms have delisted their shares from Indian stock exchanges
— mainly due to a merger or acquisition activity.
The race to delist shares began after the Securities and Exchange Board of India
(Sebi) came out with a fiat of a minimum 25 per cent public shareholding in listed
entities. Companies with more than 75 per cent promoter shareholding had the
option: Either go private or dilute shareholding to 75 per cent.
But companies soon realised minority shareholders, led by institutions, were not
enthusiastic about exiting, even when a company’s shares were valued by
independent valuers. Last year, only 11 companies went private (see table). Many
like Carol Infoservices, owned by Wockhardt’s Khorakiwalas, are still sending out
letters to shareholders, offering to buy back their shares.
While small investors have in the past taken erring companies to court, domestic
institutions have remained passive investors and have seldom voiced their opinion.
A top official of LIC, the biggest investor in Indian firms, says LIC takes case-to-case
decision on selling shares during delisting or an open offer. LIC and other
institutions like GIC and UTI have rarely made their stand clear on these issues.
•
31. • Shriram Subramanian, MD, InGovern, a corporate governance
research firm, says: “The exit price determined by reverse book-
building process in India takes care of price discovery. This process
generally takes care of minority shareholders’ interests in pricing.”
To avoid a shareholders versus management fight, Subramaniam
advises that the global best practice is that shareholder approval for
delisting is based on a majority of minority shareholders voting for
it.
But the main problem is pricing. Firms that have done right pricing
have had it smooth. For example, Alfa Laval offered Rs 4,000 a
share, as against the discovered price of Rs 3,000 a share. The
delisting offer received an overwhelming response from
shareholders.