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SB Order No. 23 / 2023
F. No 113-03/2017-SB(Pt.1)
Government of India
Ministry of Communications
Department of Posts
(Financial Services Division)
Dak Bhawan, New Delhi — 110001
Dated: 29.12.2023
To
All Head of Circles/Regions
Subject: Revision of interest rates for Small Savings Schemes w.e.f. 01.01.2024 |
Madam / Sir,
The undersigned is directed to say that, vide memorandum No. 1/4/2019-NS dated 29.12.2023 (copy enclosed), Government of India, Ministry of Finance, Department of Economic Affairs (Budget Division) has informed that the rate of interest on various Small Savings Schemes (National Savings Schemes) for the fourth quarter of financial year 2023-24 (starting from 1st January, 2024 and ending on 31st March, 2024) have been revised as under.
S. No.
|
Item No
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
FDI (in Rs. Crore)
|
1
|
2
|
M/s India Advantage S4 I
|
M/s India Advantage Fund S4 I, a SEBI registered AIF, has sought approval to (i) accept contributions up to a limit of ` 2,950 crores from offshore investors into the Fund subject to AIF Regulations under the FDI route and to issue class B units and class E units and such other relevant units in the Fund to offshore investors, (ii) permit the Fund to make investments in securities of the Indian companies in which FDI is permitted, (iii) permit the Fund to distribute income realized on its investment to the offshore investors under the automatic route
|
AIF
|
2950
|
2
|
8
|
M/s Menterra Venture Advisors Private Limited
|
Approval has been sought by M/s Menterra Venture Advisors Private Limited for 100% foreign investment in Menterra Social Impact Fund (or such other name as SEBI may approve) which is a contributory and determinate trust organized under the Indian Trusts Act, 1882 and in the process of being registered with SEBI as a Category I Alternative Investment Fund - Social Venture Fund
|
AIF
|
21.2
|
3
|
10
|
M/s Agio Image Limited
|
Approval has been sought by Agio Image Ltd., Mauritius, for acquisition of equity shares of
Dr. Naresh Trehan and Associates Health Services Private Limited (NTAHS) from RJ Corp, an Indian owned and controlled company |
Core Investment Company
|
75
|
4
|
12
|
M/s L&T Finance Holdings Limited
|
Approval has been sought by BC Investments VI Limited and BC Asia Growth Investments in L&T Finance Holdings Limited (LTFH), by way of (i) BC Investments VI Limited subscribing to 3,18,36,971 equity shares, constituting 1.75% of the post issue equity share capital of LTFH on a fully diluted basis and (ii) BC Asia Growth Investments subscribing to 6,38,20,990 warrants, with each convertible into one equity share within a period of 18 months from the date of allotment of warrants, constituting 3.51% of the post issue equity share capital of LTFH on a fully diluted basis
|
Financial Services
|
707
|
5
|
13
|
M/s Paragon Partners Growth Fund
|
Approval has been sought by M/s Paragon Partners Growth Fund for accepting contributions amounting to 80% of the Fund corpus from non-resident investors in Paragon Partners Growth Fund, a Category II Alternate Investment Fund.
|
AIF
|
985
|
6
|
14
|
M/s Strugence Debt Fund
|
Approval from the Foreign Investment Promotion Board for accepting contributions up to INR 99 crores from Non Residents, Non-Resident Indians, Non Resident Entities and Foreign owned entities over a period of time in Class A units of Strugence Debt Fund I which is a scheme of Strugence Debt Fund, a Category II Alternate Investment Fund registered with Securities and Exchange Board of India. The Strugence Debt Fund 1 is targeting to raise a corpus of INR 200 crores
|
Financial Services
|
99
|
7
|
16
|
M/s Extramarks Education India Private Limited
|
Approval for investing in its 100% subsidiary Indian company Extramarks Education India Private Limited for undertaking digital publishing of education content and distribution to schools and students through smart classes, test centres and digital medium such as internet subscription, SD cards, Tablets etc.
|
Publication
|
403.15
|
S. No.
|
Item No.
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
1
|
4
|
M/s Sharekhan Limited
|
Acquisition of up to 100% of the share capital of Sharekhan Limited other than the shares held in Sharekhan Limited by Human Value Developers Private Limited by BNP Paribas SA France and/or one or more of BNPs French subsidiaries. II. Acquisition of 100% capital of Human Value Developers Private Limited by BNP and/ or one or more of BNPs French subsidiaries.
|
NBFC
|
2
|
5
|
M/s P C Ghadiali and Co LLP
|
P C Ghadiali and Co LLP, a CA firm has been appointed by Mazav Management LLC, USA to apply on their behalf to FIPB for the acquisition of 24% shareholding in Nexus Flight Operation Services India Pvt. Ltd, held by Sovika Aviation Services Private Limited.
|
Ground Handling Services
|
3
|
9
|
M/s SunE Solar BV
|
Approval is sought by SunE Solar B.V. to set up a LLP in India along with SunEdison Energy India Private Limited and SunEdison Solar Power India Private Limited
|
LLP
|
4
|
15
|
M/s Software is Correct, Inc
|
Approval sought for infusing fresh funds of upto US$ 15 million in its wholly owned Indian subsidiary
|
IT/ITES
|
S. No.
|
Item No.
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
1
|
3
|
M/s Images Franchising Management Pvt Ltd
|
Images Franchising Management Private Limited, a WoS of Images Multimedia Private Limited has sought approval to convert into a LLP.
|
LLP
|
2
|
6
|
M/s Marvel Data Services LLP
|
Approval has been sought for receiving USD 1,00,000 from Marvel Data Tech LLC, for 15% profit share.
|
LLP
|
3
|
7
|
M/s Limpkin Telecom Pvt Ltd
|
Approval for issuing fresh investment for 100% equity by Ms. Jorden Elizabeth, a UK citizen for an aggregate consideration of
Rs. 3.00 crore |
Telecom
|
4
|
11
|
M/s Euronet Services India Pvt Ltd
|
Approval for amendment of the approval granted whereby it was stated that the activity of operating a payment system by issuance of Prepaid Payment Instrument falls within the 18 activities listed for NBFC and hence, approval from FIPB is not required as the same falls within the automatic route. Accordingly, Euronet India needs to comply with the minimum capitalisation requirement of USD 50 Million.
|
NBFC
|
5
|
17
|
M/s Rocktec Sands LLP
|
LLP
|
S. No.
|
Item No.
|
Name of the applicant
|
Gist of the proposal
|
Sector
|
1
|
1
|
Verifone India Pvt Ltd
|
Approval has been sought for conversion of outstanding interest due on ECB loan 1(USD 60,554) and ECB Loan 2(USD 365,606) into equity shares to be issued to VeriFone Inc, USA, parent company.
|
IT/ITES
|
