I think the negatives are:
currency risks - the majority of the earnings are in Rupees. Rupees have not been doing well lately. E.g. Ascenda India did well but the losses due to the strong SGD vs Rupee have limit the income earned.
The sponsors are forfeiting their share of dividend for the first two years so that they can pay out more dividend
India 10 year government bond yield is around 8%.and Religare yield is 8-9 pct. Religare still look cheap ?
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