BUSINESS
PharmEasy parent API Holdings files DRHP for IPO
PharmEasy parent API Holdings seeks to raise Rs 6,250 crore via fresh equity issuance.
IPO
Exclusive | API Holdings, owner of PharmEasy, all set to file DRHP for its IPO next week: Sources
API Holdings IPO Issue size is likely to be between Rs 6,000 crore and Rs 6,500 crore
BUSINESS
Expect Lucknow IPL team to command Rs 10,000 crore valuation in 5 years: RPSG Group's Sanjiv Goenka
Ahmedabad and Lucknow will be the two new teams of the Indian Premier League (IPL), the Board of Control for Cricket in India announced on October 25, The Sanjiv Goenka-led RPSG Group has clinched the franchise of Lucknow at a price of Rs 7,090 crore. Moneycontrol’s Nisha Poddar caught up with Goenka on the win and return proposition from the investment.
BUSINESS
Customer acquisition is near-term focus, not maximising profitability: Falguni Nayar, Nykaa
Nykaa will stay more focussed on helping customers discover brands, and less on a private label
BUSINESS
L&T’s ESG thrust aims to achieve carbon, water neutrality in less than two decades
L&T launches its fourth Integrated Report, and announces commitments for carbon and water neutrality. The company’s Green Businesses Portfolio stood at Rs 277 billion in FY21, which is 29.6 percent of its revenue. L&T is integrating its ESG goals with business targets and is working towards becoming a ‘Net Zero’ company by 2040.
BUSINESS
Kumar Mangalam Birla may infuse token fund in Vodafone Idea as show of confidence: Sources
Sources suggest KM Birla’s contribution is expected to be a small amount, and may be less than even Rs 1,000 crore.
BUSINESS
Reliance’s new energy thrust to help make India self-reliant in green goals
Reliance’s New Energy Solar’s acquisitions of REC Solar Holdings and Sterling & Wilson Solar add to its in-house capabilities for an integrated solar complex at Jamnagar. It also opens new business avenues for Reliance worldwide in solar technology, equipment and EPC, while fitting in with India’s green goals and self-reliance in critical knowhow.
BUSINESS
Exclusive | Mobikwik gets SEBI nod to float IPO, issue likely before Diwali
As per the sources, Mobikwik is likely to launch the IPO pre Diwali.
BUSINESS
Exclusive | Flurry of IPOs around Diwali to force online giants to price their issues reasonably
PayTM and Nykaa, among the top contenders in investor interest, plan on a reasonable pricing of their pre-Diwali IPOs, sources suggest. They and a clutch of new-age online aspirants are awaiting regulator SEBI’s approval to capitalise on the festival season.
BUSINESS
Paytm IPO sees demand at valuation of $20-22 billion from foreign investors
Sovereign wealth funds and foreign institutional investors have shown strong interest in the IPO, valuing the company at $20-22 billion, sources said. A sovereign wealth fund has offered to buy over $500 million worth of Paytm shares in the IPO, they added.
BUSINESS
Invesco says Zee’s failure to take steps within its notice period to call an EGM led to legal action: Read response here
Invesco has moved NCLT against Zee for its failure to hold an EGM to reconstitute board. Experts suggest Zee still has a few days to comply with EGM rules. Invesco responded to Moneycontrol’s query for taking legal action, following is the full response.
BUSINESS
Aditya Birla Sun Life AMC to distribute 40-50% of net profit as dividend in future
The company plans to continue its dividend policy and distribute about half of its earnings to shareholders
BUSINESS
Vodafone Idea CEO says any equity conversion by govt will be in line with the rules, promoters to support fundraising plans
Vodafone Idea Limited is waiting for the government to spell out the final guidelines for the telecom relief package it announced earlier this month. The government allowed a four-year moratorium on the spectrum and adjusted gross revenue (AGR) dues and an option to pay principal and interest by way of equity.
BUSINESS
SEBI allows open offer and delisting together at differential pricing to make M&As easier
New rules give the benefit of dual pricing for shareholders. If the delisting is successful all tendering shareholders will get the higher delisting price while in the case of it being unsuccessful, shareholders will get the open offer price which is guided by SEBI formula..
BUSINESS
Exclusive | ABSL AMC IPO: Anchor investors buy shares worth Rs 800 crore at upper price band
Sources suggest that top domestic investors include HDFC Life, SBI Life, HDFC AMC, SBI AMC, ICICI Pru AMC, and amongst the foreign investors, HSBC AMC, ADIA (UAE) topped the list.
BUSINESS
Zee: Next one month crucial as brinkmanship with Invesco continues
Zee Entertainment’s board has time till October 2 to call for an EGM and another 21 days to hold it. Invesco’s letter to the board reiterates the demand for an EGM for the re-constitution of the board, and questions the board on the strategic decision of September 22 to explore a merger with Sony.
BUSINESS
IPO reasonably priced, Birla brand a huge benefit: Aditya Birla Sun Life MD Balasubramanian
The mutual fund house says it has been extremely passionate about taking the business to the next level and is well-positioned for that task
BUSINESS
Aditya Birla Sun Life AMC IPO price band likely at Rs 695 - Rs 712, valuation over Rs 20,000 crore: Sources
Sources told Moneycontrol that the total issue size is likely to be up to Rs 2,770 crore. The IPO is fully an offer for sale (OFS) to sell a 13.5% stake in ABSL AMC.
BUSINESS
Essel Group to gain 2% stake in merged company as part of non-compete agreement with Sony
The group, promoter of ZEE Entertainment, to hold 4% in the merged company between Sony and Zee. Sony will transfer 2% stake to Essel Group post dilution due to merger as part of non-compete agreement between the companies, MD & CEO of Zee Entertainment Punit Goenka said.
BUSINESS
Zee: Does Invesco’s EGM demand lose sheen with proposed Sony merger?
Now that a white knight has come to the rescue of Zee MD & CEO Punit Goenka from investors who sought his removal from the board, the company’s shareholders may get influenced by the announcement of a proposed merger with Sony to make a media behemoth.
BUSINESS
Zee-Sony merger includes $1.57 billion fund infusion in Zee
This merger will require shareholder approval for the deal to go through.
BUSINESS
Exclusive | Razorpay Investment: Salesforce says India a priority market, will see more investments from firm
Razorpay had announced its Series E fundraise of $160 million in April this year, which tripled the company’s valuation to $3 billion in less than six months since it became a unicorn (a startup valued at $1 billion).
BUSINESS
Exclusive | Vodafone Idea not banking on paying dues with equity, team aims to put business back on track
Aditya Birla Group is preparing a plan to arrest market share loss with structural changes after the government’s offer of a relief package, including a four-year moratorium on payment of spectrum and AGR dues.
BUSINESS
Moratorium on government dues: Vodafone Idea lenders relieved as telco will see cash flow savings
Vodafone Idea’s total debt stands at Rs 1.8 lakh crore, including bank loans of around Rs 29,000 crore. IDFC First Bank, Yes Bank, IndusInd Bank, PNB and SBI will benefit from the cash flow relief to the telco resulting from the 4-year moratorium on dues allowed by the government.
