CAPITAL RAISING COMMITTEE
Hinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator.
India can grow at 8 pc if inflation keeps falling: Ashima Goyal, an external member of MPC
Ashima Goyal, an external member of the Monetary Policy Committee, emphasized the potential for India's economy to grow at 8% if the nominal repo rate falls in line with declining inflation. The Reserve Bank of India has projected a GDP growth of 7.2% for the current fiscal year.
Charting the global economy: BOE leaves rate-cut hopes alive
The Bank of England hinted at possible interest-rate cuts as some officials are leaning towards it, despite keeping rates steady at 5.25%.
Ixigo's stock rally continues; retro tax relief likely for egaming cos
Shares of Ixigo continued to surge a day after the travel platform’s IPO. This and more on today’s ETtech Top 5.
Axis Bank entities to up stake in Max Life Insurance at Rs 336 crore
Axis Bank and its subsidiaries have approved increasing their stake in Max Life Insurance to 19.99% through a Rs 336 crore cash deal. This move aims to bolster Axis Bank's presence in the life insurance sector, following earlier regulatory approvals for equity infusion in Max Life.
Targeting to hit milestone of Rs 20,000 cr loan book in 8-10 quarters: Shachindra Nath
If you look at this, the regulatory intent or the policy intent that the entire banking credit, 40% of average net banking credit should be in the priority sector. As we all know the banking sector, while in recent past the priority sector lending from bank side has improved, but for a variety of reasons the real priority sector credit dissemination has always been done by middle sized NBFCs.
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FOMC, FII action among 10 factors to dictate D-Street mood this week
The Nifty index closed the week with a 3.6% increase amidst two significant occurrences: the highly anticipated election results and the monetary policy decision by the Reserve Bank of India (RBI). As trading resumes on Monday, a range of significant domestic and international events scheduled throughout the holiday-shortened week are expected to influence market movements.
INDIA bloc must function cohesively both in Parliament & outside, says Congress chief Mallikarjun Kharge at CWC meet
Congress president Mallikarjun Kharge emphasized that the Lok Sabha election outcome signifies a rejection of divisive politics and underscored the importance of unity within the INDIA bloc, both inside and outside Parliament. While acknowledging the party's revival, Kharge also highlighted areas where the Congress fell short of expectations and proposed discussions to address these issues. He credited the Bharat Jodo Yatra for boosting Congress's vote share and seats in several states, particularly in Maharashtra. Kharge praised the solidarity within the INDIA bloc and stressed the continuation of cohesive action.
RBI holds rates amid food inflation fears
The Reserve Bank of India (RBI) kept policy interest rates unchanged for the eighth consecutive meeting due to concerns about rising food prices. The central bank raised its economic growth forecast for FY25 to 7.2% from 7%, driven by state investments and broad-based consumption. Despite inflation worries, the repo rate remains at 6.5%. A divide in the Monetary Policy Committee emerged, with two members favoring a rate cut. Equity indices surged, but bond yields rose slightly. Governor Das emphasized India's independent monetary policy stance.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
As Modi 3.0 begins, where the economy stands, where it's headed
Narendra Modi is set to begin his third term as PM with a full-strength NDA team, amidst optimism for India's economic future. RBI Governor Shantikanta Das highlighted the country's robust economic growth, strong manufacturing sector, recovering rural demand, and promising investment activity. India's external sector remains resilient, with positive growth prospects ahead.
How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
NCLAT upholds Adani Goodhomes bid with 93% haircut for Radius Estate
The Insolvency Appellate Tribunal NCLAT upheld its Adani Goodhomes' resolution plan for Radius Estate. NCLAT rejected petitions from two dissenting financial creditors, and approved the plan to provide possession to nearly 700 flat owners without price escalation. The plan was opposed by Beacon Trusteeship and ICICI Prudential Venture Capital Fund Real Estate, who claimed it was unfair, but NCLAT affirmed the Commercial Creditors' Committee's decision.
More PEs head to India armed with big money to bag deals
Growtheum Capital Partners, a private equity firm headquartered in Singapore, is scheduled to inaugurate its Mumbai office this July, joining the growing list of PE investors in India. At the same time, US-based private equity firm Platinum Equity is evaluating investment opportunities across various sectors such as healthcare, technology, and infrastructure as it prepares to enter the Indian market.
Vi board approves allotment of equity shares worth Rs 2,075 crore to ABG entity
Vi's board approved allotting equity shares worth Rs 2,075 crore to an Aditya Birla Group entity, marking the conclusion of its over Rs 20,000 crore fundraising plan via the equity route.
Vodafone Idea approves Rs 2,075 crore preferential allotment to AB Group
The allotment aggregates to Rs 2,075 crore and will be issued to Oriana Investments Pte Ltd (Aditya Birla Group entity forming part of the promoter group)
Wipro Consumer VC looks for more follow-on rounds
Sumit Keshan, managing partner of Wipro Consumer Care – Ventures, said the fund's approach has been to invest $1-3 million per deal with a follow-on investment that can go up to $4 million. The second fund will make a portfolio of around 15-16 companies, largely with the same ticket sizes, with a little more focus on follow-on funding, he added.
Fed meeting outcome today: How it may impact Indian stock market
Federal Reserve's decisions, especially on interest rates, have a profound impact on global markets, including India. Chair Jerome Powell, could chalk out a future trajectory, without any rate cuts this year, or bring it down from the three rate cuts the other Fed officials were projecting. Young retail Indian investors can mistakenly treat these macroeconomic developments lightly, believing instead that it won’t have an impact on the Indian markets. But that would be a costly blunder.
IRDAI raises concern over Hinduja Group-led IIHL bid for Reliance Capital
IRDAI raises concerns over IndusInd International Holdings' (IIHL) resolution plan for Reliance Capital, citing deviations from insurance regulations. Questions arise over IIHL's equity infusion, debt-raising plans, and ability to meet future capital needs. The regulator also seeks clarity on FDI limits and acquisition structure. IIHL's Rs 9,650-crore resolution plan for Reliance Capital was approved by NCLT in February 2024
JSW Energy shares hit 52-week high on plans to raise Rs 5,000 crore via QIP
JSW Energy shares rose nearly 3% to hit a 52-week high of Rs 558 in Wednesday's trade on BSE after the firm said it plans to raise Rs 5,000 crore by selling shares to high net worth investors through a qualified institutional placement process or QIP.
JSW Energy board approves raising Rs 5,000 crore through QIP
The Board has also authorised the finance committee to take all the necessary decisions in this regard. JSW Energy is one of the leading private-sector power producers in India. The company has established its presence across the value chains of the power sector with diversified assets in power generation, and transmission.
JSW Energy to raise Rs 5,000 crore via QIP
A QIP is a way for listed companies to raise capital by issuing shares to eligible institutional bidders. Details of the QIP, dates, and pricing are yet to be determined.
Karnataka Bank approves Rs 600 crore QIP share allotment
Private lender Karnataka Bank’s committee of directors on Thursday approved the allotment of shares worth Rs 600 crore at a price of Rs 227 apiece to qualified institutional investors.
Macrotech Developers to raise Rs 125 cr through issue of debentures
Realty firm Macrotech Developers Ltd said it will raise Rs 125 crore through the issue of non-convertible debentures (NCDs). Macrotech Developers, which sells properties under Lodha brand, is one of the leading real estate developers in the country.
Turkey's central bank hikes interest rate to 50%
Turkey's central bank hiked its key interest rate on Thursday, resuming its tightening cycle as one of the world's highest inflation rates rose again last month. The central bank said Thursday that its "monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen".
SpiceJet improves financial position with another Rs 316 crore fundraising
SpiceJet has secured Rs 316 crore in investments, allocated equity shares and issued warrants to investors. The funding strengthens their financial position, supports expansion initiatives, and enables cost-cutting measures, including employee layoffs and fleet upgrades.
Shyam Metalics raised Rs 1385 crore through QIP
City-based Shyam Metalics and Energy Limited (SMEL) announced that it has raised Rs 1,385 through Qualified Institutional Placement (QIP).
Shyam Metalics raised Rs 1385 crore through QIP
City-based Shyam Metalics and Energy Limited (SMEL) announced that it has raised Rs 1,385 through Qualified Institutional Placement (QIP).
Vedanta gets nod to raise up to Rs 3,400 crore via NCDs
"The duly authorised Committee of Directors at its meeting held today...considered and approved for raising, on a private placement basis, up to 3,40,000 nos secured, unrated, unlisted, redeemable, non-convertible debentures (NCDs) of face value Rs 1,00,000 each aggregating up to Rs 3,400 crore in one or more tranche(s)," the company said in a stock exchange filing.
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