Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
India a priority for $2 billion The Rise Fund
The Rise Fund, founded by TPG Growth founder and managing partner Bill McGlashan, U2 lead singer and activist Bono, and Jeff Skoll, an entrepreneur and film producer, has closed the largest impact investment fund raised so far with a total corpus of $2 billion, reports Mint. Read more
Amazon Pay to get fresh fund infusion from Amazon India
Months after getting the go-ahead from the Reserve Bank of India (RBI) to expand the scope of its digital payments business, Amazon India is preparing to make a big push into digital payments and compete aggressively with the likes of Paytm, Freecharge and e-commerce arch-rival Flipkart’s payment business PhonePe, reports Mint. Read more
India equity issuances at 10-year high: report
Indian companies raised a total of $17.2 billion in the first nine months of 2017 by selling equity and equity-linked securities, a 138% increase compared to the same period last year, a Thomson Reuters report said.
This is the highest such amount since Indian companies raised $24.2 billion from the equity capital markets in the first nine months of 2007. These nine months of 2017 also saw 55.5% more equity issues compared with the same period last year. Read more
InnoVen hires GE Capital’s Ashish Sharma to head its India business
Singapore’s Temasek-backed venture debt provider InnoVen Capital has hired former GE Capital, India, senior executive Ashish Sharma as the new chief executive for its Indian arm, reports Mint. Sharma will replace Chin Chao, CEO of InnoVen, Singapore and South-east Asia, who had stepped in as interim CEO for India on 1 August. Read more
SBI Life shares close up 1.1% at Rs708 on market debut
Shares of SBI Life Insurance Co. Ltd debuted almost 5% higher on the bourses on Tuesday, after the insurer’s Rs8,400 crore initial public offer (IPO) was subscribed 3.58 times last week. At close, SBI Life shares ended 1.14% higher at Rs708 apiece on the BSE, reports Mint. Read more
Ford to cut 14 billion in costs, invest in trucks, electric cars: CEO Jim Hackett
Ford Motor Co. plans to slash $14 billion in costs over the next five years, chief executive officer Jim Hackett told investors on Tuesday, adding that the No. 2 US automaker would shift capital investment away from sedans and internal combustion engines to develop more trucks and electric and hybrid cars, reports Reuters. Read more
Larsen & Toubro acquires full stake in L&T Cassidian
Larsen & Toubro said it has acquired the remaining 26% stake in L&T Cassidian Ltd, a joint venture between the engineering conglomerate and Airbus Defence and Space GmbH (Airbus DS), reports PTI. Read more
Hitachi among 3 shortlisted for SBI merchant JV
State Bank of India has shortlisted three companies—Hitachi, Worldline and First Data Corporation—for its joint venture (JV) partner in the merchant-acquiring business. The bank proposes to transfer its business of deploying credit card swipe machines to a new entity that will be a JV with a payment company, reports Times of India. Read more
ESR buys stake in Australia’s Propertylink, hits all-time high
ESR Pte Ltd, a unit of Asian logistics firm ESR Cayman Ltd, said it had taken an 18% stake in Propertylink Group, buying 60.2 million shares via off-market purchases, according to Reuters. Propertylink’s shares rose up to 8% to an all-time high after the real estate investment trust said on Wednesday that ESR Pte Ltd bought the stake. Read more
GIC Re’s Rs11,370 crore IPO to open on 11 October
State-run reinsurer General Insurance Corp. of India’s (GIC Re) initial public offering (IPO) of shares next week seeks to raise as much as Rs11,370 crore ($1.7 billion) in what will be India’s second-biggest IPO, reports Reuters. Read more