Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
PSU banks raising funds after recapitalisation plan
Public sector banks are queuing up to raise funds from the equity market, especially through qualified institutional placements (QIPs), against the backdrop of improved investor sentiment on account of the government’s bank recapitalisation plan and a recent upgrade of India’s sovereign rating by Moody’s Investors Service, reports Mint. Read more
Axis Asset Management to raise pre-IPO fund of Rs750-1,000 crore
Axis Asset Management Co. Ltd, the asset management business of Axis Bank Ltd, is planning to raise a pre-initial public offering (IPO) fund of around Rs750-1,000 crore, reports Mint, citing two people aware of the development. Read more
Air India privatisation: SBI Caps hired, 5 teams set up for divestment process
Preparing for privatisation, Air India Ltd has roped in SBI Caps to advise on the future course of disinvestment and has constituted five teams to work on various aspects of the stake sale process, reports PTI. Read more
Paytm buys stake in Creditmate
Paytm on Tuesday said it has bought an undisclosed stake in Urja Money Pvt. Ltd, which evaluates creditworthiness of people seeking loans to buy two-wheelers. Paytm will use Urja’s proprietary CreditMate technology to create a loan management system in collaboration with lending partners, reports Mint. Read more
Slowdown in hospitality deals due to strict property and bankruptcy laws
Valuation gaps and disruptive reforms, such as the rollout of the uniform producer levy and strict property and bankruptcy laws, seem to have minimized the number of deals in India’s capital-intensive hospitality industry, with hotel owners busy streamlining operations before committing to new transactions, reports The Economic Times. Read more
At $523 billion, Tencent ousts Facebook from global top 5
Tencent Holdings has surpassed Facebook in market value, becoming the first Chinese technology company to join the ranks of the world’s five largest corporations, reports Bloomberg. Read more
PowerGrid, Sterlite, Adani, KEC eye power transmission projects in Brazil
Indian power transmission companies, including state-run Power Grid Corporation of India and private sector firms Sterlite Power and Adani Transmission, along with engineering companies such as KEC International are vying for orders from Brazil to make up for the slack business in the domestic market, reports The Economic Times. Read more
OVL buys 15% stake in Namibian oil block
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp., said it has acquired 15% stake in a oil block in Namibia, reports PTI. The 15% participating interest in Namibia Petroleum Exploration License (PEL) 30, covering Block 2012A from Tullow Oil of UK, is OVL’s second acquisition in the African nation in as many months. Read more
Reliance Industries raises $800 million via 10-year bonds
Reliance Industries Ltd (RIL) said on Tuesday that it had raised $800 million by selling 10-year bonds overseas at the lowest coupon rate for an Indian corporate bond sale of that maturity. RIL will use the proceeds to refinance existing debt, it said in a statement, reports Mint. Read more
Donear buys OCM woollen mills
Promoters of textile firm Donear Industries have acquired OCM Woolen Mills in a deal that will make the group the largest branded menswear fabric manufacturer in the country, reports The Telegraph. Read more
Venture capital firms struggle to justify large funds as deals dry up
Most of India’s top venture capital firms raised successively large funds in 2015 and 2016, betting on what looked like an internet gold mine then. After the slowdown in the growth of the consumer internet business since the start of 2016, venture capital firms are struggling to justify the large funds they raised, reports Mint. Read more
Mandatory Aadhaar linkage with property
When Prime Minister Narendra Modi announced demonetisation to fight black money, a valid criticism was that the black money is hoarded more in immovable property than cash. The government, however, has been saying that demonetisation was one step in fight against black money and more such steps would come.
For the first time, a Union Cabinet minister has indicated that Aadhaar linkage with property transactions would be made mandatory, ET Now reported. Read more