Shaoorji Pallonji and Co has repayed Rs 12,450 Cr to all its lenders to achieve an early OTR exit according to an official press statement from the company. “SPCPL on 31st March repaid all its lenders Rs 12,450 Cr to achieve an early exit from the COVID One-Time-Resolution (OTR) plan” the statement said. SPCPL’s OTR … Read more
Tejas is acquiring 100% of Saankhya Labs (SL), a Bengaluru headquartered Company focused on developing telecom products and equipment. Key points to note – Acquisition is in two stages 1st stage – 64.40% for Rs 283.94 crore cash to be completed in 90 days 2nd stage – Balance 35.60% after 1st stage through merger or … Read more
Finally after months of speculation, Axis has formally announced the acquisition. What is Axis acquiring? Consumer banking businesses of Citibank India – credit cards, retail banking, wealth management and consumer loans. Citi’s non-banking financial company, Citicorp Finance (India) Ltd – Commercial Vehicle loans, Construction Equipment Loans and Personal Loans. Access to Citi’s 7 offices, 21 … Read more
Cumulative FPI outflows touched record $14.6 bn, of which March alone saw them taking out $5.4 bn After the record $23 billion of additional investments in domestic equities in FY21, foreign funds have massively slashed their fresh exposure to the country to $3.7 billion in FY22, also pairing down their holdings in the NSE 500 … Read more
In a bonanza for gas producers, Reliance Industries is set to get a record price of around $10 per MMBtu for the KG gas, while state-owned ONGC is likely to fetch more than double the rate for its Mumbai High and other fields, sources said. The government-dictated price for natural gas produced in the country … Read more
Tata Consumer Products (TCPL) has decided to restructure the business of it’s 57.48% subsidiary Tata Coffee Limited (TCL). The proposed restructuring includes the following – Demerger of TCL’s plantation business into a new 100% subsidiary of TCPL. Merger of the remaining TCL’s business into TCPL. TCPL’s shareholding in TCL would be cancelled and non-promoter TCL’s … Read more
Veteran banker Aditya Puri on Tuesday raised questions about Paytm’s business model, saying the recently listed financial services company has earned customers not by rendering services but by way of cashbacks. Puri, who led HDFC Bank from inception and made it into the largest in the private sector space by the time he retired … Read more