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Bharti Hexacom IPO likely to value the company at over ₹28,000 crore, say sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Bharti Hexacom IPO is a full offer for sale by government-owned TCIL. The parent company Bharti Airtel, which owns a 70% stake in Bharti Hexacom will not sell any shares via the IPO nor will there be any fresh issuance of shares.

Telecom service provider Bharti Airtel Ltd has received market regulator Securities and Exchange Board of India’s (SEBI) approval for the IPO of its subsidiary Bharti Hexacom, sources with direct knowledge told CNBC-TV18 on March 20. They added that the expected valuation of the company is likely to be over ₹28,000 crore.

The issue size is likely to be around ₹4,300 crore which Telecommunications Consultants India Ltd. (TCIL) will raise via offloading a part of its stake through the IPO, sources said. They also indicate that the IPO is likely to be launched in the first week of April.

It will be the first IPO from the Bharti Group after over a decade. The last IPO to have come out from the Bharti Group was Bharti Infratel, now known as Indus Towers, which listed back in 2012. Bharti Airtel spokesperson did not comment on CNBC-TV18’s query regarding details of the IPO.

Bharti Hexacom IPO is a full offer for sale by government-owned TCIL. The parent company Bharti Airtel, which owns a 70% stake in Bharti Hexacom will not sell any shares via the IPO nor will there be any fresh issuance of shares.

The IPO is aimed at giving the government-owned TCIL that currently holds the remaining 30% stake in Bharti Hexacom a partial exit.

An industry expert pointed out, “Valuation is key as it directly impacts the SOTP value of Bharti Hexacom for the shareholders of Bharti Airtel. Even if there is no share sale by Airtel, the value unlocking is the upside to watch out for through the IPO.”

Bharti Airtel’s subsidiary runs its telecom operations in the North East and Rajasthan circles. It has a market share of 40% in Rajasthan and 50% in the North East. In FY23, Bharti Hexacom recorded revenue at ₹6,719 crore and profit after tax (PAT) at ₹549 crore, according to its financials.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Zee-Sony merger called off: An ‘informal proposal’ was the final nail in the coffin, say sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Deal makers directly involved in the merger deal shared that Sony ‘only verbally communicated’ the change of heart on Punit Goenka’s position in the merged entity after the SEBI investigation ensued. Following this, Zee reverted with two separate proposals to agree with Sony’s informal proposal on the critical change in the terms of the deal.

Sony’s decision to call off the merger with Zee after two years of going through the process is based on an ‘informal proposal’ and the negotiations around it, sources with direct knowledge told CNBC-TV18 on January 23.

Deal makers involved told CNBC-TV18 that Sony conveyed the change in Punit Goenka’s position “verbally” amid an investigation by the Securities and Exchange Board of India (SEBI). In response, Zee presented two proposals to align with Sony’s informal proposition on the critical change in the terms of the deal.

Also Read: Zee Entertainment gets multiple downgrades after Sony merger called-off

The first suggested retaining the original merger format and jointly seeking an independent CEO, while the second proposed Punit Goenka stepping down but maintaining a board position. Sony declined the latter, leading Zee to revise it by suggesting the appointment of a nominee board member.

To protect the interests of the 49% of shareholders who had entrusted Punit Goenka with the MD and CEO position in the merged company, Zee sought a nominee board position. Sources reveal that despite presenting various alternatives, Sony rejected them all, leading to the decision to call off the deal.

Also Read: Zee Entertainment shares extend losses to 30%, biggest single-day fall on record

Legal experts, familiar with the deal contours, noted that the informal approach to changing the clause was a ‘commercial decision’ to avoid reopening the deal for renegotiation, which would require compensation to the merger partner for the proposed changes.

An M&A lawyer said, “The original agreement did not incorporate a safety net or optionality in case of any eventuality of an unforeseen risk to the clause pertaining Punit Goenka’s position and this was an opportunity Sony probably exploited.”

Sony and Zee have not offered any comment to CNBC-TV18 on the above details and developments that led to the failure of the merger.

Also Read: Zee refutes merger breach claims as Sony seeks $90 million in termination fee

Also Read | Here is a complete timeline of how the $10 billion Zee-Sony merger deal started and ended

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sony calls off merger with Zee Entertainment

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Zee-Sony merger called off: In a statement Sony said, “Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline.”

Culver Max Entertainment Private Limited (CME), formerly known as Sony Pictures Networks India Private Limited, on January 22 officially terminated the proposed merger with Zee Entertainment, ending a two-year endeavor to create the largest media and entertainment company in India through the union of Sony and Zee.

In a statement from Sony Pictures Entertainment, CME issued notice to Zee Entertainment Enterprises Ltd. (ZEEL) to terminate the agreement dated December 22, 2021, for the merger of ZEEL and CME.

“Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline. After more than two years of negotiations, we are extremely disappointed that the closing conditions of the merger were not satisfied by the end date. We remain committed to growing our presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences,” the notice said.

Initiated in 2021, the $10 billion merger discussions were slated for completion by December 21, 2023. The deal encountered various delays, including regulatory obstacles and legal actions by creditors against the company.

Also Read | Zee faces more trouble: SC upholds Delhi HC order to refer Siti Networks’ loan default case to arbitration

The decisive factor in the merger’s demise appears to be the market regulator SEBI’s investigation into an alleged money laundering case involving promoters of Zee Entertainment, including Punit Goenka. While Punit successfully secured a Securities Appellate Tribunal (SAT) order allowing him to retain his Key Managerial Position, Sony appeared uneasy with his continued role as MD & CEO in the newly merged entity.

If the merger had proceeded, the combined entity would have controlled over 70 TV channels, two video streaming services (ZEE5 and Sony LIV), and two film studios (Zee Studios and Sony Pictures Films India), establishing itself as the largest entertainment network in India.

The termination of the Sony-Zee merger sets the stage for intense competition in the Indian media and entertainment sector, particularly as reports indicate that Reliance is moving forward with plans to merge its media and entertainment business with Disney, creating a formidable presence in this rapidly expanding industry in India.

Zee Entertainment, however, refuted all claims made by Sony, asserting that it has not breached the terms of the merger agreement. The company is actively evaluating available options to address the situation.

On the point of contention about Punit Goenka’s position, Zee stated, “Punit Goenka, MD & CEO of ZEEL, was agreeable to step down in the interest of the merger and proposals in this regard were discussed, including for appointment of a director on the Board of the merged company, protections for the conduct of pending investigations and legal proceedings in the best interest of ZEEL’s directors and shareholders and the consequent modifications to the scheme to incorporate the same. ZEEL proposed an extension of a maximum period of six months for the consummation of the transaction, however, Culver Max did not provide any counter-proposal for an extension. These discussions did not result in any proposal from Sony but they rather have chosen to terminate.”

Looking beyond the fallen deal R. Gopalan, Chairman, ZEE Entertainment Enterprises said “The company will continue to evaluate organic and inorganic opportunities for growth, leveraging the intrinsic value of its assets.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Cipla promoters in talks to sell part stake to private equity firms, say sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Exclusive: Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company, three independent sources with direct knowledge of the matter told CNBC-TV18.

Pharma major Cipla’s promoters are in talks with private equity firms to sell a part of their total holding in the company, three independent sources with direct knowledge of the matter told CNBC-TV18 on July 27. At present, The promoters own 33.47 percent stake in the company.

As per sources, an investment bank has been hired to advise on the deal and private equity (PE) firms like Blackstone and Baring Asia are amongst others that are in talks to explore a deal. This move comes as a step towards succession planning for the company, they indicated.

In response to CNBC-TV18′s newsbreak, Cipla mentioned that the company is not aware of any event that require disclosures, and that it will make appropriate disclosures as and when the requirement arises.

“They are evaluating options for a strategic investor to come on board to revamp future strategy to enhance capital allocation and operational efficiency to improve return metrics,” one of the sources said.

The people cited above also suggest that with second generation promoters, YK Hamied and MK Hamied, Chairman and Vice Chairman respectively being octogenarians and only Samina Hamied from the third generation being part of Cipla as an Executive Vice Chairperson, company needs a clear road map on succession.

Also Read | Cipla Q1 Results: Record sales in North America while profit and margins beat estimates

The promoters are “well-coordinated” and have been taking an active role in the company’s operations, a source said. “Succession issue has been a long standing concern at Cipla, the company needs a clear leadership plan. It has been often seen as a takeover candidate for this reason” the person said.

Cipla’s market capitalisation is over $10 billion, a 25 percent stake sale would require a large investment of over $2.5 billion.

The sources suggest that PE firms are trying to stitch together a consortium of investors to fund the large deal for a bigger chunk of the stake on offer.

The pharma sector is a sector of choice and any opportunity in the sector is attractive for private equity, especially after the success of KKR’s bet on JB Chemicals, a source said.

Also Read: Cipla shares near all-time high, market cap nears Rs 1 lakh crore

Also Read: Cipla’s US subsidiary recalls some of its inhalers due to container defect; how is it connected with the Indore unit?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Manipal Group to lead Rs 2,500 cr fund raise by PharmEasy at a massive drop in valuations: Sources

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Industry watchers say that this deal solves for many issues at PharmEasy but a substantial drop in valuation from $2.8 billion to around Rs 6,000 crore is a massive mark down and signals difficult times ahead for the digital commerce companies going forward

Manipal Group’s family office has offered to infuse Rs 1,000 crore for approximately 18 percent stake (post money) in API Holdings, which owns online pharmacy PharmEasy and is the promoter of listed diagnostics company Thyrocare, several independent sources with direct knowledge of the matter has confirmed. API Holdings needs cash to repay debt close to Rs 2,500 crore for which it had pledged Thyrocare shares.

Manipal Group may get board seats at API Holdings as part of fund infusion and API’s existing investors are likely to infuse additional Rs 1,500 crore in the funding round led by Manipal valuing it at around Rs 6,000 crore, much lower than the last funding round, which valued it at $2.8 billion.

With this investment, Manipal Group will become the single largest shareholder in API Holdings.

Industry watchers say that this deal solves for many issues at PharmEasy but a substantial drop in valuation from $2.8 billion to around Rs 6,000 crore is a massive mark down and signals difficult times ahead for the digital commerce companies going forward.

Sources suggested that a large chunk of debt repayment will be to Goldman Sachs to which Thyrocare and other group entity shares have been pledged. “API Holdings needs to repay debt since it has breached debt covenants and lenders can invoke pledged shares,” sources said on condition of anonymity.

API Holdings did not revert on deal query, Manipal Group said “no comment” and Goldman Sach’s spokesperson declined to comment.

Top private equity players Temasek and TPG Capital also have an important role to play in stitching this deal, sources said. Both the marquee funds are common investors in Manipal Group’s healthcare business and in API Holdings and are likely to infuse more funds in this round led by Manipal’s family office. Temasek and TPG did not offer any comment on deal query.

The entry of Manipal Group as a strategic investor could bring both capital infusion and valuable expertise to API Holdings as it gets board seat at API Holdings, experts share. This investment is, however, from the family office of the group and is not related to Manipal Health, which is owned by Temasek and has TPG as a large investor.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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The Thought League Season 2: Boosting domestic pools of capital

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Sanjay Nayar, PE Investor & former banker, and Cyril Shroff, managing partner, Cyril Amarchand Mangaldas talk on the topic of boosting domestic pools of capital.

In the ninth episode of  CNBC-TV18 & Cyril Amarchand Mangaldas present The Thought League, Sanjay Nayar, PE Investor & former Banker and Cyril Shroff, managing partner, Cyril Amarchand Mangaldas discussed with CNBC-TV18’s Nisha Poddar on the topic of boosting domestic pools of capital.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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SoftBank bullish on India investments and future opportunities

SoftBank speaks exclusively to CNBC-TV18’s Nisha Poddar on its 2.0 investment strategy in India. Munish Varma, Managing Partner at SoftBank Investment Advisers says that listing of its portfolio company is a vindication of the depth of financial markets.

Valuation of the listed unicorns will be reflected in the company’s performance going forward.

Japanese conglomerate SoftBank has actively invested over 10 billion dollars in Indian new age companies and is set for bumper returns with two of its large portfolio companies Policybazaar and Paytm rolling out their IPO.

 

(The story will be updated shortly.)

 5 Minutes Read

Paytm may raise Rs 8,300 crore via IPO; DRHP with Sebi likely today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Paytm is looking to raise up to Rs 8,300 crore via Initial Public Offer (IPO) which is expected to be launched during Diwali, sources informed CNBC-TV18.

Paytm is looking to raise up to Rs 8,300 crore via Initial Public Offer (IPO) which is expected to be launched during Diwali, sources informed CNBC-TV18.

“The company may file the DRHP with Sebi today. The total issue size is seen at Rs 16,600 crore with a valuation of $30 billion,” sources said.

The primary issue size of Rs 8,300 crore will include Rs 2,000 crore pre-IPO placement. Investors are unlikely to follow pro-rata allotment for Rs 8,300 crore OFS, they added.

Ant Group is likely to sell around 6 percent stake via OFS to meet Sebi norms. SoftBank is likely to sell shares worth around Rs 1,000 crore via OFS.

Paytm, however, denied commenting on this story.

Earlier, Paytm shareholders approved the fresh issue of up to Rs 12,000 crore via IPO. They approved the total IPO size including OFS at Rs 16,600 crore.

CNBC-TV18 had reported on May 31 that the board of One97 Communications Ltd had given the in-principle approval for the listing.

Paytm said that the proposed IPO is contemplated to include a fresh issue of equity shares by the company and an offer for the sale of equity shares by existing shareholders.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

EXCL: PharmEasy’s parent API Holdings to acquire Thyrocare, to create one stop shop for healthcare solutions, says CEO Siddharth Shah

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

API Holdings, the parent company of PharmEasy, on Friday announced it has acquire 66.1 percent stake in Thyrocare from Dr A Velumani and affiliates at a price of Rs 1,300 per share aggregating to Rs 4,546 crore.

In one of the first deals, an unlisted startup eyeing an IPO has acquired a listed company with PharmEasy’s API Holdings announcing the acquisition of Thyrocare.

Dr A Velumani will exit Thyrocare completely but will invest in API Holdings as part of the larger deal. CNBC-TV18‘s Nisha Poddar who first broke the story caught up with Siddharth Shah, co-founder and CEO of API Holdings on the deal dynamics.

Q. What’s the rationale of the deal?

Siddharth Shah: Thyrocare has an outstanding backend and they are leaders in cost control. We have a reach that can cover 70 percent of India under 24 hours. PharmEasy is the leader in technology services today for healthcare in India and it is the best largest platform. We have more than 17 million monthly active users, more than 50-60,000 medicine orders delivered every single day. We have a network today of 80,000 pharmacies across India. We have a network of 6,000 doctors. We believe that it is a perfect complimentary strength to complete a digital-led holistic healthcare platform in India, that can cover information, consultation, tests, and treatment. But the idea is now these can cover tests along with treatment in a very very big way. I believe that 70 percent of India’s population can now be covered with either a medicine or a test with a turnaround time of less than 24 hours with world-class technology and world-class service coming to your doorstep.

Q. What are the synergistic benefits of this acquisition?

SS: Today a significant number of patients require tests as well as treatment and Thyrocare is today a leader in wellness, which is a very chronic part of what you need for maintaining your health and wellness. I think PharmEasy today is the go-to platform for everybody. We believe Tyrocare also has a significant B2B network. We believe that on top of the B2B network, we can create an outstanding B2C network. We can leverage our pan India strength to make it happen.

Q: Is Dr Velumani also investing in API Holdings as part of the transaction

SS: Dr Velumani will make an investment of Rs 1,500 crore to buy 4.9 percent in API Holdings. This transaction is separate from the acquisition deal.

Q: How are you planning to fund this large acquisition?

SS: We have significant investment coming in from our existing and new shareholders and there is already cash from the previous rounds, and there is some other committed funding. So, we are well set to make this happen.

Q: API Holdings is planning for an IPO, so will there be two listed companies or will Thyrocare will be delisted? If the open offer is fully subscribed to then the promoter holding will be much higher than Sebi norms.

SS: API Holdings is planning an IPO in 12-18 months and this acquisition will beef up our portfolio ahead of the listing. On the point of the number of listed entities, all options are on the table. I think we cross the bridge when we get there. The board will consider all options right and take the decision.

Q. What has been the role of Aditya Puri in this deal?

SS: Aditya Puri is on the board of API Holdings. Personally, for me, he is a mentor and an advisor and his views are valuable.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Axis Bank in talks to buy Spandana Sphoorty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In a mutually beneficial deal, Axis Bank is looking at reducing its priority sector lending cost with the acquisition. For Spandana Sphoorty, the Bank’s lower cost of funding will help expand business.

Axis Bank is in talks to acquire Spandana Sphoorty, which is also reportedly open to exploring a complete sale, say people in the know. Interest in this deal has been evinced on both sides and it has been in the works for a while, the sources shared.

Axis Bank is looking at reducing its priority sector lending (PSL) cost with the acquisition.

Spandana Sphoorty’s customer base will not only help it expand its base but will also give Axis Bank the ability to cross-sell its various products and services.

Spandana Sphoorty has been open to a sale proposition. Axis Bank as a large parent and lower cost of funding will help its business.

Axis Bank declined to comment on the query.

E-mails to Padmaja Reddy, Founder & MD of Spandana Sphoorty, did not get a response.

Spandana Sphoorty Financial is a non-banking financial company – microfinance institution (NBFC-MFI). The company is primarily engaged in the business of microfinance providing small value unsecured loans to low-income customers in semi-urban and rural areas.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?