Oyo Hotels & Homes aims to list in India at a valuation of $12-15 billion without its founder Ritesh Agarwal offloading any stake in an upcoming IPO, people aware of the company’s plans said. The SoftBank Group-backed hospitality startup was valued at $9.6 billion after a “strategic investment” by Microsoft Corp. last month. Oyo is looking to raise between $1 billion and $1.2 billion largely by issuing fresh stock in the
UltraTech Cement said it has joined the RE100 initiative and the company targets to meet 100% of its electricity requirement through renewable sources by 2050. RE100 is a global group of influential businesses committed to using 100 percent renewable electricity. Its purpose is to accelerate change towards zero-carbon grids at scale.
Twitter Inc will allow people to tip their favorite content creators with bitcoin and will launch a fund to pay some users who host audio chat rooms on its Spaces feature, the company said on Thursday. Twitter said it plans to support authentication for NFTs, or non-fungible tokens, which are digital assets such as images or videos that exist on a blockchain. The feature will let people track and showcase their
Up to 20-25 per cent secondary dilution is expected in Oyo's impending $ 1 billion IPO, people familiar with the matter said. Existing investors such as Airbnb and Greenoaks Capital are unlikely to divest their stakes besides founder Ritesh Agarwal, they added. “Ritesh holds roughly 33 per cent stake and would not be diluting. The large institutional investors would also dilute very little. About 75-80 per cent will be fresh equity
Bitcoin fell nearly 5 per cent on Friday after China's central bank said it would crack down on cryptocurrency trading, banning overseas exchanges from providing services to mainland investors. The largest cryptocurrency was last down 4.6 per cent at $42,874, with smaller coins that typically trade in tandem with bitcoin also tumbling. Ether fell over 8 per cent while XRP slipped 7 per cent.
Tata Motors said that its electric vehicles have achieved a cumulative sales of 10,000 units. Tata Motors offers Tigor EV and Nexon EV in the electric vehicles segment. The company has over 70% market share (year-to-date FY22).
Nucleus Software Exports on Friday announced an up to Rs 158.7 crore buyback offer, wherein it will buy 22.6 lakh equity shares at Rs 700 apiece. The Board of Directors on September 24 approved the proposal for buyback of its shares from the equity shareholders on a proportionate basis through the tender offer route, a regulatory filing said.
The proposed merger of Zee Entertainment Enterprises (ZEE) and Sony Pictures Networks India (SPN) will need regulatory and compliance permissions, approval from 75% of shareholders, and could face integration issues, say legal and financial experts. While it takes 30-60 days for the due diligence, stitching the deal will require consent from the lenders, approvals from shareholders and regulatory bodies like the Competition Commission of (CCI), as well as by the National
Adani Airport Holdings is raising up to $500 million (about Rs 3,690 crore) through an overseas bond sale, as it accelerates the modernisation of the airports in Ahmedabad, Lucknow and Mangaluru amid a resurgence in air traffic due to the opening up of the economy. The final amount could be anything between $350 million and $500 million depending on the requirement, pricing and subscription demand, three people familiar with the matter
WPP, the world's largest advertising group, has agreed to pay $19.2 million in penalties and disgorgement to US Securities & Exchange Commission to settle FCPA (Foreign Corrupt Practices Act) violations in India, China, Brazil, Peru, Colombia and Chile. WPP majority-owned subsidiary in India paid as much as $1 million in bribes to Indian officials to obtain and retain government business, resulting in over $5 million in net profit between 2015 and
State Bank of India (SBI), the country's largest lender, Friday said that mispricing of risks is a cause of concern given the fact that there is ample liquidity in the system. Since deposits are flowing into the system and credit offtake is yet to take place, bankers may be tempted to make investments in alternative avenues like T-Bills, SBI chairman Dinesh Kr Khara said at a webinar organised by Bengal Chamber
HSBC and Standard Chartered could face spillover damage to their profits and balance sheets from the debt crisis enveloping China Evergrande Group even though the two banks say they have limited their direct exposure, analysts have warned. Other banks and insurers could also suffer indirect effects such as loss of fees or a devaluation of their investments.
Weeks after declaring stoppage of vehicle production in India, American auto major Ford on Friday announced a leadership change in its operations in the country with Anurag Mehrotra, currently President and Managing Director of Ford India, set to leave the company by the end of the month. Balasundaram Radhakrishnan, who is currently Director, Manufacturing, Ford India Pvt Ltd (FIPL) has been appointed to the role of transformation officer of the company
Prem Watsa's Fairfax-backed CSB Bank NSE 1.75 % is collaborating with the likes of HDFC, IIFL, Pine Labs and OneCard to offer home loans, broking, wealth management, merchant acquiring and credit card services to its customers. The bank, currently largely reliant on gold loans to grow its credit book, is inking these tie-ups in a bid to become a full-service bank and make its portfolio more granular.
The Reserve Bank of India (RBI) has taken yet another baby step toward normalising liquidity in the banking system as it prepares to exit an ultra-loose monetary policy approach adopted in the pandemic's aftermath. In the latest Gsec acquisition programme, RBI will sell Rs 15,000 crore of government securities to match the similar amount of long term securities it plans to purchase from the market.