Novelis Bond Sale, Myntra execs exit, SC fines Unitech- Weekly Digest #10

Monday- 15th August 2016

  • Birla Group Company Hindalco’s Novelis unit to raise an amount of $1.1 billion via the sale of US Bonds. The purpose of the sale is to refinance its bonds that are due for maturity in December 2017. The base size of the issue to be $550 million, with an option to retain oversubscription.
  • The Defense Ministry of India is looking to utilize the funds allotted toPSUs, which have been lying unused. The some of such amount has swollen to $8.3 billion for past few years. This action comes in light of the dismal allocation of funds to the defense ministry in the annual budget.
  • BSNL is in talks with tablet making company Datawind and payments firm Oxygen, for a Mobile Virtual Network Operator (MVNO). The decision could be taken by the end of December 2016, as per BSNL chairman, Anupam Shrivastava.
  • In the aftermath of acquisition of rival Jabong by its parent company Flipkart, two more senior positions are about to be vacated in the fashion portal Myntra. Head of Commerce, Prasad Kompalli and head of fashion brands, Abhishek Verma, to exit from the company.

 

Tuesday- 16th August 2016

  • Tencent to join forces with Taiwan’s Foxconn Technology Group to lead an investment in Delhi-based chat app HIike. The investment will be of an amount of Rs 1,200 crores, and will help in creating India’s newest startup unicorn.
  • The tussle between Reliance Jio and the top telecoms continue this week as Jio urged the regulator to take action against top companies for violating license terms by not providing enough interconnection points to allow calls originating from Jio to go through.
  • Ola has shut down its Taxi for Sure business and has laid down over 700 employees during the process. Ola had acquired TFS nearly one and a half year ago for $200 million, leading to the resignation of top management within months.
  • Japanese internet and telecom firm SoftBank has invested an amount of Rs 413 crores in hotels brand OYO Rooms through a proposed rights issue last month. This will fund its flagship initiative, where it will control inventory of the hotels to ensure quality.

Wednesday- 17th August 2016

  • The Federation of Associations in Indian Tourism and Hospitality is looking for amendments in GST draft to include an exception for tourism and hospitality businesses, and classifying them under 6-8% tax slab, a practice commonly followed in other countries.
  • The Supreme Court has asked Unitech to deposit the principal paid by the home buyers to the court. An amount of Rs 5 crores has to be deposited within two weeks, while the balance amount of Rs 15 crores is to be deposited by September 30th this year. The penalty comes due to delay in transferring possession.
  • The Indian software exports industry body, National Association of Software and Services Companies (Nasscom) on Wednesday said that it does not intend to revise its growth target of 10-12% in software exports. Nasscom is keeping a tab on global factors that may create a ripple effect to affect the software exports.
  • The National Commodity & Derivatives Exchange has reduced the extension in the tenure of its CEO, Samir Shah, to a year.Two months ago, the shareholders had approved another three years for the CEO after he completes his tenure.

 

Thursday- 18th August 2016

  • Prime Minister Narendra Modi and Finance Minister Arun Jaitley met on Thursday to discuss the successor of Raghuram Rajan, current governor of RBI. Rajan’s term is due to cease on 4th September this year and announcement for next governor will be made in few days.
  • US-based private equity firm, TA associates has invested an amount of $140 million in Indian women ethnic wear firm TCNS Clothing. TCNS stores operate in Delhi under the brand name W with over 300 outlets.
  • Metropolitan stock exchange, known as MCX, has raised an amount of Rs 100 crores via the issue of right shares. Currently, its net worth is Rs 107 crores.

 

Friday- 19th August 2016

  • One of the India’s most active venture capital firm, Accel Partners is expected to raise an amount of $400-$500 million for its fifth funding. The formalities are likely to be initiated in October this year.
  • The government has selected four investment banks for the proposed share sale in Housing & Urban Development Corporation Limited. These are Nomura, SBI Caps, ICICI Securities and IDBI Capital.
  • Fortis Healthcare has announced demerger of its diagnostics business into listed subsidiary Fortis Malar Hospitals through a composite scheme of arrangement and amalgamation. This will separate SRL limited and Fortis Limited.

 

Source: The Economic Times
Image: http://www.michaelpage.com.au/sites/michaelpage.com.au/files/styles/insights_blog_356x230/public/How-to-resign-from-your-job_BL.jpg?itok=7fxe_Jul

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