Read the latest India business news 1st October 2018:
– Shareholders of IL&FS have approved its plans to raise money through debt and equity. It now plans to raise around Rs.15,000 crore through a non-convertible debt issue, hike its borrowing limit by 40% to Rs 35,000 crore and increase the share capital to enable a rights offering.
– Flipkart has started talks to raise fresh capital. Its payments arm PhonePe may also raise funds separately, which received $175 million from Walmart last week. Flipkart’s discussions with Google Inc. to raise funds collapsed earlier this year.
– Madhu Kapur, the widow of co-founder Ashok Kapur and the second largest shareholder, has written to the board of Yes Bank to expedite the process of finding a successor to Rana Kapoor as she is not in favour of his extension.
– True North has acquired 75% stake in Ban Labs, the makers of Sesa Hair Oil brand, for around Rs.700 crore.
– Paytm Mall is reportedly in talks with BigBasket to pick up a majority stake. Alibaba, Paytm’s backer, invested $200 million in BigBasket in February.
– Around 1000 employees of Verizon may get transferred to Infosys as part of the $700 million IT outsourcing deal. Verizon has around 7000 employees in India.
– IFC has invested $100 million in India Resurgence Fund, a JV between Piramal Enterprises and Bain Capital. The total fund size is $300 million.
– DOT is planning to take the process of wireless license allocation online. This will speed up the process.
– RBI shall buy government bonds worth Rs.36,000 Crore in October to ease liquidity conditions in the market. The auctions would be held during the 2nd, 3rd and 4th week of October.
– Vijay Mallya case – ED is likely to oppose the offer of Vijay Mallya to sell assets and pay-off the credits as it feels its a tactic to avoid legal proceedings.
News credit: Livemint, Economic Times, Business Standard