Delhi-based security services provider Security and Intelligent Services (SIS ) is gearing up to float its initial public offering to raise as much as Rs 1,000 crore (about $150 million).
Existing private equity investor CX Partners is likely to fully exit through the issue, The Economic Times reported citing sources familiar with the matter.
The PE fund had invested Rs 500 crore in the security services firm in 2012 for a 14% stake from DE Shaw. The firm could hire Axis Capital, Kotak Investment Bank and ICICI Securities as merchant bankers to manage the issue.
India to levy Google tax from June 1
The finance ministry has notified rules for the equalisation levy, which is popularly known as Google tax and was introduced in the Budget. The levy will come into effect from June 1. Only B2B transactions will attract this tax.
The levy of 6% will initially apply to payments for online advertisements made by Indian business entities to non-residents (such as Google, Yahoo, Twitter and Facebook) where the aggregate payment in a financial year to non-residents exceeds Rs 1 lakh, The Times of India reported citing an unnamed government official.
Paytm's payment bank to launch a bunch of services
One97 Communications Ltd, the parent of mobile payments and commerce platform Paytm, is hoping to launch its payments bank by August and launch a range of services.