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D-Mart parent to float IPO; SoftBank faces US inquiry over alleged Arora conflicts

30 June, 2016

Avenue Supermarts Ltd, which runs hypermarkets and supermarkets under the D-Mart brand, plans to raise up to Rs 1,200 crore through an initial public offering (IPO) next year, a media report said.

The company is looking at a valuation of around Rs 10,000 crore through the IPO, the Mint reported citing people familiar with the development.

It also cited Avenue CEO Neville Noronha as saying that the company is in initial talks to finalise investment bankers to manage the IPO.

SoftBank to face US inquiry over alleged Arora conflicts

The US Securities and Exchange Commission is examining SoftBank Group Corp. over allegations about Nikesh Arora’s activities before his resignation as president, Bloomberg reportedciting people familiar with the matter.

The regulator is looking into whether Arora had conflicts of interest or engaged in questionable behaviour as well as SoftBank’s disclosures to investors, the report said. 

The opening of an SEC inquiry is typically a preliminary step and doesn’t mean SoftBank or Arora will ever face an enforcement action, the report said. Arora resigned as president and chief operating officer of SoftBank on 21 June, a day after getting a clean chit from a committee set up by the company to look into allegations of wrongdoing by some investors. The company said at the time his resignation wasn’t linked to the allegations.

Piramal Enterprises, Brescon scrap JV for stressed assets fund

Piramal Enterprises Ltd and Brescon Corporate Advisors have scrapped their plans to jointly set up a stressed assets fund with a corpus of as much as $1 billion, The Times of India reportedciting sources it didn’t name.

Brescon founder Nirmal Gangwal confirmed the break-up, the report said. It added that Brescon is now looking to raise $300 million for investing in stressed businesses.

The report also said that Pirmal Enterprises is now in discussions with TPG Capital to come on board as the managing partner for the venture.

Piramal and Brescon had tied up in January to invest in stressed assets. 

US green card scheme attracts 1,200 Indians

About 1,200 Indians have queued up with half-a-million dollars each to shell out to migrate to the United States under a government-sponsored ‘invest in the US and get a green card scheme’, The Economic Times reported citing immigration consultants.

The development comes as the US government plans to increase the investment such applicants need to make to get an EB-5 visa from $5,00,000 to $8,00,000 from October 1, the report said.

Cabinet approves Mineral Exploration Policy

The Union cabinet has cleared the new Mineral Exploration Policy to accelerate the development of untapped mineral reserves. 

The new policy paves the way for auctioning 100 mineral exploration blocks, The Economic Times reported. The policy will help attract global players like Rio Tinto and BHP to India, it added.

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D-Mart parent to float IPO; SoftBank faces US inquiry over alleged Arora conflicts

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