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Grapevine: New financial reporting norms likely; Goldman Sachs to buy stake in Biocon unit
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The ministry of corporate affairs may ask large unlisted firms to file financial statements more frequently with the Registrar of Companies (RoC) and not just annually, in order for early fraud detection and statutory compliance, a Financial Express report disclosed. 
A recent change to the Companies Act may enable the ministry to do this.

The ministry will call a meeting of stakeholders this month in this regard, people in the know said.

The criteria for more frequent financial reporting could include turnover or paid-up share capital or a combination of both. 

Meanwhile, the private equity arm of Goldman Sachs is looking to buy a minority stake in Biocon Biologics, which is due to launch an initial public offering, people familiar with the matter told Moneycontrol.

In 2020, the company has already raised $75 million from True North and $30 million from Tata Capital at an enterprise value of close to $4 billion.

“This proposed deal is part of a fundraising of up to $300 million initiated by Biocon Biologics to invest in its research and development and manufacturing infrastructure capabilities prior to its listing,” said one of the people cited above.

“Goldman Sachs may invest $100-200 million in Biocon Biologics,” said a second person.

In another development, a consortium is expected to pump $150 million (Rs 1,100 crore) in online food delivery company Zomato’s ongoing $600 million financing round, two people aware of the matter told The Economic Times.

The consortium comprises four financial investors -- Hong Kong-based hedge fund Steadview Capital, South Korean Mirae Asset-Naver Asia Growth Fund, US hedge fund Luxor Capital and private equity firm Bow Wave Capital. 

UK’s Baillie Gifford, which had invested $5 million earlier this year in the round, may add more funds, one of the persons said. 

Mirae, through its Mirae Asset Capital Markets, backed Zomato’s closest competitor, Swiggy, earlier this year.

Deepinder Goyal, cofounder and chief executive of Zomato, last month said the company was on course to go public by mid-2021.

“The investors joining the current fundraising are betting on the company tapping the public markets. While it is not being sold as a pre-IPO round, there is a clear path to an IPO that the company has drawn for itself,” said one of the persons privy to the talks.

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