Tata Capital-backed Varroc Engineering ups IPO size, eyes $1.9 bn valuation
Tata Opportunities Fund-backed Varroc Engineering Ltd is eyeing a valuation of as much as Rs 13,036 crore ($1.9 billion) through an initial public offering (IPO) that will open on June 26.The auto components maker has set a price range of Rs 965-967 a share for the issue that will close ......
How can fintech startups meet the payments needs of rural India?
A large part of India’s population still doesn’t have access to banking services despite the government's efforts to boost financial inclusion. What experiments are being made to serve this group? Are government initiatives such as the Unified Payment Interface and Aadhaar helping to achieve this agenda? Senior fintech industry executives ......
Spanish promoter ups stake in Kedaara-backed Mahindra CIE for $70 mn
Spain’s CIE Automotive has picked up an additional 5% stake in its auto components joint venture with Mahindra Group for Rs 483 crore (around $70 million).CIE Automotive bought about 18.9 million shares of Mahindra CIE Automotive Ltd at Rs 255 apiece from Mahindra Vehicle Manufacturers Ltd on the open market ......
News Roundup: Big FM to List in Two Months
Big FM to List in Two Months - To infuse funds for its business expansion and to independently manage the operations, Big FM, the country’s single-largest private FM radio company in terms of number of licences to operate radio stations (45), will be listed on both the Bombay Stock Exchange ......
PE-backed TCNS Clothing’s IPO covered 5.2 times on final day
The initial public offering (IPO) of TCNS Clothing Co. Ltd, which owns the W brand of womenswear, was subscribed 5.2 times on the third and final day on Friday on the back of sustained demand from institutional investors.The public issue, excluding the anchor portion, received bids for 57.32 million shares ......
L&T Electrical & Automation Acquires UK-based Thalest Group
Engineering major Larsen & Toubro Ltd (L&T) has acquired UK-based Thalest Group, which offers various solutions for ......
Fairfax-backed Quess Corp to take control of East Bengal football club
Quess Corp Ltd, the business services provider backed by Indian-origin Canadian billionaire Prem Watsa’s Fairfax group, will take control of 98-year-old iconic football club East Bengal.The company said in a stock-exchange filing on Tuesday that it has formed a joint venture with Kolkata’s East Bengal Club. Quess will hold a ......
Mahindra Finance invests in P2P lending startup RupeeCircle
Mumbai-based peer-to-peer (P2P) lending startup RupeeCircle will receive Rs 4 crore (around $588,000) from non-banking financial company Mahindra Finance, a top executive from the startup told TechCircle.According to a regulatory filing of the publicly-listed company, Mahindra Finance will have 13% shareholding in the startup.RupeeCircle has also applied for a P2P ......
How NBFCs are making hay while banks wilt under bad loans
Adversities often throw up new opportunities, provided someone is smart enough to realise it. India’s non-banking financial companies (NBFCs) capitalising on banks' Rs 10-trillion bad loan mess proves just that.But just how well have India’s 11,500 NBFCs actually fared as compared to banks in general and state-run banks in particular ......
Multiple investors pump fresh funds into bike taxi startup Baxi
Gurugram-based bike taxi startup Baxi has raised an undisclosed amount of fresh funding from multiple investors, a top executive at the firm told TechCircle.Baxi’s co-founder Ashutosh Johri said that existing investor Alok Mittal, co-founder of fintech startup Indifi Technologies had put in money. New investors who also participated in the ......
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