One of India’s most admired logistics start-ups, Delhivery, filed DRHP with SEBI for its proposed Rs.7,460 crore IPO. The IPO will comprise of Rs.5,000 crore by way of fresh issue of shares and Rs.2,460 crore as an offer for sale (OFS) by existing early investors. Some of the prominent early investors in the Delhivery start-up include China Momentum Fund, Carlyle, SoftBank and Times Internet. Fresh issue proceeds will be used to fund organic and inorganic growth. Delhivery currently services around 17,045 PIN code areas.
Tata Power will seek shareholder approval to amend the scheme of arrangement to merge Tata Power Solar System with itself. Under the amended scheme Tata Power will keep its solar arm as an independent subsidiary rather than merge with itself. Tata Power felt that in the light of the spate of recent favourable policies announced by the government to promote and encourage solar manufacturing, it would be beneficial to shareholders if Tata Power Solar is kept as an independent entity for better valuations.
Uday Kotak, who currently heads the IL&FS board, confirmed that out of the Rs.61,000 crore resolution by Mar-22, IL&FS had already resolved Rs.52,200 crore by Oct-21. He also updated that another Rs.4,800 crore would be addressed in 2021 itself. Currently, IL&FS has repaid Rs.14,100 crore of debt and is sitting on cash of Rs.16,700 crore. The total target of Rs.61,000 crore will represent 62% of the overall debt of Rs.99,000 crore as on Oct-18, when IL&FS went bankrupt. The process got delayed by the pandemic.
Kumara Mangalam Birla plans to invest $150 million in Vodafone Idea in his personal capacity to keep the telecom business afloat. It is yet to be confirmed whether the investment will be by way of equity or via convertible debt. Vodafone UK is planning to invest a similar amount. The infusion from Birla will give confidence to clients, lenders and the government that Vodafone Idea would be able to fund its working capital needs. The Aditya Birla group currently owns 27% in Vodafone Idea while Vodafone UK owns 44%.
The CCI has approved the acquisition of 100% of Exide Life by HDFC Life Insurance. The value of the deal was pegged at Rs.6,687 crore. Under the terms of the merger, HDFC Life would ill pay Rs.726 crore in cash and the rest via issue of 8.7 crore shares of HDFC Life at Rs.685 per share to Exide Industries. The deal was to strengthen HDFC Life’s presence in South India. Exide Life has 12 lakh customers and an AUM of Rs.18,781 crore with premium income of Rs.3,325 crore in FY21. Exide will monetize its insurance stake.
Jindal Steel and Power reported 3-fold growth in net profits Rs.2,584 crore in the Sep-21 quarter. Top line revenues were also up 67% at Rs.13,612 crore. For the quarter, the EBITDA came in at Rs.4,594 crore. For the quarter, JSPL saw comparatively higher sales of steel at 1.93 million tonnes and 1.80 million tonnes of pellets. JSPL reported that the demand for steel had picked up sharply in sync with revival of construction and infrastructure activities, which accounts for 70% of its revenues. It will gain from falling iron ore prices.
White Oak Capital, founded by Goldman Sachs India research head, Prashant Khemka, announced that it had completed the acquisition of the mutual fund business of Yes Bank. White Oak subsidiary GPL Finance would be the sponsor for the mutual fund. All the existing investors and channel partners of YES AMC will be ported to the White Oak network. For Yes Bank, this move allows them to monetize their non-core holdings and focus on the banking business. This will allow White Oak to now float a family of funds.
Unity Small Finance Bank, promoted by Centrum Financial Services and BharatPe, commenced operations on 01-Novemmber. This will also take the PMC Bank once step closer to resolution. Centrum Financial is a step-down subsidiary of Centrum Capital and provides business credit to SMEs in the range of Rs.2 lakh to Rs.2 crore. Centrum and BharatPe will be equal partners and the formation of an SFB was one of RBI’s preconditions for taking over PMC Bank. Centrum is headed by former StanChart head Jaspal Bindra.
