The $40 billion merger between HDFC Ltd and HDFC Bank could run into rough weather because of the insurance franchise of the HDFC group. By default, RBI wants banks to limit ownership stakes in insurance companies. HDFC has two insurance businesses viz. HDFC Life and HDFC Ergo General Insurance. With the deal, HDFC Bank will shrink the gap in size with state-run State Bank of India. It will also underline the dominance of HDFC Bank in the lending business over ICICI Bank and Axis Bank in the private banks space.
DCX Systems filed draft red herring prospectus (DRHP) with SEBI to raise Rs.600 crore via the IPO route. The IPO will comprise of a fresh issue of Rs.500 crore and an offer for sale (OFS) of Rs.100 crore. DCX will use part of the fresh funds to repay Rs.120 crore of debt in its books. In addition, it will use Rs.200 crore for working capital needs while Rs.45 crore will be used to bankroll capex. The issue will be spearheaded by Edelweiss Financial, Axis Capital and Saffron Capital Advisors, as Book Running Lead Managers (BRLM).
India plans to raise around Rs.50,000 crore via the IPO of LIC. The government is looking to sell as much as 7% stake in LIC through the offer for sale (OFS). The Centre is looking at mid-May timeline for launching the mega IPO since the papers have to be filed before 12th May, after which the current approval expires. The IPO was slated to tap the primary market in Mar-22, but was put off due to high levels of geopolitical risk. This IPO will be about 3 times the size of the Paytm IPO. It will contribute to the divestment revenues.
Adani group companies have been on a literal roll in the last few months. For example, Adani Power has gained 92% in the last one month. Adani Wilmar has also appreciated 61% since its listing. That was not all. Adani Total Gas and Adani Enterprises surged by 35% and 33% respectively. Adani Ports was up a more subdued 22% while the Adani Green Energy business was up 15% yoy. Adani Total Gas has also made a foray into Electric Mobility by launching its first electric vehicle charging station (EVCS) in Ahmedabad.
Madhabi Puri Buch, SEBI chairperson, denied allegations of delayed action on the NSE scam, according to reports. SEBI chairperson had appeared before the Parliamentary Standing Committee on finance chaired by Jayant Sinha. The meeting lasted for close to 3 hours and the SEBI chairperson has been asked to submit her responses in writing. Additionally, the members of the committee also questioned SEBI on the issue of the post-listing performance of Paytm, Sahara scam and SEBI readiness to regulate crypto exchanges.
In the year 2021, Indian companies raised a total sum of $19 billion in the form of green capital. However, this is just 1.9% of the global green capital raising to the tune of $1 trillion. The Green issue space is dominated by Bank of America globally. Out of the total $19 billion raised as green capital in 2021, Bank of America participated in $15.65 billion of such capital raising. Bank of America provides lending, capital raising, advisory and investment services for clients transitioning to a low-carbon and inclusive economy.
Jio-BP and TVS Motors announced a collaboration for EV solutions as well as to explore ways to create a robust EV charging infrastructure. To begin with, EV charging infrastructure for electric two-wheelers and three-wheelers will be set up across India, in consultation with JIO BP. The intent of this partnership is on leveraging the strength of both companies to create a regular AC charging network and a DC fast-charging network. This partnership is expected to drive EV adoption in the country among two and three-wheelers.
Gautam Adani, the founder chairman of the Adani group, saw his net worth scaling $100 billion. He enters the exclusive club which includes Buffett, Bezos and Musk. The Adani group has widespread interests spread across energy, mining, real estate and agriculture. The Adani group is composed of 7 listed entities with a combined market capitalization of $188 billion. Adani net worth is up from $57 billion last year to $100 billion this year. The 10 richest persons on earth have a combined net worth of nearly $1.42 trillion.
