Milkbasket to launch IPO next year
Gurugram-based grocery-delivery platform, Milkbasket, is planning to launch its IPO next year. This delivery platform was founded in 2015. Recent months of COVID-19 pandemic have provided them with a stimulus to go for its IPO within one year. The company currently has an average revenue run rate of around $100 million. Initially, Milkbasket had targeted the year 2023 to launch its IPO.
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ICICI Bank divest 2% in ICICI Securities
Private sector lender ICICI Bank has sold 2% stake in its subsidiary ICICI Securities (I-Sec). The bank has sold 64,42,000 equity shares to receive Rs 310 crore. After this disinvestment through open market sale, ICICI Bank is left with 77.22% stake. The purpose behind this move is to meet the regulations of the Securities and Exchange Board of India (Sebi). According to the new norm, promoters of a listed company should have ownership of not more than 75%.
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Future enterprises to seal Reliance deal tomorrow?
Kishore Biyani-led Future Enterprises’ board is set to meet tomorrow to discuss the potential sale of its retail business to Reliance. The deal is reported to worth around Rs 29,000 crore – Rs 30,000 crore. Rs 13,000 crore which comes from the deal can be used to clear the debt of the company. After this news broke out today, Future Enterprises’ share price witnessed a jump of 4.96%.
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Liberty general insurance gets money infusion
Mumbai-headquartered Liberty General Insurance company declared that they have received Rs 100 crore from its promoters. Liberty Mutual Insurance Group, Enam Securities, and DP Jindal Group are its promoters. This infusion of capital will help them to operate in these disrupted times. After this investment, the total invested capital of the company goes to Rs 1,834 crore.
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Vistara started its first long-haul international flight
A Tata Group airline, Vistara, has operated its first Delhi-London flight today. This long-haul flight was said to be taken in March but due to the pandemic, the flight was delayed. Even though international travel is banned, the flight was able to operate as a part of the bilateral “transport bubble” pact.
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Tata Sons set aside Rs 16,439 crore in provisions for Tata Teleservices.
The Tata Teleservices is currently under the radar for its pending AGR dues of 16,798 crore, of which the company has paid Rs 4,197 crore.Tata Sons has made provisions of Rs 16,439 crore for its now-closed telecom business, taking the total amount written off for the loss-making business to nearly Rs 60,000 crore.
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CRISIL upgrades Yes Bank’s Bond rating
Crisil has upgraded infrastructure bonds and other papers of Yes Bank to ‘A2+’ from ‘CRISIL A2’ . Yes Bank has repaid Rs35,000cr of the Rs50,000cr special liquidity facility availed from the Reserve Bank of India (RBI) in March 2020, which is ahead of the earlier plan. Further, the bank’s liquidity coverage ratio (LCR) has improved in recent months.
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Housing ministry advises states to reduce stamp duty on property transactions
Housing and Urban Affairs Secretary Durga Shanker Mishra on Friday hailed the Maharashtra government’s decision to reduce stamp duty on registration of properties and advised other states to do the same to boost demand in the real estate sector. The secretary said an investment of Rs 9,300 crore has been approved from the Rs 25,000-crore stress fund, which was set up to complete the stalled housing projects across the country.
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Max India Relists on Stock market hits 5% Lower Circuit
Shares of Max India were relisted on the stock exchanges at Rs79.95 on Friday. The stock, soon after, hit a 5% lower circuit hitting Rs. 76. The relisting of new Max India follows Max Healthcare’s stock markets debut last week.
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The retail portion of HAL OFS subscribed 4% in stake sale.
The Government has decided to sell 15 % stake in Hindustan Aeronautics Limited through OFS(Offer For Sale). It managed to bag 4% in the retail section of the company receiving a more enthusiastic response for its Non-Retail portion
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