Mumbai: Billionaire Gautam Adani’s power company revived a plan to sell shares for the first time, betting that the biggest quarterly stock rally in 17 years will lure investors.
Adani Power Ltd will offer 301.6 million shares starting 28 July to raise funds for electricity-generating projects, the firm said. The utility had said in June it may raise Rs2,200 crore in the sale.
The initial public offering (IPO), India’s biggest in two years, will test investor demand for stocks after the Sensitive Index’s 49% gain last quarter.
The utility filed share-sale documents with the Securities and Exchange Board of India and plans to list its shares on the Bombay Stock Exchange and the National Stock Exchange, Adani Power said in a statement. DSP Merrill Lynch Ltd will arrange the sale.
Norwest Venture gets 8% stake in Shriram City
Mumbai: Norwest Venture Partners, a global multi-stage investment firm, has acquired about 8% equity stake in Shriram City Union Finance Ltd, in a deal valued at Rs120 crore.
The stake was acquired from Indopark Holdings Ltd, a Merrill Lynch investment vehicle. Norwest Venture managing director Niren Shah told Mint, “We have been looking at a macro theme. Shriram City caters to the semi-urban and the semi-rural population both and we think that this area has a lot of scope. Despite the downturn, their credit quality and asset quality has been intact.”
Shriram City, a non banking financial company, specializes in small ticket retail finance.
Aviva Life to hire 25,000 agents this fiscal
New Delhi: Aviva Life Insurance Co. India Ltd plans to hire 25,000 agents this fiscal almost doubling its existing workforce of 35,000 agents. The company also plans to add 1,000 more employees, taking up its strength to around 8,000 employees.
“In India, given the geographical expansion agency is very important part of the business in reaching customers face to face,” Aviva Life’s chief executive T. R. Ramachandran said.