Deals Buzz: Flipkart to invest Rs255 crore more in payment platform PhonePe
Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
GIC Re IPO to launch on 11 October
State-owned General Insurance Corp. of India Ltd (GIC Re) on Wednesday said it will launch its Rs11,372 crore ($1.7 billion) initial public offering (IPO) on 11 October. It is the largest IPO in India in seven years, reports Mint. The insurance company has set a price band of Rs855-912 per share for the IPO, which values it at Rs75,000-80,000 crore. The offer will close on 13 October. Read more
Kotak Realty to buy IL&FS India Realty Fund I
Kotak Realty Fund has joined the race to buy IL&FS India Realty Fund I that manages real estate assets worth $525 million, reports Mint, citing two persons aware of the development.
Kotak Realty Fund is part of Kotak Investment Advisors Ltd (KIAL), a wholly-owned subsidiary of Kotak Mahindra Bank Ltd, while IL&FS India Realty Fund I is owned by IL&FS Investment Managers Ltd (IIML), a unit of Infrastructure Leasing & Financial Services Ltd (IL&FS). Read more
Godrej Agrovet IPO subscribed 53% on first day
The initial public offering (IPO) of Godrej Agrovet Ltd, the agri-business unit of Godrej Industries Ltd, was subscribed 53% on Wednesday, the first day of the share sale, data from stock exchanges shows, reports Mint.
As of 5pm, the portion of shares reserved for institutional investors saw a subscription of 28%, while the portions reserved for retail investors and non-institutional investors were subscribed 88% and 10%, respectively. Read more
Used furniture venture GoZefo gets funds from Sequoia, Helion
Used furniture and appliances platform Zefo, which operates as gozefo.com, has raised Rs60 crore (about $9 million) in a Series B round from Sequoia Capital India, Helion Venture Partners and Beenext Pte. Ltd, the company said in a statement.
The Bengaluru-based company will use the money to widen operations, improve customer care, expand inventory and hire fresh talent, chief executive officer Rohit Subramanian told Mint. Read more
Flipkart to invest Rs255 crore more in PhonePe
PhonePe, Flipkart’s payments platform, has received a capital infusion of about Rs255 crore, as per filings with the Registrar of Companies (RoC). The development comes after Flipkart’s closure of the blockbuster funding of $4 billion led by SoftBank. PhonePe has received the funding from Singapore-based Flipkart Payments Pvt Ltd. Prior to this, the company has seen capital infusion of about Rs186 crore, as per the RoC documents, reports Times of India. Read more
Future Retail ready to buy HyperCity for Rs700 crore
Kishore Biyani is out shopping again, for the fifth time in as many years. Future Retail is set to acquire HyperCity, a premium chain of 19 hypermarkets from Shoppers Stop for Rs700 crore through a combination of cash and shares to further consolidate his footprint in western India, reports Economic Times, citing multiple sources. A formal announcement is expected on Friday after the board meeting of Future Retail. Read more
Natco Pharma’s generic pipeline delivers a blockbuster
Natco Pharma Ltd’s shares rose by a fifth on Wednesday on news of Mylan NV getting approval to launch generic Copaxone in the US. All that did was take the price back to its early-August level. Its share had then declined after its first quarter results were declared, possibly due to a fall in domestic sales, and this decline accelerated following news of Mylan delaying guidance for the generic Copaxone launch to 2018, according to Mint. Read more