In other news, NCLT on Tuesday approved Tata Steel Ltd's resolution plan for debt ridden Bhushan Steel Ltd under the Insolvency and Bankruptcy Code
Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Essar Steel lenders set to back ArcelorMittal
Lenders to Essar Steel Ltd plan to name ArcelorMittal Netherlands NV the top bidder for the beleaguered steel maker after it agreed to clear debts owed by Uttam Galva Steels Ltd and KSS Petron Pvt. Ltd where it once held stakes, Mint reports citing sources. Read more
Duff and Phelps sets up restructuring business in India
Duff and Phelps Corp., the US-based advisory firm, is setting up its restructuring practice in India, leveraging the business opportunities the Insolvency and Bankruptcy Code (IBC) has opened up for restructuring advisors, Mint reports. Read more
Northern Arc launches its sixth debt fund, targets Rs150 crore
Northern Arc Investments has launched IFMR FImpact Income Builder Fund, its sixth debt fund, targeting a corpus of Rs150 crore ($23 million) with a green shoe option of Rs100 crore. The fund will predominantly target domestic institutional investors, high net worth individuals (HNIs) and leading companies. Read more
NCLT approves Tata Steel’s resolution plan for Bhushan Steel
The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel Ltd’s resolution plan for debt ridden Bhushan Steel Ltd under the Insolvency and Bankruptcy Code (IBC). While approving Tata Steel’s plan, NCLT dismissed a plea by Bhushan Steel Employees Union opposing Tata Steel’s resolution plan for being in violation of Section 29A of IBC and imposed a cost of Rs1 lakh, Mint reports. Read more
MakeMyTrip’s rights issue values company at Rs26,000 crore
MakeMyTrip’s Nasdaq-listed parent has injected additional funds in the tour and travels portal and aggregator through a rights issue, valuing the Indian operating company at around Rs26,000 crore, The Economic Times reports. Read more
SoftBank’s 2nd Vision Fund in near future: CEO Masayoshi Son
SofftBank Group CEO Masayoshi Son, founder of the world’s largest private equity fund, said on Tuesday a second Vision Fund would be set up in the near future, with funds from investors in the first venture or institutions, Reuters reports.
Son has attracted $93 billion to his technology investment vehicle, as of last May, with a second Vision Fund potentially further upending the world of deal-making, the report said. Read more
Flipkart employees to get $125-129 per share for ESOPs in Walmart deal
Flipkart employees will be able to cash their vested stock options at $125-129 per share once Walmart Inc. completes its $16-billion acquisition, India’s largest online retailer wrote to its employees, according to Mint’s report. Read more
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