BackDeals Buzz: Idea seeks telecom department’s nod for merger with Vodafone
In other news, Druva raises $80 million from Riverwood Capital, while Bombay Shaving Company raises $2.5 million from Fireside Ventures and HNIs
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Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country.
Bandhan Bank preparing for IPO
Bandhan Bank Ltd, one of the two entities to receive a universal banking licence in 2015 and the only microfinance institution to do so, has started preparing for an initial public offering (IPO), reports Mint, citing three people aware of the development. The Reserve Bank of India (RBI) in 2014 gave an in-principle approval to infrastructure financier IDFC Ltd and micro-lender Bandhan Financial Services Pvt. Ltd to start new banks, making them only the third set of private sector lenders to be given such licences in two decades. Read more
Everstone Group names Ajay Kaul to lead its fast food business
Private equity firm Everstone Group on Tuesday named food and beverage industry veteran Ajay Kaul as senior director to lead F&B Asia Ventures Ltd, its quick service restaurant (QSR) business, reports Mint. He will also serve as executive chairman on the board of F&B Asia’s investments in Indonesia. The Everstone Group is a premier India and South-east Asia-focused private equity and real estate investment firm with assets under management of approximately $4 billion. Read more
Idea seeks telecom department’s nod for merger with Vodafone
Idea Cellular has sought the telecom department’s nod for its proposed $23 billion merger with Vodafone India, which will create the country’s largest telco by subscriber and revenue market share, reports Economic Times, citing a person aware of the development. Vodafone and Idea have already received anti-monopoly watchdog Competition Commission of India’s approval. Read more
Apex Frozen Foods IPO subscribed 40% on Day 1
The Rs152 crore IPO of Apex Frozen Foods on Tuesday got subscribed by 40% on Day 1 of the bidding process. Apex Frozen Foods, a smaller peer to listed Avanti Feeds, saw 2,509,600 bids by 5pm compared with the total issue size of 6,210,000 shares, reports ET. Overall, the IPO consists of up to 8,700,000 equity shares of face value of Rs10 each in Rs171-175 price band. Read more
Trai, Malaysian Telecom Regulator ink pact
The Telecom Regulatory Authority of India (Trai) has inked an agreement with the Malaysian Communications and Multimedia Commission (MCMC) to deepen bilateral cooperation in telecom and broadcasting regulation, reports ET. The telecom regulators of India and Malaysia will also undertake joint capacity building exercises in telecom and broadcasting regulation, Trai said in a statement. Read more
Druva raises $80 million funding from Riverwood Capital
Cloud data protection and management solutions firm Druva on Tuesday said it has raised $80 million (over Rs512 crore), led by Riverwood Capital. The funding round also saw participation from Sequoia Capital India, Nexus Venture Partners, Tenaya Capital, and most other existing venture investors, a statement on Tuesday said. Read more
Bombay Shaving Company raises $2.5 million from Fireside Ventures, HNIs
Bombay Shaving Company, a male grooming products manufacturer, Tuesday said it has raised $2.5 million from Fireside Ventures and high net-worth individuals (HNIs), including senior executives from McKinsey & Co., reports Mint. The pre-series A funds will be deployed towards brand building initiatives and introducing new products. Started in 2016, Bombay Shaving Company sells a premium range of shaving products, including shaving brushes, razors and foam. Read more
Start-up incubator T-Hub looks to go international
Since its birth in December 2015 as a co-working office space for start-ups, the T-Hub in Hyderabad has finally become a full-fledged incubator. Among its various initiatives as a start-up accelerator or mentor, it recently initiated the corporate innovation division (CID) to connect start-ups and large companies, and is now looking to go international. Read more
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